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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases and Rentals | LEASES The Company’s lease portfolio primarily relates to real estate, which may be used for manufacturing or non-manufacturing purposes, and contains lease terms generally ranging between one and 18 years. Our lease portfolio also includes vehicles and other equipment such as forklifts. Substantially all of our leases are classified as operating leases. Short-term lease costs, variable lease costs, and sublease income are not considered material. Operating lease costs were $25.1, $25.1, and $25.4 for the year ended December 31, 2019, 2018 and 2017, respectively. Future operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2019 are shown below.
2020 | $ | 22.5 |
2021 | 18.4 |
2022 | 15.0 |
2023 | 10.7 |
2024 | 7.2 |
Thereafter | 54.4 |
Total future lease payments | 128.2 |
Less: amount of lease payments representing interest | 32.3 |
Present value of future lease payments | $ | 95.9 |
Short-term lease liability | $ | 19.9 |
Long-term lease liability | 76.0 |
Present value of future lease payments | $ | 95.9 |
Future minimum operating lease payments under non-cancellable operating leases with an initial term in excess of 12 months as of December 31, 2018 are shown below.
2019 | $ | 22.2 |
2020 | 16.8 |
2021 | 12.6 |
2022 | 10.2 |
2023 | 8.1 |
Thereafter | 46.4 |
Total minimum lease payments | $ | 116.3 |
Our lease portfolio has a weighted average remaining lease term of 13.8 years, and the weighted average discount rate is 3.2%. During the year ended December 31, 2019, we recognized non-cash right-of-use assets of $31.6 for new leases entered into during the period, primarily related to the lease renewal of a key manufacturing site in our Connect & Control segment. Operating cash outflows from operating leases during the year ended December 31, 2019 were $22.6.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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