Leases

The Company has operating leases for certain manufacturing sites, office space, warehouses, land, vehicles and equipment. Most leases include the option to renew, with renewal terms that can extend the lease term from one to five years or more. Right-of-use lease assets and lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods the Company is reasonably certain to exercise. The Company has elected to combine lease and non-lease components for all asset classes other than real estate, vehicles and equipment. Short term leases with a term of twelve months or less, including reasonably certain holding periods, are not recorded on the balance sheet. The Company's leases do not contain any material residual value guarantees or material restrictive covenants. At March 31, 2019, the Company does not have material lease commitments that have not commenced.

The components of lease expense were as follows:



(in millions)	Three Months Ended March 31,
Income Statement Location	2019
Operating leases
Cost of products sold	$	1.3
Selling, general and administrative expenses	0.9
Total operating lease cost (1)	$	2.2


(1)	Includes short-term leases and variable lease costs, which are immaterial.

Supplemental balance sheet information related to leases was as follows:



(in millions)	Balance Sheet Location	March 31, 2019
Assets
Operating lease assets	Operating lease assets	$	51.1
Total operating lease assets		51.1

Liabilities
Current operating lease liabilities	Other current liabilities	6.0
Noncurrent operating lease liabilities	Operating lease liabilities	45.2
Total operating lease liabilities		$	51.2

As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate as of the commencement date to determine the present value of lease payments.

Supplemental cash flow information related to leases was as follows:



	Three Months Ended March 31,
(in millions)	2019
Operating leases
Cash paid for amounts included in the measurement of lease liabilities	$	2.1
Right-of-use assets obtained in exchange for lease obligations	$	0.2

Maturities of lease liabilities were as follows:



(in millions)	Operating Leases
Remainder of 2019	$	6.2
2020	7.5
2021	6.7
2022	5.6
2023	5.0
After 2023	36.1
Total lease payments	67.1
Less: imputed interest	15.9
Present value of lease liabilities	$	51.2

The Company’s future minimum lease commitments as of December 31, 2018, under Accounting Standard Codification Topic 840, the predecessor to Topic 842, are as follows:



(in millions)	Operating Leases
2019	$	7.7
2020	6.7
2021	6.0
2022	5.6
2023	4.7
Thereafter	30.6
Total minimum obligations	$	61.3

The weighted average remaining lease term and discount rate are as follows:



	March 31, 2019
Weighted Average Remaining Lease Term
Operating Leases	11.1 years
Weighted Average Discount Rate
Operating Leases	5.1	%