Leases

Globally, we lease certain warehouses, office space, showrooms, manufacturing and office equipment, automobiles and outlet stores. Many of the real estate leases contain one or more options to renew, with renewal options that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our discretion and is not reasonably certain at lease commencement. Most of our equipment leases have a lease term of two to eight years with limited renewal options. However, one class of equipment has a lease term of 15 years with annual renewal options thereafter. Generally, the longer term lease agreements contain escalating lease payments or are adjusted periodically for inflation.

At June 30, 2019, the weighted-average remaining lease term was 6.7 years, and the weighted-average discount rate was 4.06 percent. Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

The following table presents the lease costs and supplemental cash flow information related to our operating leases:



(dollars in thousands)	Three months ended June 30, 2019		Six months ended June 30, 2019
Operating lease costs	$	3,972	$	7,933
Short-term lease costs⁽¹⁾	938		1,818
Total lease costs	$	4,910	$	9,751
⁽¹⁾Includes variable lease costs which are immaterial.

Cash paid for operating leases included in the measurement of lease liabilities			$	7,847
ROU assets obtained in exchange for lease liabilities			$	73,041

The following table reconciles the undiscounted cash flows to the operating lease liabilities recorded on the balance sheet:



(dollars in thousands)	June 30, 2019
2019 (remainder of year)	$	7,850
2020	14,432
2021	10,966
2022	9,742
2023	9,096
2024 and thereafter	23,884
Total minimum lease payments	75,970
Less: interest	(9,420		)
Present value of future minimum lease payments	66,550
Less: lease liabilities (current portion)	(12,800		)
Noncurrent lease liabilities	$	53,750

As presented in our 2018 Form 10-K, the future minimum rental commitments under ASC 840 for non-cancelable operating leases as of December 31, 2018, was as follows (dollars in thousands):



2019	2020	2021	2022	2023	2024 and thereafter
$15,407	$13,787	$10,339	$9,143	$8,551	$20,755