The Company leases certain administrative and production facilities and equipment under long-term, non-cancelable operating lease agreements. The Company determines if an arrangement is or contains a lease at contract inception and recognizes a ROU asset and a lease liability based on the present value of fixed, and certain index-based lease payments at the lease commencement date. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Lease agreements may include options to extend or terminate the lease or purchase the underlying asset. In situations where the Company is reasonably certain to exercise such options, they are considered in determining the lease term and the associated option payments, or exercise price in the case of an option to purchase, are included in the measurement of the lease liabilities and ROU assets. The Company’s leases generally do not include restrictive financial or other covenants, or residual value guarantees. The Company generally uses its incremental borrowing rate as the discount rate for measuring its lease liabilities, as the Company cannot determine the interest rate implicit in the lease because it does not have access to certain lessor specific information. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have significant finance leases.

During fiscal year 2020, the Company recognized total operating lease costs of approximately $10.1 million, and paid cash of $9.4 million for amounts included in the measurement of lease liabilities.

At October 31, 2020, future minimum operating lease payments due under ASC 842 are summarized by fiscal year in the table below:

2021	$	9.4
2022		7.6
2023		4.8
2024		2.8
2025		1.0
Thereafter		2.4
Total undiscounted lease payments		28.0
Less: imputed interest		(2.7	)
Total lease liabilities	$	25.3

As of October 31, 2020, the weighted average remaining lease term and the weighted average discount rate for operating leases was 4.5 years and 5.0%, respectively.

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended October 31, 2019 and accounted for under the previous lease accounting guidance (ASC 840), future minimum operating lease payments as of October 31, 2019 were as follows:

2020	$	8.5
2021		7.5
2022		5.8
2023		3.3
2024		1.5
Thereafter		0.1