Operating Leases

As at March 31, 2019, the Company has recognized Right-of-use operating lease assets of $91.4 million and operating lease liabilities of $93.9 million. Right-of-use operating lease assets comprise primarily of leased office real estate globally and other assets. For all office real estate leases, rent incentives, including reduced-rent and rent free periods and contractually agreed rent increases during the lease term, have been included when determining the present value of future cash flows. The Company believe that our office space is sufficient for us to conduct our operating for the foreseeable future in these locations.

The Company has no lease transactions between related parties.

Comparatives have not been presented due to 2019 being the first year of adoption of ASU 2016-2, “Leases (Topic 842)”.

Operating lease charge. The following table summarizes the operating lease charge for the three months ended March 31, 2019:



	For the Three Months Ended
	March 31, 2019
	($ in millions)
Amortization charge on Right-of-use operating leased assets	$	3.3
Interest on operating lease liabilities	$	1.2
Operating lease charge	$	4.5

Lease Liabilities. The following table summarizes the maturity of lease liabilities under non-cancellable leases as of March 31, 2019:



	March 31, 2019
	($ in millions)
Operating leases - maturities
2019	$	12.9
2020	$	14.2
2021	$	11.8
2022	$	9.4
2023	$	8.9
Later years	$	64.5
Total minimum lease payments	$	121.7
Less imputed interest	$	(27.8	)
Total lease liabilities	$	93.9

Other lease information. The following table summarizes the cash flows on operating leases for the three months ended March 31, 2019 and other supplemental information:



	For the Three Months Ended
	March 31, 2019
	($ in millions)
Cash paid for amounts included in the measurement of lease liabilities
- Operating cash outflow from operating leases	$	(4.5	)

Right-of-use assets obtained in exchange for lease obligations
- Operating leases	$	3.1

Reduction to Right-of-use assets resulting from reductions to lease obligations
- Operating leases	$	1.2

Weighted Averages
- Operating leases, remaining lease terms (years)	10.5
- Operating leases, average discount rate	5.0		%