7. 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 (As Restated)		Lease Standard		2019
Total assets	$	1,627,823	$	104,214	$	1,732,037
Total current liabilities		479,325		25,685		505,010
Total long-term liabilities		1,389,757		79,028		1,468,785

The increase in total assets and total liabilities at January 1, 2019 from December 31, 2018 was due to the impact from the adoption of the new accounting standard pertaining to lease arrangements.

Company’s ROU assets and lease liabilities as of December 31, 2019 are recorded on the consolidated balance sheet as follows:


	December 31,
	2019
Balance sheet location:
Operating Lease
Operating lease right-of-use assets, net	$	93,627
Current portion of operating lease liabilities		25,345
Operating lease liabilities, net of current portion		73,282
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		30,835
Current portion of finance lease liabilities		13,788
Finance lease liabilities, net of current portion		20,272

As of December 31, 2019, the weighted-average remaining lease term of operating leases and finance leases was 4.8 years and 3.2 years, respectively. The weighted-average discount rate for operating leases and finance leases was 10.5% and 9.1%, respectively.

The interest on financing lease liabilities for the year ended December 31, 2019 was $3.3 million. The amortization expense on finance lease right-of-use assets for the year ended December 31, 2019 was $15.1 million.

The following table summarizes maturities of finance and operating lease liabilities based on lease term as of December 31, 2019:



	Finance		Operating
	Leases		Leases
2020	$	16,282	$	33,315
2021		10,652		26,210
2022		5,696		20,589
2023		2,941		15,348
2024		2,632		11,606
2025 and thereafter		1,554		17,356
Total lease payments		39,757		124,424
Less: Imputed interest		(5,697)		(25,797)
Present value of lease liabilities	$	34,060	$	98,627

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 $77.3 million, $83.8 million, and $60.0 million for the years ended December 31, 2019, 2018, and 2017, respectively.

The following table summarizes the cash paid and related right-of-use operating finance or operating lease recognized for the year ended December 31, 2019.



		Year Ended
		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	50,398
Financing cash flows from finance leases		20,860
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases		19,127
Finance leases		10,731