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LEASES. | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES. All of our leases are operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. In December 2020, we announced that we signed a letter of intent for a long-term lease for our global headquarters in a different downtown location in Baltimore, Maryland. We plan to relocate our operations from our East Pratt Street offices in 2024. As of December 31, 2020, the weighted-average remaining lease term on our leases is approximately 4.8 and the weighted-average discount rate used to measure the lease liabilities is 3.5%. Operating lease expense was $32.1 million in 2020, $29.0 million in 2019, and $40.1 million in 2018. Charges related to our operating leases that are variable, including variable common area maintenance charges and other management-related costs, and not included in the measurement of the lease liabilities, were $9.3 million in 2020. We made lease payments of $31.2 million during 2020. Our future undiscounted cash flows related to our operating leases and the reconciliation to the operating lease liability as of December 31, 2020, are as follows:
(in millions) | 2020
2021 | $ | 35.3 |
2022 | 32.8 |
2023 | 29.9 |
2024 | 42.9 |
2025 | 14.8 |
Thereafter | 12.6 |
Total future undiscounted cash flows | 168.3 |
Less: imputed interest to be recognized in lease expense | (14.2) |
Operating lease liabilities, as reported | $ | 154.1 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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