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Lease Commitments

12 Months Ended

Dec. 31, 2021

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 2019, 2020, and 2021:


	For the Years Ended December 31,
	2019		2020		2021
Operating lease costs	$	41.7	$	37.6	$	33.8
Short-term lease costs	2.1		0.8		0.8
Variable lease costs	0.1		0.0		0.0
Sublease income	(4.4)		(5.0)		(7.9)
Total lease costs (net)	$	39.5	$	33.4	$	26.7

As of December 31, 2020 and 2021, the Company’s and its Affiliates’ weighted average operating lease term was seven years, and the weighted average operating lease discount rate was 4% and 3%, respectively.

As of December 31, 2021, the maturities of lease liabilities were as follows:


Year	Operating Leases
2022	38.9
2023	36.3
2024	32.0
2025	27.5
2026	17.8
Thereafter	58.8
Total undiscounted lease liabilities(1)	$	211.3

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(1)Total undiscounted lease liabilities were $35.0 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.