LEASES

12 Months Ended

Dec. 31, 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 exercise to extend or renew the lease for 1.0 to 6 years, and some of which 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 Company recognized rent expense for 2018 and 2017 of $32.1 million and $28.9 million, respectively. Lease cost recognized in the consolidated statements of operations for 2019 is summarized as follows (in millions):



	Year Ended December 31, 2019
Lease cost:
Operating lease cost	$	28.6
Short-term lease cost	3.3
Sublease income	(0.2		)
Total lease cost	$	31.7

Other lease information as of and for the year ended December 31, 2019 includes (dollars in millions):



	December 31, 2019
Weighted-average remaining lease term (in years)
Operating leases	5.9
Weighted-average discount rate
Operating leases	4.9		%

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	29.0
ROU assets obtained in exchange for new operating lease liabilities:
Operating leases	$	15.8

As of December 31, 2019, the Company has entered into operating leases that have not yet commenced, for which it will recognize ROU assets and lease liabilities of approximately $43.6 million. These leases will commence in 2020 and 2021 with lease terms of 7 years to 12 years.

As of December 31, 2019, maturities of the Company's operating lease liabilities are as follows (in millions):




2020	$	26.0
2021	23.2
2022	20.3
2023	17.4
2024	14.4
Thereafter	27.8
Total lease payments	129.1
Less imputed interest	(21.4		)
Present value of lease liability	$	107.7

Future minimum rental payments under operating leases (net of sublease amounts) that were required to be disclosed prior to the adoption of the new lease standard as of December 31, 2018 were as follows (in millions):



	Future Minimum Rental Payments
2019	$	26.4
2020	23.8
2021	19.1
2022	17.2
2023	15.1
Thereafter	38.8
Total	$	140.4