Leases

We have operating leases for real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 month to 12 years. Our lease agreements may include renewal or termination options for varying periods that are generally at our discretion. In our lease term, we only include those periods related to renewal options we are reasonably certain to exercise. However, we generally do not include these renewal options as we are not reasonably certain to renew at the lease commencement date. This determination is based on our consideration of certain economic, strategic and other factors that we evaluate at lease commencement date and reevaluate throughout the lease term. Some leases also include options to terminate the leases and we only include those periods beyond the termination date if we are reasonably certain not to exercise the termination option.

Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance and tax payments. The variable portion of lease payments is not included in our ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses recorded in selling and administrative expenses on the Consolidated Statements of Operations.

We have lease agreements with both lease and non-lease components that are treated as a single lease component for all underlying asset classes. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses.

We have elected to apply the short-term lease exception for all underlying asset classes. That is, leases with a term of 12 months or less are not recognized on the balance sheet, but rather expensed on a straight-line basis over the lease term. We do not include significant restrictions or covenants in our lease agreements, and residual value guarantees are generally not included within our operating leases. As of March 31, 2019, we did not have any material additional operating leases that have not yet commenced.

The components of lease expense were as follows:



	3 Months Ended
	March 31,
	2019
Operating lease expense	$	34.7
Short-term lease expense	6.1
Other lease expense⁽¹⁾	$	5.1
Total lease expense	$	45.9

(1) Other lease expense includes immaterial variable lease expense and sublease income.

Other information related to leases was as follows:



	3 Months Ended
	March 31,
Supplemental Cash Flows Information	2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	30.6
Operating ROU assets obtained in exchange for lease obligations	$	14.4



	March 31,
Supplemental balance sheet information	2019
Operating Leases
Operating lease ROU assets	$	434.0

Operating lease liabilities - current⁽¹⁾	$	117.8
Operating lease liabilities - long-term	$	319.5
Total operating lease liabilities	$	437.3

(1) Operating lease liabilities - current are included in accrued expenses on our Consolidated Balance Sheets.



Weighted Average Remaining Lease Term
Operating leases	5.7 years
Weighted Average Discount Rate
Operating leases	2.8	%

Maturities of operating lease liabilities as of March 31, 2019 were as follows:



(In millions)
Period Ending March 31, 2019	Operating Leases
2019 (excluding the three months ended March 31, 2019)	$	94.1
2020	106.6
2021	80.8
2022	60.9
2023	42.0
2024	30.7
Thereafter	71.7
Total future undiscounted lease payments	$	486.8
Less imputed interest	$	(49.5	)
Total operating lease liabilities	$	437.3

Maturities of operating leases accounted for under ASC 840 as of December 31, 2018 were as follows:



(In millions)
Period Ending December 31, 2018	Operating Leases
2019	$	151.4
2020	115.2
2021	85.5
2022	65.0
2023	44.1
Thereafter	105.6
Total minimum lease payments	$	566.8