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Leases

6 Months Ended

Mar. 31, 2020

Note 7—Leases

The Company entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2020 and 2030. Many leases include one or more options to renew. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Payments under the Company’s lease arrangements are generally fixed. At March 31, 2020, the Company had no finance leases.

During the three and six months ended March 31, 2020, total operating lease cost was $29 million and $55 million, respectively. At March 31, 2020, the weighted average remaining lease term for operating leases was approximately 7 years and the weighted average discount rate for operating leases was 2.28%.

At March 31, 2020, the present value of future minimum lease payments was as follows:



	March 31, 2020
	(in millions)
Remainder of 2020	$	48
2021	112
2022	96
2023	89
2024	76
Thereafter	214
Total undiscounted lease payments	635
Less: imputed interest	(48		)
Present value of lease liabilities	$	587

At March 31, 2020, the Company had additional operating leases that had not yet commenced with lease obligations of $465 million. These operating leases will commence between fiscal 2020 and 2023 with non-cancellable lease terms of 3 to 15 years.