The Company has operating leases for production, office and warehouse facilities, manufacturing and office equipment and vehicles. Operating lease assets and obligations included in the accompanying condensed consolidated balance sheets are shown below (in millions):


	July 3, 2021		December 31, 2020
Right-of-use assets under operating leases:
Other long-term assets	$	562.1	$	540.3
Lease obligations under operating leases:
Accrued liabilities	$	125.2	$	116.3
Other long-term liabilities	451.1		438.9
	$	576.3	$	555.2

Maturities of lease obligations as of July 3, 2021, are shown below (in millions):


	July 3, 2021
2021 (1)	$	75.8
2022	128.9
2023	100.1
2024	83.2
2025	68.6
Thereafter	198.4
Total undiscounted cash flows	655.0
Less: Imputed interest	(78.7)
Lease obligations under operating leases	$	576.3

The Company entered into a lease agreement which is expected to commence in the third quarter of 2021 with a lease term of approximately ten years. The aggregate right-of-use asset and related lease obligation are expected to be approximately $50 million.

Cash flow information related to operating leases is shown below (in millions):


	Six Months Ended
	July 3, 2021		July 4, 2020
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	94.3	$	83.2
Operating cash flows:
Cash paid related to operating lease obligations	$	81.1	$	70.9

Lease expense included in the accompanying condensed consolidated statements of comprehensive income (loss) is shown below (in millions):


	Three Months Ended				Six Months Ended
	July 3, 2021		July 4, 2020		July 3, 2021		July 4, 2020
Operating lease expense	$	39.9	$	35.3	$	78.9	$	71.6
Short-term lease expense	4.4		3.9		8.6		8.0
Variable lease expense	2.2		1.8		4.4		3.7
Total lease expense	$	46.5	$	41.0	$	91.9	$	83.3

In the six months ended July 4, 2020, the Company recognized an impairment charge of $2.0 million related to its right-of-use assets in conjunction with its restructuring actions. In the six months ended July 3, 2021, there were no impairments of the Company's right-of-use assets.

The weighted average lease term and discount rate for operating leases are shown below:


	July 3, 2021
Weighted average remaining lease term	Seven years
Weighted average discount rate	3.4	%

The Company is party to a finance lease agreement, which is not material to the accompanying condensed consolidated financial statements (Note 8, "Debt").

For further information related to the Company's leases, see Note 8, "Leases," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.