Leases

9 Months Ended

Sep. 30, 2019

(6) Leases

The Company’s leases include but are not limited to real estate, including terminals and general office buildings, trailers, corporate fleet vehicles and other equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

As of September 30, 2019, approximately $114.3 million of finance leased assets, net of depreciation, were included in Property and Equipment. Accumulated depreciation for these assets totaled $34.6 million as of the same period ended.

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Lease Cost	(in thousands)

Finance lease cost:
Amortization of right-of-use assets	$	3,195	$	8,840
Interest on lease liabilities		831		2,617
Operating lease cost (includes variable and sublease costs as they are immaterial)		5,993		16,481
Short-term lease cost		1,221		3,674
Total lease cost	$	11,240	$	31,612

Other Information
Right-of-use assets obtained in exchange for new finance lease liabilities		1,107		6,165
Right-of-use assets obtained in exchange for new operating lease liabilities		38,355		43,622

The discount rate used in the Company's calculation of its right-of-use assets and corresponding lease liabilities was determined based on the stated rate within each contract when available, or its incremental borrowing rate, which approximates the rate at which the Company could borrow, on a collateralized basis, over the term of a lease. Supplemental cash flow and balance sheet information related to leases was as follows:

	Nine Months Ended
	September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases		2,617
Operating cash flows from operating leases		17,021
Finance cash flows from finance leases		13,764
Weighted-average remaining lease term - finance leases (years)		4.4
Weighted-average remaining lease term - operating leases (years)		6.4
Weighted-average discount rate - finance leases		3.4	%
Weighted-average discount rate - operating leases		4.9	%

As of September 30, 2019, maturities of lease liabilities were as follows:

Maturity of Lease Liabilities (in thousands)	Operating Leases		Finance Leases
2019	$	4,948	$	5,558
2020		24,877		22,230
2021		21,846		22,756
2022		18,787		21,020
2023		15,403		15,441
Thereafter		42,380		17,034
Total lease payments		128,241		104,039
Less: Interest		23,385		8,779
Present value of lease liabilities	$	104,856	$	95,260

As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for non-cancellable operating leases requiring minimum annual rentals payable would have been as follows (in thousands):

	Amount
2019	$	21,285
2020		16,978
2021		14,159
2022		11,482
2023		8,215
Thereafter		22,531
Total	$	94,650