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RENTALS AND LEASES | 12 Months Ended
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Dec. 31, 2020
RENTALS AND LEASES |
RENTAL AND LEASES | 14. RENTALS AND LEASES ​ Lessee ​ The Company leases sales and administrative office facilities, distribution centers, research and manufacturing facilities, as well as vehicles and other equipment under operating leases. Certain of the Company’s lease arrangements are finance leases, which are immaterial individually and in the aggregate. ​ The Company’s operating lease cost was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2020 | ​ | 2019
Operating lease cost* | ​ | ​ | $183.8 | ​ | ​ | ​ | $179.8 | ​
​ *Includes immaterial short-term and variable lease costs ​ Future maturity of operating lease liabilities as of December 31, 2020 is as follows: ​
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(millions) | ​ | ​ | ​
2021 | ​ |  | 142
2022 | ​ |  | 110
2023 | ​ |  | 73
2024 | ​ |  | 44
2024 | ​ | ​ | 29
Thereafter | ​ |  | 76
Total lease payments | ​ | ​ | 474
Less: imputed interest | ​ | ​ | 49
Present value of lease liabilities | ​ | ​ | $ 425
​ Total rental expense under the Company’s operating leases was $172 million in 2018. ​ The Company’s operating leases term and discount rate were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31
​ | ​ | 2020 | ​ | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease terms (years) | ​ | ​ | 5.52 | ​ | ​ | ​ | 5.83 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ | ​ | 3.72% | ​ | ​ | ​ | 4.00% | ​
​ The Company’s other lease information was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31
(millions) | ​ | 2020 | ​ | 2019
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | $164.2 | ​ | ​ | ​ | $159.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Leased assets obtained in exchange for new operating lease liabilities | ​ | ​ | 60.4 | ​ | ​ | ​ | 116.5 | ​
​ Lessor ​ The Company leases warewashing and water treatment equipment to customers under operating leases. ​ Gross assets under operating leases recorded in Property, plant and equipment, net is $1,190.3 million and $1,091.7 million, and related accumulated depreciation is $646.1 million and $606.7 million, as of December 31, 2020 and 2019, respectively. ​ The Company’s operating lease revenue was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2020 | ​ | 2019
Operating lease revenue* | ​ | ​ | $356.3 | ​ | ​ | ​ | $412.7 | ​
​ *Includes immaterial variable lease revenue ​ Revenue from operating leases for existing contracts as of December 31, 2020 is as follows:
​ | ​ | ​ | ​
​ | ​ | ​ | ​
(millions) | ​ | ​ | ​
2021 | ​ |  | 331
2022 | ​ |  | 253
2023 | ​ |  | 191
2024 | ​ |  | 122
2024 | ​ | ​ | 49
Thereafter | ​ |  | 14
Total lease revenue | ​ | ​ | $ 960
​ The Company mitigates the risk of residual value subsequent to the lease term by redeploying assets. As such, the Company expects to receive revenue from the operating lease assets through the remaining useful life and therefore subsequent to the initial contract termination date.

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