Leases

12 Months Ended

Dec. 31, 2019

Our operating leases primarily consist of office space, certain manufacturing facilities, 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 Consolidated Statements of Income for the twelve months ended December 31, 2019 was $39.1 million. Cash paid for operating leases during the year ended December 31, 2019 was $36.4 million reported as cash outflows from operating activities in the Consolidated Statements of Cash Flows. Right-of-use ("ROU") assets obtained in exchange for lease obligations during the year ended December 31, 2019 was $22.1 million.

Amounts recognized for operating leases in the Consolidated Balance Sheets is as follows (in millions):



	December 31, 2019
Operating lease right-of-use assets	$	96.8
TOTAL ASSETS	$	96.8

Other accrued liabilities	$	29.6
Other non-current liabilities	71.7
TOTAL LIABILITIES	$	101.3

The weighted average remaining lease term as of December 31, 2019 for operating leases was 4 years. The weighted average discount rate used to measure the ROU asset and lease liability for operating leases was 3.5% as of December 31, 2019.

Future maturities of our operating lease liabilities as of December 31, 2019 are as follows (in millions):



	2020	2021	2022	2023	2024	Thereafter	Total Payments	Imputed Interest	Total
Operating Leases	32.7	24.6	15.8	13.2	8.4	15.9	110.6	(9.3)	$101.3

Total rental expense under operating leases was $44.8 million in 2018 and $30.5 million in 2017. The minimum annual rentals on non-cancelable, long-term, operating leases in effect at December 31, 2018 was $23.5 million in 2019, $21.0 million in 2020, $16.5 million in 2021, $13.2 million in 2022, $10.5 million in 2023 and $26.5 million thereafter.

Leases

Amounts recognized for operating leases in the Consolidated Balance Sheets is as follows (in millions):



	December 31, 2019
Operating lease right-of-use assets	$	96.8
TOTAL ASSETS	$	96.8

Other accrued liabilities	$	29.6
Other non-current liabilities	71.7
TOTAL LIABILITIES	$	101.3

Future maturities of our operating lease liabilities as of December 31, 2019 are as follows (in millions):



	2020	2021	2022	2023	2024	Thereafter	Total Payments	Imputed Interest	Total
Operating Leases	32.7	24.6	15.8	13.2	8.4	15.9	110.6	(9.3)	$101.3