We enter into operating leases for certain manufacturing plants, warehouses, equipment and automobiles. Our leases have remaining lease terms of 1 to 14 years. Several leases include options for us to purchase leased items at fair value or renew for up to 5 years, or multiple 5-year renewal periods. Some of our leases include early termination options. We consider all of these options in determining the lease term used to establish our ROU assets and lease liabilities when it is reasonably certain that we will exercise that option. Our lease agreements do not contain any residual value guarantees or material restrictive covenants.

We have lease agreements with lease and non-lease components, which are accounted for separately. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Short-term lease expense was not material for the year ended December 31, 2019.

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate (“IBR”) based on information that is available at the lease commencement date to compute the present value of lease payments. Relevant information used in determining the IBR includes the transactional currency of the lease and the lease term. We used the IBR on January 1, 2019 for operating leases that commenced prior to that date. As of December 31, 2019, we do not have any finance leases and we have no additional operating leases that have not yet commenced.

As noted in Note 2, effective January 1, 2019, we adopted ASC Topic 842 – Leases using the modified retrospective transition method. As such, we did not restate financial statement and lease disclosure data for all periods prior to January 1, 2019, which was prepared in accordance with ASC Topic 840 – Leases.

The following tables present our operating lease cost and supplemental cash flow information related to our operating leases:

	2019
Operating lease cost	$	6.8
ROU assets obtained in exchange for lease obligations ⁽¹⁾	$	41.6

We do not believe the amount of cash paid for amounts included in the measurement of lease liabilities to be materially different from our operating lease cost for the year ended December 31, 2019.

The following table presents supplemental balance sheet information related to our operating leases:

	Balance Sheet Classification	December 31, 2019
ROU assets	Lease right-of-use assets	$	35.3
Current lease liabilities	Accounts payable and accrued expenses		5.2
Non-current lease liabilities	Lease non-current liabilities		30.1

The following table presents the weighted average assumptions used to compute our ROU assets and lease liabilities:

	December 31, 2019
Weighted average remaining lease term (in years)	8.6
Weighted average discount rate		4.4	%

Undiscounted future minimum lease payments as of December 31, 2019, by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows:

	Maturities of Lease Liabilities
2020	$	6.6
2021		5.8
2022		5.1
2023		4.4
2024		3.6
Thereafter		17.5
Total lease payments		43.0
Less interest		(7.7	)
Present value of lease liabilities	$	35.3

Future minimum lease payments as of December 31, 2018, by year and in the aggregate, having non-cancelable lease terms in excess of one year were expected to be as follows:

	Total Minimum Lease Payments
2019	$	5.3
2020		4.7
2021		4.2
2022		3.7
2023		2.2
Thereafter		4.7
Total	$	24.8