Lease Commitments

12 Months Ended

Dec. 31, 2019

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.