5. Leases

The following table summarizes the impact of the changes made to the January 1, 2019 consolidated balance sheet for the adoption of the new accounting standard pertaining to leases. The prior periods have not been restated and have been reported under the accounting standard in effect for those periods.


	Balance at				Balance at
	December 31,		Impact of		January 1,
	2018		Lease Standard		2019
Total assets	$	1,639,782	$	102,651	$	1,742,433
Total current liabilities		432,722		25,304		458,026
Total long-term liabilities		1,820,788		79,703		1,900,491

The increase in total assets and total liabilities at September 30, 2019 from December 31, 2018 was primarily due to the impact from the adoption of the new accounting standard pertaining to lease arrangements. See Note 2 for additional information on the impact of the adoption of this standard.

The Company determines if a contract is, or contains, a lease at contract inception. Operating leases are included in operating lease right-of-use ("ROU") assets, current portion of operating lease liabilities and operating lease liabilities, net of current portion in the Company's unaudited consolidated balance sheets. Finance leases are included in property and equipment, current portion of finance lease obligations and finance lease obligations, net of current portion in the Company's unaudited consolidated balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. In addition, ROU assets include initial direct costs incurred by the lessee as well as any lease payments made at or before the commencement date, and exclude lease incentives. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of one year or less are generally not included in ROU assets and liabilities.

Operating lease ROU assets and operating lease liabilities are recorded on the consolidated balance sheet as follows:


	September 30,
	2019
Balance sheet location:
Operating Lease
Operating lease right-of-use assets, net	$	93,352
Current portion of operating lease liabilities		26,604
Operating lease liabilities, net of current portion		71,661
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		28,394
Current portion of finance lease liabilities		15,172
Finance lease liabilities, net of current portion		24,159

As of September 30, 2019, weighted-average remaining lease term of operating leases and finance leases was 4.89 years and 3.41 years, respectively. The weighted-average discount rate for operating leases and finance leases was 10.39% and 8.84%, respectively.

The interest on financing lease liabilities for the three and nine months ended September 30, 2019 was $0.9 million and $2.5 million, respectively. The amortization expense on finance lease right-of-use assets for the three and nine months ended September 30, 2019 was $3.7 and $10.7 million, respectively.

The following table summarizes maturities of finance and operating lease liabilities based on lease term as of September 30, 2019:



	Finance		Operating
	Leases		Leases
Remainder of 2019	$	6,554	$	8,469
2020		14,931		24,803
2021		11,587		19,707
2022		5,470		15,651
2023		2,847		11,721
2024 and thereafter		4,120		23,244
Total lease payments		45,509		103,595
Less: Imputed interest		6,178		5,380
Present value of lease liabilities	$	39,331	$	98,265

At December 31, 2018, the Company had the following future minimum payments due under non-cancelable leases:


		Finance	Operating
		Leases	Leases
2019	$	20,080	$	38,057
2020		11,851		29,346
2021		9,018		22,239
2022		4,169		16,782
2023		2,244		12,302
2024 and thereafter		3,617		18,874
Total minimum lease payments	$	50,979	$	137,600
Less: imputed interest		6,743
Total net minimum lease payments		44,236
Less: Current portion of obligations under finance leases		17,498
Long-term portion of obligations under finance leases	$	26,738

Consolidated rental expense for all operating leases was $83.8 million for the year ended December 31, 2018. Consolidated rental expense for all operating leases was $19.0 million and $56.4 million for the three and nine months ended September 30, 2019, respectively.

The following table summarizes the cash paid and related right-of-use operating finance or operating lease recognized for the nine months ended September 30, 2019.



		Nine Months Ended
		September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	28,831
Financing cash flows from finance leases		13,598
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases		3,894
Finance leases		9,352