Leases

9 Months Ended

Sep. 30, 2019

Our operating leases primarily consist of office space, certain manufacturing facilities, and vehicles. Our finance leases are not material. The term of these leases is generally 10 years or less, in some cases, with options to extend the term for up to 5 years, or options to terminate after one year without penalty. In general, our vehicle lease payments contain a monthly base rent payment which is adjusted based on changes to the LIBOR rate over the lease term. Certain other lease agreements contain variable payments related to a consumer price index or similar metric. Any change in payment amounts as a result of a change in a rate or index are considered variable lease payments and recognized as profit or loss when incurred.

Rent expense for operating leases in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019 is $9.7 million and $28.7 million, respectively. Cash paid for operating leases during the three and nine months ended September 30, 2019 was $9.3 million and $27.0 million, respectively, reported as cash outflows from operating activities in the Condensed Consolidated Statements of Cash Flows. Right-of-use ("ROU") assets obtained in exchange for lease obligations during the three and nine months ended September 30, 2019 was $1.8 million and $8.7 million, respectively.

Amounts recognized for operating leases in the Condensed Consolidated Balance Sheets is as follows (in millions):



	September 30, 2019
Operating lease right-of-use assets	$	92.3
TOTAL ASSETS	$	92.3

Other accrued liabilities	$	28.7
Other non-current liabilities	67.5
TOTAL LIABILITIES	$	96.2

The weighted average remaining lease term as of September 30, 2019 for operating leases was 5 years. The weighted average discount rate used to measure the ROU asset and lease liability for operating leases was 3.8% as of September 30, 2019.

Future maturities of our operating lease liabilities as of September 30, 2019 are as follows (in millions):



	2019	2020	2021	2022	2023	Thereafter	Total Payments	Imputed Interest	Total
Operating Leases	8.6	29.5	21.0	12.8	11.4	22.4	105.7	(9.5)	$96.2

Leases

Amounts recognized for operating leases in the Condensed Consolidated Balance Sheets is as follows (in millions):



	September 30, 2019
Operating lease right-of-use assets	$	92.3
TOTAL ASSETS	$	92.3

Other accrued liabilities	$	28.7
Other non-current liabilities	67.5
TOTAL LIABILITIES	$	96.2

Future maturities of our operating lease liabilities as of September 30, 2019 are as follows (in millions):



	2019	2020	2021	2022	2023	Thereafter	Total Payments	Imputed Interest	Total
Operating Leases	8.6	29.5	21.0	12.8	11.4	22.4	105.7	(9.5)	$96.2