Leases

12 Months Ended

Dec. 31, 2021

Our operating lease obligations are for office facilities, corporate housing and equipment. Our leases have remaining lease terms ranging between less than 1 year and 13 years, some of which include options to extend the leases. Expenses associated with leases totaled $18.3 million for the year ended December 31, 2021, as compared to $20.3 million for the year ended December 31, 2020. The components of lease expense, and other lease information, as of and during the year ended December 31, 2021 and 2020 are as follows:


	December 31,
(in millions)	2021			2020
Operating leases right-of-use assets	$	81.4		$	82.0
Operating lease liabilities	97.7			95.8

Operating lease weighted-average remaining lease term	9.51			10.50
Operating lease weighted-average discount rate	3.53		%	3.77		%


	For the Year Ended December 31,
(in millions)	2021		2020
Operating lease costs	$	14.2	$	15.3
Variable lease costs	6.2		5.4
Sublease income	(2.1)		(0.4)
Total lease costs	$	18.3	$	20.3

Operating cash flows from operating leases (fixed payments)	$	14.9	$	15.7
Operating cash flows from operating leases (liability reduction)	$	12.8	$	12.8

Our finance leases and short-term leases as of December 31, 2021 and 2020 were not material.

Future minimum lease payments under operating leases as of December 31, 2021 were as follows:


	December 31,
(in millions)	2021
2022	13.8
2023	13.4
2024	11.8
2025	11.6
2026	11.2
Thereafter	54.4
Total future minimum lease payments	$	116.2

Future lease obligations
Less imputed interest	(18.5)
Total operating lease liability	$	97.7

We have certain investment properties that we lease to independent, third parties. These properties consist of an office building that is currently leased through August 2026 and one condominium that was leased on a short-term basis. The carrying value of the office building is included in “Other assets” on our consolidated balance sheet. The condominium was placed for sale in December 2019, and sold in January 2021. The carrying value of this condominium is included in the “Assets held for Sale” on our consolidated balance sheet. Income for these leased properties was $1.4 million for the year ended December 31, 2021 and $2.6 million for the year ended December 31, 2020. Income for these leased properties is included in “fee and other income” on our consolidated statements of income (loss).