Leases

12 Months Ended

Dec. 31, 2019

Leases1 [Abstract]

Leases

Leases

Changes in the company's right-of-use assets for the year ended December 31 were as follows:

	2019
	Insurance and reinsurance companies		Non-insurance companies		Total
Balance - January 1	418.9		632.5		1,051.4
Additions	59.9		73.2		133.1
Disposals	(8.3	)	(1.6	)	(9.9	)
Depreciation(1)	(69.3	)	(109.4	)	(178.7	)
Acquisitions of subsidiaries (note 23)	4.4		16.2		20.6
Assets held for sale (note 23)	(22.9	)	—		(22.9	)
Foreign exchange effect and other	2.7		24.3		27.0
Balance - December 31 (note 13)	385.4		635.2		1,020.6

(1) Recorded in operating expenses and other expenses in the consolidated statement of earnings.

The maturity profile of the company’s lease liabilities was as follows:

	December 31, 2019
	Insurance and reinsurance companies		Non-insurance companies		Total
Less than one year	78.0		209.4		287.4
One to two years	72.0		193.1		265.1
Two to three years	63.2		163.8		227.0
Three to four years	54.7		136.5		191.2
Four to five years	48.8		115.6		164.4
More than five years	240.8		428.5		669.3
Undiscounted lease liabilities	557.5		1,246.9		1,804.4
Lease liabilities - discounted(note 14)	434.3		1,062.1		1,496.4
Weighted average incremental borrowing rate	4.6	%	4.6	%	4.6	%

During 2019 the company recognized in the consolidated statement of earnings interest expense of $67.8 on lease liabilities (note 15) and short-term and low value lease costs of $78.0 (note 26).

The maturity profile of the company’s finance lease receivables was as follows:

	December 31, 2019
	Insurance and reinsurance companies	Non-insurance companies	Total
Less than one year	1.7	72.0	73.7
One to two years	1.7	66.9	68.6
Two to three years	1.8	59.3	61.1
Three to four years	1.6	49.6	51.2
Four to five years	0.7	41.4	42.1
More than five years	4.0	130.2	134.2
Undiscounted finance lease receivables	11.5	419.4	430.9
Unearned finance income	2.7	52.3	55.0
Finance lease receivables (note 13)	8.8	367.1	375.9

During 2019 the company recognized interest revenue on finance lease receivables of $14.7 in other revenue in the consolidated statement of earnings.