The Company adopted the new standard on January 1, 2019 and used the effective date as the date of initial application. Therefore, prior period financial information has not been adjusted and continues to be reflected in accordance with the Company’s historical accounting policy. The standard establishes a right-of-use (ROU) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months.

The standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients,” which, among other things, allows the Company to carry forward its historical lease classification.

The adoption of this standard resulted in the recording of operating lease assets and operating lease liabilities of approximately $100.0 million as of January 1, 2019, with no related impact on the Company’s condensed consolidated statement of equity or condensed consolidated statement of operations. Short-term leases have not been recorded on the balance sheet.

The Company determines if an arrangement is a lease at inception. All of the Company’s leases are operating leases and are included in ROU assets, accounts payable and operating lease liabilities in the condensed consolidated balance sheet.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the respective lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease.

The Company’s operating leases are primarily for real estate, machinery and equipment, and vehicles. The terms and conditions for these leases vary by the type of underlying asset. Total operating lease expense was as follows (in thousands):



	Years Ended December 31,
	2019		2018
Long-term fixed lease expense	$	33,577	$	33,642
Long-term variable lease expense		406		749
Short-term lease expense		17,670		14,367
Total operating lease expense	$	51,653	$	48,758



	December 31, 2019
Operating lease ROU assets	$	80,906

Accrued expenses	$	21,072
Operating lease liabilities		62,354
Total operating lease liabilities	$	83,426

Cash paid for operating leases	$	34,207
ROU assets obtained in exchange for lease obligations	$	20,200

Weighted average remaining lease term		9 years
Weighted average discount rate		6.75%

Maturities of operating lease liabilities at December 31, 2019 are as follows (in thousands):



2020	$ 29,796
2021	21,653
2022	13,328
2023	9,632
2024	7,311
Thereafter	44,381
Total lease payments	126,101
Less imputed interest	(42,675)
Total	$ 83,426