Leases (Notes)

12 Months Ended

Dec. 31, 2019

The Company has operating leases for corporate offices, data centers, vehicles and certain equipment. The operating leases have remaining lease terms of 1 year to 9 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.

As of December 31, 2019, the ROU asset of $37.7 million was included within other assets and the lease liability of $42.5 million was included within other liabilities on the Consolidated Balance Sheets.

The following table summarizes information about the Company’s operating leases for the years ended December 31 (in millions):



	2019
Operating lease cost	$	13.7
Variable lease cost	0.3
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	14.6
ROU asset obtained in exchange for new operating lease liabilities	5.5

In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. For the year ended December 31, 2019, the weighted average remaining lease term was 4.3 years and the weighted average discount rate was 4.14%.

Maturities of operating lease liabilities were as follows (in millions):



	Operating Leases
Year Ending December 31,
2020	$	14.3
2021	13.2
2022	9.2
2023	3.5
2024	1.6
Thereafter	5.3
Total lease payments	47.1
Less imputed interest	(4.6		)
Total	$	42.5

Excluded from the table above is an operating lease for office space that was entered into during the fourth quarter of 2019, but has not yet commenced. The expected lease obligations are approximately $7.5 million and will be paid over an expected lease term of 12 years. This operating lease will commence in 2020.