Effective October 1, 2019, the Company adopted Topic 842 and recorded ROU assets and lease liabilities of $154.6 million and $141.9 million, respectively. As part of the adoption, prepaid aircraft rent, deferred rent credits and accrued aircraft rents of $35.8 million, $21.3 million and $1.8 million, respectively, were classified as a component of the Company’s ROU assets.

At December 31, 2019, the Company leased 18 aircraft, airport facilities, office space, and other property and equipment under non-cancelable operating leases. The leases require the Company to pay all taxes, maintenance, insurance, and other operating expenses. Rental expense is recognized on a straight-line basis over the lease term, net of lessor rebates and other incentives. The Company expects that, in the normal course of business, such operating leases that expire will be renewed or replaced by other leases, or the property may be purchased rather than leased. Aggregate rental expense under all operating aircraft, equipment and facility leases totaled approximately $16.8 million and $19.1 million for the three months ended December 31, 2019 and 2018, respectively.

As of December 31, 2019, the Company’s operating lease right-of-use assets were $146.1 million, the Company’s current maturities of operating lease liabilities were $37.7 million, and the Company’s noncurrent lease liabilities were $96.0 million.

As of December 31, 2019, the Company’s operating lease payments in operating cash flows for the quarter ended December 31, 2019 is $9.5 million. The disclosure is not applicable for the quarter ended December 31, 2018 due to the method of adoption of the new leasing Standard ASC-842.⁽¹⁾

The table below presents lease related terms and discount rates as of December 31, 2019:

As of December 31,2019

Weighted average remaining lease term Operating

leases

4.3 years

Weighted average discount rate Operating leases

4.3

	Three Months Ended December 31,
	2019		2018		$ Change			% Change
Operating lease cost	$	16,784	$	19,089	$	(2,305	)		(12.1	)%

The following table summarizes future minimum rental payments primarily related to leased aircraft required under operating leases that had initial or remaining non-cancelable lease terms as of December 31, 2019 (in thousands):

Periods Ending December 31,	Total Maturities
2020	$	36,246
2021		44,529
2022		31,108
2023		13,772
2024		13,184
Thereafter		1,384
Less: Interest	$	(9,732	)
Amounts recorded in the Consolidated Balance Sheet	$	130,491

The following represents future minimum lease obligations under non-cancelable operating leases as of September 30, 2019 (in thousands):

Periods Ending September 30,	Total Payments
2020		47,814
2021		46,007
2022		31,090
2023		13,726
2024		13,185
Thereafter		1,368
Total	$	153,190