Leases | Leases As discussed in Note 2, "New Accounting Standards," we adopted FASB ASC Topic 842 on January 1, 2019, using the modified retrospective transition method. We have elected to apply the package of practical expedients and the land easement practical expedient. We have not elected to apply the hindsight practical expedient. As a result of this adoption, we classify most leases as either finance or operating leases and recognize a related lease liability and right-of-use asset on our consolidated balance sheets. Our accounting for finance leases remains unchanged after the adoption of FASB ASC Topic 842. We have elected to account for leases with a term of one year or less (short-term leases) using a method similar to the operating lease model under FASB ASC Topic 840, Leases (i.e. they are not recorded on the consolidated balance sheets). We elected to apply the transition provisions of this guidance, including its disclosure requirements, at its date of adoption instead of at the beginning of the earliest comparative period presented. Accordingly, we have not restated our consolidated balance sheet as of December 31, 2018. There was no cumulative effect of adoption on our retained earnings or any other components of equity. The below adjustments were made to our condensed consolidated balance sheet on January 1, 2019 to reflect the new guidance: December 31, 2018 Adjustment January 1, 2019 Prepaid expenses and other current assets $ 113,234 $ (253 ) $ 112,981 Other intangible assets, net $ 897,191 $ (1,510 ) $ 895,681 Other assets $ 86,890 $ 58,496 $ 145,386 Accrued expenses and other current liabilities $ 218,130 $ 12,119 $ 230,249 Other long-term liabilities $ 39,277 $ 44,614 $ 83,891 The table below presents the amounts recognized and location of recognition in our condensed consolidated balance sheet as of June 30, 2019 related to our operating and finance leases: June 30, 2019 Operating lease right-of-use assets: Other assets $ 52,471 Total operating lease right-of-use assets $ 52,471 Operating lease liabilities: Accrued expenses and other current liabilities $ 11,864 Other long-term liabilities 42,062 Total operating lease liabilities $ 53,926 Finance lease right-of-use assets: Property, plant and equipment, at cost $ 49,714 Accumulated depreciation (23,412 ) Property, plant and equipment, net $ 26,302 Finance lease liabilities: Current portion of long-term debt, finance lease and other financing obligations $ 2,298 Finance lease and other financing obligations, less current portion 29,797 Total finance lease liabilities $ 32,095 The table below presents the lease liabilities arising from obtaining right-of-use assets in the six months ended June 30, 2019: Six months ended June 30, 2019 Operating leases $ 1,882 Finance leases $ — For finance leases, the consolidated statements of operations include separate recognition of interest on the lease liability and amortization of the right-of-use asset. For operating leases, the consolidated statements of operations include a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. The table below presents our total lease cost for the three and six months ended June 30, 2019: For the three months ended For the six months ended June 30, 2019 June 30, 2019 Operating lease cost $ 4,244 $ 8,224 Finance lease cost: Amortization of right-of-use assets $ 452 $ 904 Interest on lease liabilities 671 1,360 Total finance lease cost $ 1,123 $ 2,264 Short-term lease cost was not material for the three and six months ended June 30, 2019. Cash flows from operating activities include (1) interest on finance lease liabilities and (2) payments arising from operating leases. Cash flows from financing activities include repayments of the principal portion of finance lease liabilities. The table below presents the cash paid related to our operating and financing leases for the six months ended June 30, 2019: For the six months ended June 30, 2019 Operating cash flows from operating leases $ 8,090 Operating cash flows from finance leases $ 1,206 Financing cash flows from finance leases $ 753 We occupy leased facilities with initial terms ranging up to 20 years. These lease agreements frequently include options to renew for additional periods and generally require that we pay taxes, insurance, and maintenance costs. We also lease certain vehicles and equipment. The table below presents the weighted average remaining lease term of our operating and finance leases (in years): June 30, 2019 Operating leases 8.2 Finance leases 12.8 Our lease liabilities are initially measured at the present value of the lease payments not yet paid, discounted using our incremental borrowing rate for a period that is comparable to the remaining lease term. Upon adoption of FASB ASC Topic 842, we initially measured our operating lease liabilities using this methodology, while our accounting for finance leases remained unchanged. We use our incremental borrowing rate, adjusted for collateralization, because the discount rate implicit in our leases are generally not readily determinable. The table below presents our weighted average discount rate as of June 30, 2019: June 30, 2019 Operating leases 5.8 % Finance leases 8.5 % The table below presents a maturity analysis of the obligations related to our operating lease liabilities and finance lease liabilities in effect as of June 30, 2019: Operating Leases Finance Leases Year ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 7,932 $ 2,715 2020 13,030 4,541 2021 9,235 4,063 2022 7,266 3,713 2023 5,961 3,772 Thereafter 27,550 36,330 Total undiscounted cash flows related to lease liabilities 70,974 55,134 Less imputed interest (17,048 ) (23,039 ) Total lease liabilities $ 53,926 $ 32,095 |