Lease Commitments

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. The following table presents total lease costs (net):



	For the Three Months Ended March 31, 2019
Operating lease costs	$	9.0
Short-term lease costs	0.5
Variable lease costs	0.1
Sublease income	(1.0		)
Total lease costs (net)	$	8.6

For the three months ended March 31, 2019, cash flows for operating leases were $8.9 million and there were no significant right-of-use assets obtained in exchange for new operating leases. As of March 31, 2019, the Company’s and its Affiliates’ weighted average operating lease term was 7.9 years and the weighted average operating lease discount rate was 4.1%.

As of March 31, 2019, the maturity of lease liabilities were as follows:



	Operating Leases
Remainder of 2019	$	25.0
2020	37.0
2021	35.9
2022	27.9
2023	23.6
Thereafter	76.6
Total undiscounted lease liabilities⁽¹⁾	$	226.0

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⁽¹⁾	Total undiscounted lease liabilities were $42.3 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

In connection with the Company’s adoption of ASU 2016-02, the Company was not required, and did not, update prior period disclosures from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. The Company’s reported aggregate required minimum payments for operating leases having initial or non-cancelable lease terms greater than one year under the old standard as of December 31, 2018 were as follows:



Year	Required Minimum Payments
2019	$	35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2