Leases

6 Months Ended

Jun. 30, 2019

The Company has operating leases for various types of properties, consisting of manufacturing plants, engineering and research centers, distribution warehouses, offices and other facilities, and equipment used in operations. Some leases provide the Company with an option, exercisable at the Company's sole discretion, to terminate the lease or extend the lease term for one or more years. When measuring assets and liabilities arising from a lease that provides the Company with an option to extend the lease term, the Company takes into account payments to be made in the optional extension period when it is reasonably certain that the Company will exercise the option. Total lease cost (all of which related to operating leases) was $6.6 million and $12.7 million for the three and six months ended June 30, 2019, respectively.

Maturities of lease liabilities



	June 30, 2019
	(Dollars in thousands)
2019	$	14,045
2020	23,992
2021	21,602
2022	19,924
2023	16,363
2024 and thereafter	42,060
Total lease payments	137,986
Less: interest	(21,334		)
Present value of lease liabilities	$	116,652

Supplemental information as of and for the six months ended June 30, 2019 (dollars in thousands)



Total lease liabilities ₍₁₎	$	116,652
Cash paid for amounts included in the measurement of lease liabilities within operating cash flows	$	12,636
Right of use assets obtained in exchange for operating lease obligations	$	19,728
Weighted average remaining lease term	6.8 years
Weighted average discount rate	4.4		%

(1) The current portion of the operating lease liabilities of $20.1 million is included in Other current liabilities.

As of December 31, 2018, minimum lease payments under noncancellable operating leases were expected to be as follows:



	December 31, 2018
	(Dollars in thousands)
2019	$	25,294
2020	23,216
2021	21,419
2022	19,460
2023	17,403
2024 and thereafter	41,368