Leases

12 Months Ended

Dec. 31, 2020

Leases

We lease certain buildings and equipment under various noncancellable operating lease agreements. In addition, we have sub-lease agreements on a limited number of our building lease agreements. The majority of our building leases and sub-leases expire within a five to ten year period and we generally have the option to renew at the end of the lease term at the fair rental value at the time of renewal. The majority of our equipment leases expire within a one to three year period and we generally have the option to renew at the end of the lease term at the fair rental value at the time of renewal.

We do not have any lease agreements or sub-lease agreements that contain variable lease payments. In addition, we do not have lease agreements or sub-lease agreements that contain residual value guarantees or impose any financial restrictions or covenants with the lessors.

Operating lease information is as follows:


	Year Ended December 31
	2020			2019
	(in millions of dollars)
Lease Cost
Operating Lease Cost	$	48.6		$	29.4
Sublease Income	(1.3)			(1.9)
Total Lease Cost	$	47.3		$	27.5

Other Information
Cash Paid for Amounts Included in the Measurement of Lease Liabilities	$	30.8		$	28.9
Weighted-Average Remaining Lease Term	6 years			7 years
Weighted-Average Discount Rate	4.37		%	4.60		%

Operating lease cost as calculated prior to the adoption of ASC 842 was $29.2 million for the year ended December 31, 2018.

As of December 31, 2020, aggregate undiscounted minimum net lease payments and the reconciliation to our lease liability are as follows (in millions of dollars):


2021	$	25.4
2022	22.8
2023	16.5
2024	12.7
2025	9.8
2026 and Thereafter	34.4
Total	121.6
Less Imputed Interest	15.7
Lease Liability	$	105.9

The right-of-use asset was $82.9 million and $108.6 million at December 31, 2020 and 2019, respectively.

During 2020, we recognized an impairment loss of $12.7 million on the ROU asset related to one of our operating leases for office space that we do not plan to continue using to support our general operations. The impairment loss was recorded as a result of a decrease in the fair value of the ROU asset compared to its carrying value. The fair value of the ROU asset was determined based on a discounted cash flow model utilizing estimated market rates for sub-lease rentals. The impairment loss is recorded within other expenses in the consolidated statements of income and is included within our Corporate segment.