Leases

6 Months Ended

Jun. 30, 2019

Substantially all our operating lease right-of-use assets and operating lease liability represent leases for office space used to conduct our business. Substantially all our finance leases represent office furniture and technology equipment leases.

Lease cost for the six months ended June 30, 2019 was comprised of (in millions):



	Six Months Ended June 30,
	2019
Operating leases:
Lease cost	$	157.6
Variable lease cost	16.8
Sublease income	(2.7		)
Operating lease expense	171.7

Short-term lease rent expense	2.5
Finance leases:
Amortization of right-of-use assets	20.7
Interest on lease liability	2.5
	23.2

Total lease cost	$	197.4

The right-of-use assets at June 30, 2019 were comprised of (in millions):



	Real Estate		Equipment		Total
Operating leases	$	1,410.2	$	25.1	$	1,435.3
Finance leases	—		131.7		131.7
	$	1,410.2	$	156.8	$	1,567.0

The weighted average remaining lease term and the weighted average discount rate for operating and finance leases at June 30, 2019 was:



	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	8.4		3.0
Weighted average discount rate	3.9	%	4.2	%

The following table reconciles the undiscounted cash flows for the operating and finance leases at June 30, 2019 to the operating and finance lease liabilities recorded on the balance sheet (in millions):



	Operating Leases		Finance Leases
2019 Remainder	$	173.0	$	23.7
2020	317.5		44.5
2021	264.5		35.7
2022	213.2		22.1
2023	166.5		10.4
2024	145.3		4.3
Thereafter	615.3		3.0
Total undiscounted lease payments	1,895.3		143.7
Less: Imputed interest	298.3		10.1
Present value of lease payments	$	1,597.0	$	133.6

Other current liabilities	$	279.1	$	42.8
Long-term liability - Operating leases	1,317.9
Long-term liabilities			90.8
	$	1,597.0	$	133.6