Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Leases

We have operating leases for office space, certain manufacturing facilities, office and manufacturing equipment, and vehicles. Our finance leases are not material. The term of these leases is generally 10 years or less, in some cases with options to extend the term for up to 5 years, or options to terminate after one year without penalty. In general, our vehicle lease payments contain a monthly base rent payment which is adjusted based on changes to the LIBOR rate over the lease term. Certain other lease agreements contain variable payments related to a consumer price index or similar metric. Any change in payment amounts as a result of a change in a rate or index are considered variable lease payments and recognized as profit or loss when incurred.

Rent expense for operating leases in the Condensed Consolidated Statement of Income for the three months ended March 31, 2019 is $9.6 million. Cash paid for operating leases during the three months ended March 31, 2019 was $8.5 million and reported as cash outflows from operating activities in the Condensed Consolidated Statements of Cash Flows. Right-of-use ("ROU") assets obtained in exchange for lease obligations during the three months ended March 31, 2019 was $2.2 million.

Amounts recognized for operating leases in the Condensed Consolidated Balance Sheet is as follows:

(in millions)	March 31, 2019
Operating lease right-of-use assets	$	102.1
TOTAL ASSETS	$	102.1
Other accrued liabilities	$	31.4
Other Non-Current Liabilities	74.2
TOTAL LIABILITIES	$	105.6

The weighted average remaining lease term as of March 31, 2019 for operating leases was 5 years. The weighted average discount rate used to measure the ROU asset and lease liability for operating leases was 3.8% as of March 31, 2019.

Future maturities of our operating lease liabilities are as follows:

	2019	2020	2021	2022	2023	Thereafter	Total Payments	Imputed Interest		Total
Operating Leases	26.0	27.8	19.1	11.8	11.0	20.9	116.6	(11.0	)	$	105.6

Leases

Leases

We have operating leases for office space, certain manufacturing facilities, office and manufacturing equipment, and vehicles. Our finance leases are not material. The term of these leases is generally 10 years or less, in some cases with options to extend the term for up to 5 years, or options to terminate after one year without penalty. In general, our vehicle lease payments contain a monthly base rent payment which is adjusted based on changes to the LIBOR rate over the lease term. Certain other lease agreements contain variable payments related to a consumer price index or similar metric. Any change in payment amounts as a result of a change in a rate or index are considered variable lease payments and recognized as profit or loss when incurred.

Rent expense for operating leases in the Condensed Consolidated Statement of Income for the three months ended March 31, 2019 is $9.6 million. Cash paid for operating leases during the three months ended March 31, 2019 was $8.5 million and reported as cash outflows from operating activities in the Condensed Consolidated Statements of Cash Flows. Right-of-use ("ROU") assets obtained in exchange for lease obligations during the three months ended March 31, 2019 was $2.2 million.

Amounts recognized for operating leases in the Condensed Consolidated Balance Sheet is as follows:

(in millions)	March 31, 2019
Operating lease right-of-use assets	$	102.1
TOTAL ASSETS	$	102.1
Other accrued liabilities	$	31.4
Other Non-Current Liabilities	74.2
TOTAL LIABILITIES	$	105.6

The weighted average remaining lease term as of March 31, 2019 for operating leases was 5 years. The weighted average discount rate used to measure the ROU asset and lease liability for operating leases was 3.8% as of March 31, 2019.

Future maturities of our operating lease liabilities are as follows:

	2019	2020	2021	2022	2023	Thereafter	Total Payments	Imputed Interest		Total
Operating Leases	26.0	27.8	19.1	11.8	11.0	20.9	116.6	(11.0	)	$	105.6