4. Leases

We have operating and finance leases for real estate, vehicles, and equipment.

We incurred lease expense in the amount of $42 million for the three months ended March 31, 2019. Operating and Financing lease costs were $37 million and $5 million, respectively. Short-term rental expense, for agreements less than one year in duration, is immaterial. Financing lease cost was comprised of expenses for Depreciation of right-of-use assets and Interest on lease liabilities in the amounts of $2 million and $3 million, respectively.

Cash paid for amounts included in the measurement of lease liabilities totaled $29 million for the three months ended March 31, 2019. Operating cash flows from operating and financing leases were $26 million and $3 million, respectively. Financing cash flows from finance leases were nominal.

Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):



	As of March 31, 2019
Operating Leases
Operating lease right-of-use assets, net (1)	$	470

Other current liabilities	$	54
Operating lease liabilities (2)		421
Total operating lease liabilities	$	475

Finance Leases
Property and equipment, at cost	$	171
Accumulated depreciation		(49)
Property and equipment, net	$	122

Current portion of long-term debt	$	5
Long-term debt		174
Total finance lease liabilities	$	179

(1)

Included in other assets.

(2)

Included in other liabilities.

The weighted average remaining lease terms for operating and financing leases are 11.9 years and 6.4 years, respectively. The weighted average discount rates for operating and financing leases are 3.9% and 6.0%, respectively.

As of March 31, 2019, maturities of lease liabilities under the new lease standard are as follows (in millions):



		2019		2020		2021		2022		2023		After 2023		Gross Total		Imputed Discount		Total

Operating Leases	$	69	$	86	$	70	$	62	$	55	$	352	$	694	$	(219)	$	475
Financing Leases		10		13		13		14		131		52		233		(54)		179

As of December 31, 2018, maturities of lease liabilities under the previous lease standard were as follows (in millions):



	Total		Less than 1 year		1 to 3 years		3 to 5 years		5 years and thereafter
Capital leases and financing obligations	$	393	$	4	$	11	$	132	$	246
Imputed interest on capital leases and financing obligations		205		20		38		37		110
Minimum rental commitments		581		82		133		111		255

As of March 31, 2019, we have additional operating leases, primarily for new production facilities and equipment, that have not yet commenced of approximately $450 million on an undiscounted basis. These operating leases will commence between fiscal year 2019 and fiscal year 2020 with lease terms of 10 years to 25 years.