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Lease Commitments | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Lease Commitments | 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 Year Ended December 31, 2019
Operating lease costs |  | $ | 41.7 |
Short-term lease costs |  | 2.1 |
Variable lease costs |  | 0.1 |
Sublease income |  | (4.4 | )
Total lease costs (net) |  | $ | 39.5 |
For the year ended December 31, 2019, new right-of-use assets obtained in exchange for lease liabilities were $26.1 million. As of December 31, 2019, the Company’s and its Affiliates’ weighted average operating lease term was eight years and the weighted average operating lease discount rate was 4%. As of December 31, 2019, the maturity of lease liabilities were as follows:
Year |  | Operating Leases
2020 |  | $ | 38.9 |
2021 |  | 38.3 |
2022 |  | 31.4 |
2023 |  | 26.7 |
2024 |  | 21.1 |
Thereafter |  | 82.4 |
Total undiscounted lease liabilities |  | $ | 238.8 |
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(1) | Total undiscounted lease liabilities were $50.4 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 to, 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 |
Consolidated rent expense for 2017, 2018 and 2019 was $37.5 million, $40.5 million and $45.3 million, respectively, including an $8.1 million expense to reduce the carrying value to fair value of certain of the Company’s right-of-use assets related to a reduction in leased office space in the fourth quarter of 2019. The fair values of the right-of-use assets were determined using a discounted cash flow analysis, a Level 3 fair value measurement that included market rental rates ranging from $13 to $68 per square foot (weighted-average of $46 per square foot), weighted-average discount rates ranging from 3.3% to 5.5% and a market participant tax rate of 25%. No other impairments of right-of-use assets were indicated.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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