LEASES

The Company has operating leases for office space, warehouses, distribution centers, research and development facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for up to 30 years, and some leases include options to terminate the leases within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance leases were not material as of March 29, 2019 and for the three-month period then ended. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Condensed Balance Sheets.

For the three-month period ended March 29, 2019, the components of operating lease expense were as follows ($ in millions):



Fixed operating lease expense ^(a)	$	63.4
Variable operating lease expense	12.0
Total operating lease expense	$	75.4

^(a)Includes short-term leases and sublease income, both of which were immaterial.

Supplemental cash flow information related to the Company’s operating leases for the three-month period ended March 29, 2019 was as follows ($ in millions):



Cash paid for amounts included in the measurement of operating lease liabilities	$	61.9
ROU assets obtained in exchange for operating lease obligations	39.6

The following table presents the lease balances within the Consolidated Condensed Balance Sheet, weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases as of March 29, 2019 ($ in millions except for the weighted average remaining lease term and weighted average discount rate):



Lease Assets and Liabilities	Classification
Assets:
Operating lease ROU assets	Other long-term assets	$	946.7

Liabilities:
Current:
Operating lease liabilities	Accrued expenses and other liabilities	$	186.1
Long-term:
Operating lease liabilities	Other long-term liabilities	800.0
Total operating lease liabilities		$	986.1

Weighted average remaining lease term		7 years
Weighted average discount rate		3.3		%

The following table presents the maturity of the Company’s operating lease liabilities as of March 29, 2019 ($ in millions):



Remainder of 2019	$	163.3
2020	183.5
2021	149.0
2022	125.8
2023	109.7
Thereafter	395.3
Total operating lease payments	1,126.6
Less: imputed interest	140.5
Total operating lease liabilities	$	986.1

As of March 29, 2019, the Company had no additional significant operating or finance leases that had not yet commenced.