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 consolidated balance sheet are shown below (in millions):


December 31,	2020		2019
Right-of-use assets under operating leases:
Other long-term assets	$	540.3	$	527.0
Lease obligations under operating leases:
Accrued liabilities	$	116.3	$	113.9
Other long-term liabilities	438.9		422.4
	$	555.2	$	536.3

Maturities of lease obligations as of December 31, 2020, are shown below (in millions):


2021	$	141.0
2022	111.5
2023	85.9
2024	71.5
2025	58.7
Thereafter	169.7
Total undiscounted cash flows	638.3
Less: Imputed interest	(83.1)
Lease obligations under operating leases	$	555.2

The Company entered into two lease contracts, one of which is expected to commence in the first quarter of 2021 with a lease term of five years, and the other of which is expected to commence in the third quarter 2021 with a lease term of ten years. The aggregate right-of-use assets and related lease obligations are expected to be approximately $52.0 million.

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


For the year ended December 31,	2020		2019
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations	$	135.1	$	214.3
Operating cash flows:
Cash paid related to operating lease obligations	$	143.8	$	141.8

Lease expense included in the accompanying consolidated statement of income is shown below (in millions):


For the year ended December 31,	2020		2019
Operating lease expense	$	148.6	$	140.6
Short-term lease expense	15.4		17.0
Variable lease expense	8.0		6.5
Total lease expense	$	172.0	$	164.1

The Company's short-term lease expense excludes leases with a duration of one month or less, as permitted by the standard.

Variable lease expense includes payments based on performance or usage, as well as changes to index and rate-based lease payments. Additionally, the Company evaluated its supply contracts with its customers and concluded that variable lease (income) expense in these arrangements is not material.

For the year ended December 31, 2018, the Company recorded rent expense of $163.8 million.

For the years ended December 31, 2020 and 2019, the Company recognized impairment charges of $2.0 million and $0.8 million, respectively, related to its right-of-use assets in conjunction with its restructuring actions (Note 5, "Restructuring").

The weighted average lease term and discount rate for operating leases as of December 31, 2020, are shown below:


Weighted average remaining lease term	Seven years
Weighted average discount rate	3.4	%

The Company has entered into certain finance lease agreements which are not material to the consolidated financial statements (Note 7, "Debt").