Leases

3 Months Ended

Mar. 31, 2019

14. Leases

Our leases primarily consist of office space. 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. For leases beginning 2019 and later, we account for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from the non-lease components (e.g., common-area maintenance costs).

Most leases include options to renew, and the lease renewal is at our sole discretion. Therefore, the depreciable life of assets and leasehold improvements is limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

We rent or sublease certain real estate to third parties. Our sublease portfolio mainly consists of operating leases for space within our office facilities.

Supplemental balance sheet information related to leases were as follows:

Lease Type	Balance Sheet Classification	March 31, 2019
ASSETS
Operating lease assets	Trade and other receivables, net	$	1.9
Operating lease assets	Prepaid expenses and other current assets		1.6
Operating lease assets	Right of use lease asset		39.9
Total lease assets		$	43.4
LIABILITIES
Current
Operating lease liabilities	Short-term lease liabilities	$	13.9
Noncurrent
Operating lease liabilities	Long-term lease liabilities		32.7
Total lease liabilities		$	46.6

The components of lease expense were as follows:

	Three Months Ended March 31,
Lease Cost	2019
Operating lease cost	$	4.0
Sublease income		(1.2	)
Net lease cost	$	2.8

Maturities of lease liabilities were as follows:

Years Ending December 31,	Operating Leases
2019	$	11.9
2020		14.3
2021		9.6
2022		9.1
2023		7.3
Thereafter		6.7
Total lease payments (a)	$	58.9
Less: Interest		6.7
Present value of lease liabilities	$	52.2

(a)	Maturities of lease liabilities have not been reduced by minimum sublease rentals of $11.8 due in the future under noncancellable subleases.

Weighted average remaining lease term and weighted average discount rate were as follows:

We had operating cash outflows related to operating leases of $3.8 for the three months ended March 31, 2019. This represents cash paid for amounts included in the measurement of lease liabilities.

March 31,

2019

Weighted average remaining lease term (in years)

Operating leases

Weighted average discount rate

Operating leases