Leases

Our leases principally relate to funeral service real estate and office, maintenance, and transportation equipment. The majority of our lease arrangements contain options to (i) purchase the property at fair value on the exercise date, (ii) purchase the property for a value determined at the inception of the lease, or (iii) renew the lease for the fair rental value at the end of the primary lease term.

Future lease payments for non-cancelable operating and finance leases as of March 31, 2019 were as follows (in thousands):



	Operating			Finance			Total
2019 (excluding the three months ended March 31, 2019)	$	8,527		$	35,237		$	43,764
2020	10,873			41,702			52,575
2021	9,460			59,553			69,013
2022	8,388			23,352			31,740
2023	6,241			16,569			22,810
Thereafter	43,574			39,990			83,564
Total lease payments	$	87,063		$	216,403		$	303,466
Less: Interest	(23,373		)	(22,445		)	(45,818		)
Present value of lease liabilities	$	63,690		$	193,958		$	257,648

As of December 31, 2018, we disclosed the following future lease payments for non-cancelable operating and finance lease exceeding one year (in thousands):



	Operating		Finance
2019	$	11,295	$	46,998
2020	9,550		51,943
2021	8,251		57,881
2022	7,282		21,842
2023	5,397		15,587
2024 and thereafter	37,841		40,447
Total	$	79,616	$	234,698
Less: Interest on finance leases			(22,746		)
Total principal payable on finance leases			$	211,952

We have 60 operating leases where we are the lessor and the non-cancelable term is greater than one year, resulting in $0.7 million in lease income for the three months ended March 31, 2019. We lease office space and excess land, and we are party to cellular agreements and land easements. We generally do not have sales-type leases, direct financing leases, or lease receivables. The adoption of ASC 842 did not have an impact on our accounting for lessor leases.

Future undiscounted lease income from operating leases as of March 31, 2019 were as follows (in thousands):



2019 (excluding the three months ended March 31, 2019)	$	1,949
2020	1,660
2021	1,312
2022	996
2023	426
Thereafter	94
Total cash receipts	$	6,437

The components of lease cost for the three months ended March 31, 2019 were as follows (in thousands):



Amortization of leased assets	$	10,964
Interest on lease liabilities	1,831
Total finance lease cost	12,795
Operating lease cost	3,194
Variable lease cost	372
Total lease cost	$	16,361

Supplemental balance sheet information as of March 31, 2019 related to leases was as follows (in thousands):



Lease Type	Balance Sheet Classification	Amounts Recognized
Operating lease right-of-use assets⁽¹⁾	Deferred charges and other assets	$	61,432
Finance lease right-of-use assets ⁽¹⁾	Property and equipment, net	187,088
Total right-of-use assets ⁽¹⁾		$	248,520

Operating	Accounts payable and accrued liabilities	$	8,584
Finance	Current maturities of long-term debt	39,619
Total current lease liabilities		48,203
Operating	Other liabilities	55,106
Finance	Long-term debt	154,339
Total non-current lease liabilities		209,445
Total lease liabilities		$	257,648

⁽¹⁾ Right-of-use assets are presented net of accumulated amortization.

The weighted-average life remaining and discount rates of our leases for the three months ended March 31, 2019 were as follows:



	Operating		Finance
Weighted-average remaining lease term (years)	12.2		4.9
Weighted-average discount rate	4.8	%	3.4	%

Supplemental cash flow information related to leases for the three months ended March 31, 2019 were as follows:



	(In thousands)
Cash paid for amounts in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,093
Operating cash flows from finance leases	$	1,948
Financing cash flows from finance leases	$	10,657
Total cash paid for amounts included in the measurement of lease liabilities	$	15,698

Right-of-use assets obtained in exchange for new finance lease liabilities	$	19,166
Right-of-use assets obtained in exchange for new operating lease liabilities	$	4,240