The Company leases certain operating equipment and office facilities. Leases with an initial term greater than twelve months are recorded on the Company’s balance sheet as an operating lease asset and operating lease liability and are measured at the present value of lease payments over the lease term. Substantially all of the Company’s leases are classified as operating leases. Leases with an initial term of twelve months or less with purchase options or extension options that are not reasonably certain to be exercised are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The exercise of lease renewal options is at the Company’s sole discretion and is considered in the measurement of operating lease assets and operating lease liabilities when it is reasonably certain the Company will exercise the option. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

The Company’s lease costs are recorded in cost of contract revenues and general and administrative expenses. For the three and six months ended June 30, 2019, lease costs are as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Operating lease cost	$	6,336	$	12,575
Short-term lease cost		16,718		32,286
Total lease cost	$	23,054	$	44,861

The Company’s maturity analysis of its operating lease liabilities, recorded on the balance sheet, as of June 30, 2019 is as follows:


	2019	$	12,630
	2020		22,883
	2021		18,737
	2022		13,290
	2023		8,613
Thereafter			9,046
Minimum lease payments			85,199
Imputed interest			10,564
Present value of minimum operating lease payments		$	74,635

	2019	$	26,554
	2020		22,349
	2021		18,430
	2022		13,552
	2023		9,041
Thereafter			8,697
Total minimum operating lease payments		$	98,623

As most of the Company’s leases do not provide an implicit rate, the Company used our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. At the date of adoption, the Company used the incremental borrowing rate as of December 31, 2018, for operating leases that commenced prior to that date.

Additional information related to the Company’s leases as of June 30, 2019 is as follows:

	June 30, 2019
Weighted average remaining lease term	4.3 years
Weighted average discount rate		6.8	%

Supplemental information related to leases during the three and six months ended June 30, 2019 is as follows:

	Three Months Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Operating cash flows from operating leases	$	(7,118	)	$	(13,538	)
Operating lease liabilities arising from obtaining new operating lease assets	$	3,179		$	3,248