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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases |
3) | Leases
The Company has various operating leases for real estate and non-real estate items. The non-real estate leases are mainly comprised of automobiles but also include office equipment and other lower-valued items. The Company does not have any finance leases. Some of the Company’s real estate lease agreements include Company options to either extend and/or terminate the lease. The cost of these options is included in our operating lease liabilities to the extent that such options are reasonably certain of being exercised. Leases with renewal options allow the Company to extend the lease term typically between 1 to 10 years. When determining the lease term, renewal options reasonably certain of being exercised are included in the lease term. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements made to the property, whether the physical space is difficult to replace, underlying contractual obligations, and specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such an option. During the six months ended June 30, 2020, the Company recorded $122.6 of additional right-of-use assets and lease liabilities related to three new leases that commenced and one existing lease that was extended during the period. The Company has existing leases that include variable lease and non-lease components that are not included in the right-of-use asset and lease liability, and are reflected as expenses in the periods incurred. Such payments primarily include common area maintenance charges and increases in rent payments that are driven by factors such as future changes in an index (e.g., the Consumer Price Index). The elements of lease expense were as follows:
|  |  |  | Three Months Ended June 30, |
|  |  |  | 2020 |  | 2019 |
Lease cost: |  |  |  |  |  |
Operating lease cost(1) | $ | 7.6 |  | $ | 5.7 |
Short-term lease |  | 1.1 |  |  | 1.0 |
Total lease cost | $ | 8.7 |  | $ | 6.7 |
|  |  |  | Six Months Ended June 30, |
|  |  |  | 2020 |  | 2019 |
Lease cost: |  |  |  |  |  |
Operating lease cost(1) | $ | 14.9 |  | $ | 10.7 |
Short-term lease |  | 2.3 |  |  | 2.3 |
Total lease cost | $ | 17.2 |  | $ | 13.0 |
| (1) | Operating lease cost includes an immaterial amount of variable expenses and sublease rental income.
The weighted average discount rate and the weighted average remaining lease term were 3.0% and 15.3 years, respectively, as of June 30, 2020. The weighted average discount rate and weighted average remaining lease term were 3.8% and 5.1 years, respectively, as of June 30, 2019. Operating cash flows used for operating leases for the six months ended June 30, 2020 and 2019 were $11.8 and $11.5, respectively. Future lease payments under non-cancelable leases as of June 30, 2020 are detailed as follows:
2020 (remaining) |  | $ | 2.5 |
2021 |  |  | 11.7 |
2022 |  |  | 16.7 |
2023 |  |  | 15.5 |
2024 |  |  | 15.0 |
Thereafter |  |  | 171.4 |
Total lease payments |  |  | 232.8 |
Less: imputed interest |  |  | 53.8 |
Total operating lease liabilities |  | $ | 179.0 |
The remaining 2020 lease payment amount of $2.5 and the 2021 lease payment amount of $11.7 are net of tenant improvement allowances of $8.6 and $8.8, respectively. Amounts presented above do not include payments relating to immaterial leases excluded from the balance sheet as part of transition elections adopted upon implementation of ASU 2016-02,“Leases”, on January 1, 2019, as well as operating leases with terms of less than twelve months.

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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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