LEASES

9 Months Ended

Sep. 30, 2019

The Company has commitments under operating leases for certain machinery and equipment, as well as manufacturing, warehousing, showroom and other facilities used in its operations. The Company has no finance leases. Excluding short-term leases, the Company’s leases have initial terms ranging from 1 to 16 years, most of which include options the Company may elect to extend or renew the lease for 0.1 to 6 years, and some of which may include options to terminate the leases with notice periods of up to 1 year. Certain lease agreements contain provisions for future rent increases. Payments due under lease contracts are fixed.

The components of lease cost for the three and nine months ended September 30, 2019 are as follows (in millions):



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease cost:
Operating lease cost	$	7.5	$	21.2
Short-term lease cost	1.6		2.2
Sublease income	—		(0.1		)
Total lease cost	$	9.1	$	23.3

Other lease information as of and for the period ended September 30, 2019 includes:



	September 30, 2019
Weighted-average remaining lease term (in years)
Operating leases	5.9
Weighted-average discount rate
Operating leases	4.9	%



(dollars in millions)	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	21.4
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	12.3

As of September 30, 2019, the Company has additional operating leases that have not yet commenced for which it will record a right of use asset and lease liability of approximately $6.5 million. The leases will commence in the first quarter of 2020 with lease terms of approximately 10 years.

Future minimum lease payments under non-cancellable leases, net of sublease income, as of September 30, 2019 are as follows (in millions):



	September 30, 2019
2019 (remaining three months)	$	7.4
2020	28.9
2021	22.2
2022	19.3
2023	16.5
Thereafter	44.0
Total undiscounted lease payments	138.3
Less: imputed interest	(26.9		)
Total lease liability	$	111.4