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Leases | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases |
8) | 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. As most of the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. 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. 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 li a bility, a nd are reflected as expense s in the period s 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 March 31, |
|  | 2021 |  |  | 2020 |
Lease cost: |  |  |  |  |  |  |  |
Operating lease cost(1) |  | $ | 7.7 |  |  | $ | 7.3 |
Short-term lease |  |  | 1.1 |  |  |  | 1.2 |
Total lease cost |  | $ | 8.8 |  |  | $ | 8.5 |
| (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 2.9% and 14.8 years, respectively, as of March 31, 2021. The weighted average discount rate and weighted average remaining lease term were 3.2% and 13.5 years, respectively, as of March 31, 2020. Operating cash flows used for operating leases for the three months ended March 31, 2021 and 2020 were $3.8 and $5.1, respectively. Operating cash flows used for operating leases for the three months ended March 31, 2021 of $3.8 was net of $2.8 in tenant improvement allowance receipts. Future lease payments under non-cancelable leases as of March 31, 2021 are detailed as follows:
2021 (remaining) |  | $ | 14.4 |
2022 |  |  | 22.0 |
2023 |  |  | 19.3 |
2024 |  |  | 18.1 |
2025 |  |  | 17.1 |
Thereafter |  |  | 166.6 |
Total lease payments |  |  | 257.5 |
Less: imputed interest |  |  | 52.0 |
Total operating lease liabilities |  | $ | 205.5 |
The remaining 2021 lease payment amount of $14.4 is net of tenant improvement allowances of $3.6. 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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