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Leases
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases Leases
Federated has material operating leases related to its corporate headquarters in Pittsburgh, Pennsylvania. These leases expire in 2030 and have renewal options for additional periods through 2040. These leases include provisions for leasehold improvement incentives, rent escalation and certain penalties for early termination. In addition, Federated has various other operating lease agreements primarily for additional facilities. These leases are noncancelable and expire on various dates through the year 2027. Most leases include renewal options for additional rental periods that would end on various dates through 2037 and, in certain cases, escalation clauses. The value of the ROU assets and lease liabilities recognized do not include the consideration of any renewal options, as they are not yet reasonably certain to be exercised.
During the years ended December 31, 2019, 2018, and 2017, Federated recorded $17.7 million, $14.7 million and $13.8 million, respectively, in operating lease costs to Office and Occupancy expense on the Consolidated Statements of Income.
The following table reconciles future minimum undiscounted payments to the operating lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2019: 
(in millions)
 
2020
$
17.9

2021
17.5

2022
18.3

2023
18.5

2024
17.8

2025 and Thereafter
53.1

Total Undiscounted Lease Payments
$
143.1

Present Value Adjustment1
(22.0
)
Net Operating Lease Liabilities
$
121.1


1
Calculated using the IBR for each lease.
The following information relates to the operating leases recorded on the Consolidated Balance Sheets as of December 31, 2019:
Weighted-average remaining lease term (in years)
 
8.6

Weighted-average discount rate (IBR)
 
3.8
%
Year-to-date cash paid for the amounts included in the measurement of lease liabilities (in millions)
 
$
18.2