Leases

3 Months Ended

Mar. 31, 2020

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 14 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.

The following table summarizes information about the Company’s operating leases for the three months ended March 31, (in millions):



	Three Months Ended March 31,
	2020		2019
Operating lease cost	$	3.8	$	3.4
Variable lease cost	0.1		0.1
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3.7		3.6
ROU asset obtained in exchange for new operating lease liabilities	70.7		49.9

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 three months ended March 31, 2020 and 2019, the weighted average remaining lease term was 12.1 years and 4.7 years respectively, and the weighted average discount rate was 3.48% and 3.97%, respectively.

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



	Operating Leases
Year Ending December 31,
2020 (excluding the three months ended March 31, 2020)	$	10.8
2021	13.3
2022	9.2
2023	11.1
2024	10.1
Thereafter	93.6
Total lease payments	148.1
Less imputed interest	(28.8		)
Total	$	119.3

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 the second quarter of 2020.