Leases

12 Months Ended

Dec. 31, 2019

LEASES

The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes, and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and other equipment such as forklifts. Substantially all of our leases are classified as operating leases. Short-term lease costs, variable lease costs, and sublease income are not considered material. Operating lease costs were $25.1, $25.1, and $25.4 for the year ended December 31, 2019, 2018 and 2017, respectively.

Future operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2019 are shown below.



2020	$	22.5
2021	18.4
2022	15.0
2023	10.7
2024	7.2
Thereafter	54.4
Total future lease payments	128.2
Less: amount of lease payments representing interest	32.3
Present value of future lease payments	$	95.9

Short-term lease liability	$	19.9
Long-term lease liability	76.0
Present value of future lease payments	$	95.9

Future minimum operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2018 are shown below.



2019	$	22.2
2020	16.8
2021	12.6
2022	10.2
2023	8.1
Thereafter	46.4
Total minimum lease payments	$	116.3

Our lease portfolio has a weighted average remaining lease term of 13.8 years, and the weighted average discount rate is 3.2%. During the year ended December 31, 2019, we recognized non-cash right-of-use assets of $31.6 for new leases entered into during the period, primarily related to the lease renewal of a key manufacturing site in our Connect & Control segment. Operating cash outflows from operating leases during the year ended December 31, 2019 were $22.6.