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Leases

3 Months Ended

Mar. 31, 2020

Leases:

We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.

Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. 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. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides details of our lease contracts for the three-month periods ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,
	2020		2019
Operating lease cost	$	8,740	$	9,421
Finance lease cost:
Amortization of right of use assets	154		178
Interest on lease liabilities	650		33
Total finance lease cost	804		211

Short-term lease cost	2,883		1,966
Variable lease cost	1,948		1,086
Total lease cost	$	14,375	$	12,684

Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2020 and 2019 is as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,177	$	8,930
Operating cash flows from finance leases	380		33
Financing cash flows from finance leases	172		171
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	16,021		—

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2020 and December 31, 2019 is as follows (in thousands, except as noted):



	March 31, 2020			December 31, 2019
Operating leases:
Other assets	$	141,827		$	133,864

Current operating lease liability	23,826			23,137
Other noncurrent liabilities	119,233			114,686
Total operating lease liabilities	143,059			137,823
Finance leases:
Net property, plant and equipment	59,320			59,494

Current portion of long-term debt	615			636
Long-term debt	58,713			58,888
Total finance lease liabilities	59,328			59,524
Weighted average remaining lease term (in years):
Operating leases	15.8			11.4
Finance leases	28.2			28.3
Weighted average discount rate (%):
Operating leases	4.08		%	3.84		%
Finance leases	4.56		%	4.56		%

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
Remainder of 2020	$	23,100	$	1,652
2021	18,498		2,129
2022	14,652		4,408
2023	13,205		4,408
2024	12,181		4,408
Thereafter	148,998		94,324
Total lease payments	230,634		111,329
Less imputed interest	87,575		52,001
Total	$	143,059	$	59,328

Leases

Leases:

The following table provides details of our lease contracts for the three-month periods ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,
	2020		2019
Operating lease cost	$	8,740	$	9,421
Finance lease cost:
Amortization of right of use assets	154		178
Interest on lease liabilities	650		33
Total finance lease cost	804		211

Short-term lease cost	2,883		1,966
Variable lease cost	1,948		1,086
Total lease cost	$	14,375	$	12,684

Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2020 and 2019 is as follows (in thousands):



	Three Months Ended March 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,177	$	8,930
Operating cash flows from finance leases	380		33
Financing cash flows from finance leases	172		171
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	16,021		—

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2020 and December 31, 2019 is as follows (in thousands, except as noted):



	March 31, 2020			December 31, 2019
Operating leases:
Other assets	$	141,827		$	133,864

Current operating lease liability	23,826			23,137
Other noncurrent liabilities	119,233			114,686
Total operating lease liabilities	143,059			137,823
Finance leases:
Net property, plant and equipment	59,320			59,494

Current portion of long-term debt	615			636
Long-term debt	58,713			58,888
Total finance lease liabilities	59,328			59,524
Weighted average remaining lease term (in years):
Operating leases	15.8			11.4
Finance leases	28.2			28.3
Weighted average discount rate (%):
Operating leases	4.08		%	3.84		%
Finance leases	4.56		%	4.56		%

Maturities of lease liabilities as of March 31, 2020 were as follows (in thousands):



	Operating Leases		Finance Leases
Remainder of 2020	$	23,100	$	1,652
2021	18,498		2,129
2022	14,652		4,408
2023	13,205		4,408
2024	12,181		4,408
Thereafter	148,998		94,324
Total lease payments	230,634		111,329
Less imputed interest	87,575		52,001
Total	$	143,059	$	59,328