Leases

9 Months Ended

Sep. 30, 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 13 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 and nine months ended September 30, (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	4.0	$	3.4	$	11.9	$	10.3
Variable lease cost	0.1		0.1		0.2		0.2
Sublease income	(0.1)		—		(0.1)		—
Total operating lease expense	4.0		3.5		12.0		10.5
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	3.6		3.7		11.1		11
Right of use assets obtained in exchange for new operating lease liabilities	0.2		0.1		77.3		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 nine months ended September 30, 2020 and 2019, the weighted average remaining lease term was 11.7 years and 4.5 years, respectively, and the weighted average discount rate was 3.47% and 4.13%, respectively.

In connection with the pending divestiture of Barrow Hanley, the Company reclassified $12.4 million of Right of use assets and $12.7 million of Operating lease liabilities as of September 30, 2020 on the Condensed Consolidated Balance Sheet to Affiliate assets and liabilities held for sale, respectively. See Note 3, Divestitures and Assets and Liabilities Held for Sale, in these Notes for additional information.

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


	Operating Leases
Year Ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	3.3
2021	13.2
2022	9.2
2023	11.2
2024	10.4
Thereafter	87.8
Total lease payments	135.1
Less imputed interest	(25.1)
Total	$	110.0