LEASES

12 Months Ended

Dec. 31, 2019

We have entered into operating leases for the majority of our facilities. These real estate leases have remaining terms of up to 10 years, with a weighted-average remaining term of 5.4 years as of December 31, 2019. We utilize leases for these facilities to limit our exposure to risks related to ownership, such as fluctuations in real estate prices, and to maintain flexibility in our real estate utilization. We have also entered into operating leases for certain equipment, primarily production printers and data center equipment. Certain of our leases include options to extend the lease term. The impact of renewal periods was not significant to the amounts recorded for operating lease assets and liabilities.

We have entered into finance leases, formerly known as capital leases, for certain information technology hardware. The net book value of the related lease assets and the related lease liabilities were not significant as of December 31, 2019 or December 31, 2018.

Operating lease expense was $19,113 for 2019. Rental expense related to operating leases was $23,928 for 2018 and $19,839 for 2017. Additional information regarding our operating leases for 2019 was as follows:



(in thousands)	2019
Operating cash outflows	$	17,737
Lease assets obtained during the period in exchange for lease obligations	11,637

	December 31, 2019
Operating lease assets	$	44,372

Accrued liabilities	$	12,898
Operating lease liabilities	33,585
Total operating lease liabilities	$	46,483
Weighted-average remaining lease term (in years)	5.1
Weighted-average discount rate	3.4		%

Maturities of operating lease liabilities were as follows:



(in thousands)	Operating lease obligations
2020	$	13,970
2021	11,334
2022	8,397
2023	4,527
2024	3,319
Thereafter	9,163
Total lease payments	50,710
Less imputed interest	(4,227		)
Present value of lease payments	$	46,483