Leases

6 Months Ended

Jun. 30, 2019

NOTE 5 – LEASES

The Company has operating leases for facilities and equipment which have remaining terms ranging from 1 to 9 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. Certain leases contain provisions that provide for rental increases based on consumer price indices. The change in rent expense resulting from changes in these indices are included within variable rent.

Operating leases consisted of the following at June 30, 2019:

Real estate facilities	$	145,359
Office equipment		2,203
Other		523
		148,085
Amortization of right-of-use assets		(15,370	)
Total operating lease right-of-use assets	$	132,715

Rent expense is recognized on a straight-line basis over the lease term. Rent expense consists of the following:

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating lease costs	$	8,610	$	17,506
Short-term lease costs		322		1,003
Variable lease costs		172		184
Total rent expense		9,104		18,693

Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows:

June 30, 2020	$	33,866
June 30, 2021		34,515
June 30, 2022		32,963
June 30, 2023		23,595
June 30, 2024		14,643
Thereafter		22,363
Total future minimum lease payments		161,945
Less: Interest		(15,767	)
Total operating lease liabilities	$	146,178

Operating lease liabilities - current	$	29,238
Operating lease liabilities - non-current		116,940
Total operating lease liabilities	$	146,178

Other information related to operating leases is as follows:

	Six Months Ended
	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	18,594
Right-of-use assets obtained in exchange for new operating lease liabilities	$	14,896
Weighted-average remaining lease term - operating leases		5.1
Weighted-average discount rate - operating leases		3.7	%

At June 30, 2019, the Company had additional operating leases that have not yet commenced of $16.7 million. Such operating leases will commence within the next year, with lease terms of 1 year to 8 years.