Lease Commitments

3 Months Ended

Mar. 29, 2020

Operating Leases

Teledyne has approximately 125 long-term operating lease agreements, which are primarily for manufacturing facilities and office space. These agreements frequently include one or more renewal options and may require the Company to pay for utilities, taxes, insurance and maintenance expense. No lease agreement imposes a restriction on the Company’s ability to engage in financing transactions or enter into further lease agreements. At March 29, 2020, Teledyne has right-of-use assets of $123.2 million and a total lease liability for operating leases of $134.5 million of which $115.2 million is included in long-term lease liabilities and $19.3 million is included in current accrued liabilities.

At March 29, 2020, future minimum lease payments for operating leases with non-cancelable terms of more than one year were as follows (in millions):



Remainder of 2020	$	18.6
2021	23.2
2022	20.6
2023	17.7
2024	15.8
Thereafter	74.4
Total minimum lease payments	170.3
Less:
Imputed interest	(35.8)
Current portion	(19.3)
Present value of minimum lease payments, net of current portion	$	115.2

The weighted average remaining lease term for operating leases is approximately 9 years and the weighted average discount rate is 4.04%. Operating lease expense was $6.1 million and $5.8 million for the first three months of 2020 and the first three months of 2019, respectively.

Finance Leases and Subleases

Our finance leases and subleases are not material.