Leases

3 Months Ended

Mar. 29, 2020

Operating and finance lease assets relate to buildings (corporate offices, research and development and manufacturing facilities and datacenters), land, machinery and installations and other equipment (vehicles and certain office equipment). These leases, except for land leases, have remaining lease terms of 1 to 30 years (land leases 48 to 90 years), some of which may include options to extend the leases for up to 5 years, and some of which may include options to terminate the leases within 1 year. As of March 29, 2020, assets recorded under finance leases were $82 million and accumulated depreciation associated with finance leases was $10 million. Finance lease liabilities amount to $25 million as of March 29, 2020 ($25 million as of December 31, 2019).

The components of operating lease expense were as follows:



	For the three months ended	For the three months ended
	March 29, 2020	March 31, 2019
Operating lease cost	16	13

Other information related to operating leases was as follows:



	For the three months ended		For the three months ended
	March 29, 2020		March 31, 2019
Right-of-use assets obtained in exchange for lease obligations:
Operating leases 1)	5		188
1) $188 million recorded on January 1, 2019 in accordance with the adoption of ASC 842.
Weighted average remaining lease term:
Operating leases	7 years		6 years
Weighted average discount rate:
Operating leases	3	%	3	%

Future minimum lease payments as of March 29, 2020 were as follows:



	As of
	March 29, 2020
	Operating leases
2020 (remaining)	47
2021	51
2022	37
2023	31
2024	22
Thereafter	51
Total future minimum lease payments	239
Less: imputed interest	(20	)
Total	219

Lease liabilities related to leases are split between current and non-current:



	Operating leases
	As of
	March 29, 2020	December 31, 2019
Other current liabilities	59	62
Other non-current liabilities	160	176
Total	219	238

Operating lease right-of-use assets are $213 million as of March 29, 2020 (December 31, 2019: $226 million) and are included in other non-current assets in the condensed consolidated balance sheet.