Lessee Leases

The Company has operating leases for office buildings, data centers, office equipment, and vehicles. The Company’s leases have initial terms of one to 12 years. As of March 31, 2019, the Company did not have any additional operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the Condensed Consolidated Balance Sheets was as follows:



	March 31, 2019
	(In thousands)
Remaining nine months of 2019	$	10,737
2020	13,328
2021	12,831
2022	11,799
2023	8,415
Thereafter	27,832
Total operating lease payments	$	84,942
Present value adjustment	(17,099		)
Total operating lease liabilities ⁽¹⁾	$	67,843

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⁽¹⁾	Amount consists of a current and long-term portion of operating lease liabilities of $10.4 million and $57.5 million, respectively. The short-term portion of the operating lease liabilities is included in accrued liabilities in the Condensed Consolidated Balance Sheets.

Prior to the adoption of the new lease accounting standard, the maturity schedule of future minimum lease payments under operating leases was as follows:



	December 31, 2018
	(In thousands)
2019	$	14,153
2020	13,104
2021	12,729
2022	11,809
2023	8,334
Thereafter	27,289
Total minimum future lease payments	$	87,418

Operating lease costs were $3.7 million for the three months ended March 31, 2019. Short-term lease costs and variable lease costs were immaterial for the three months ended March 31, 2019.

The following table summarizes other information related to the Company’s operating leases for the three months ended March 31, 2019:



	Three months ended March 31, 2019
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	3,761
Right-of-use assets obtained in exchange for new lease liabilities	431

Weighted-average remaining lease term, years	7.0
Weighted-average discount rate, %	6.4		%