LEASES (Notes)

3 Months Ended

Mar. 31, 2019

We have leases for office equipment and office space. The leases for office equipment are classified as financing leases and the typical term is 36 months. We have the option to extend most office equipment leases, but we do not intend to do so. Accordingly, no extensions have been recognized in the right-of-use asset or lease liability. The office equipment lease payments are not variable and the lease agreements do not include any non-lease components, residual value guarantees, or restrictions. There are no interest rates implicit in the office equipment lease agreements, so we used our incremental borrowing rate as the discount rate. Our weighted average discount rate is 4.50% and the weighted average remaining lease term is 26 months.

The following table shows the components of financing lease cost:


Financing Lease Cost	For the Three Months Ended March 31, 2019
Amortization of right-of-use assets	$	16,360
Interest on lease liabilities	$	1,411
Total financing lease cost	$	17,771

The following table reconciles future minimum lease payments to the discounted finance lease liability:


Years ending December 31,	Amount
2019	$	51,449
2020	44,204
2021	22,131
2022	4,973
2023	—
Thereafter	—
Total future minimum lease payments	$	122,757
Less: Amount representing interest	5,985
Present value of future payments	$	116,772
Current portion	65,098
Long-term portion	51,674

Because our office space leases are short-term, we have elected not to recognize them on our balance sheet under the short-term recognition exemption. During the three months ended March 31, 2019, we recognized $8,906 in short-term lease costs associated with office space leases.