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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | LEASES Our operating leases consist primarily of properties and equipment for our administrative, manufacturing and R&D activities. We determine if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term, which is the non-cancelable period stated in the contract adjusted for any options to extend or terminate when it is reasonably certain that we will exercise that option. Some of our leases include options to extend the terms for up to 15 years and some include options to terminate the lease within one year after the lease commencement date. Right-of-use assets are adjusted for prepaid lease payments, lease incentives and initial direct costs incurred. As of December 31, 2019, we do not have material finance leases. As most of our operating leases do not provide an implicit interest rate, we generally utilize a collateralized incremental borrowing rate, applied in a portfolio approach when relevant, based on the information available at the commencement date to determine the lease liability. Operating lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term. Operating lease expenses, including variable costs and short-term leases, were $162 million for the year ended December 31, 2019. Operating lease expense under the prior lease standard was $109 million and $84 million for the years ended December 31, 2018 and 2017, respectively. The following table summarizes balance sheet and other information related to our operating leases as of December 31, 2019 (in millions, except weighted average amounts):
|  | Classification |  | Amount
Right-of-use assets, net |  | Other long-term assets |  | $ | 668 |
Lease liabilities - current |  | Other accrued liabilities |  | $ | 99 |
Lease liabilities - noncurrent |  | Other long-term obligations |  | $ | 626 |
Weighted average remaining lease term |  |  |  | 8.7 years |
Weighted average discount rate |  |  |  | 3.47 | %
The following table summarizes other supplemental information related to our operating leases (in millions):
|  | Year Ended
|  | December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 66 |
Right-of-use assets obtained in exchange for lease liabilities |  | $ | 313 |
The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of December 31, 2019 (in millions):
Fiscal Year |  | Amount
2020 |  | $ | 125 |
2021 |  | 117 |
2022 |  | 109 |
2023 |  | 100 |
2024 |  | 87 |
Thereafter |  | 312 |
Total undiscounted lease payments |  | 850 |
Less: imputed interest |  | (125 | )
Total discounted lease payments |  | $ | 725 |
The following table summarizes the aggregate undiscounted non-cancelable future minimum lease payments for operating leases under the prior lease standard as of December 31, 2018 (in millions):
Fiscal Year | Amount
2019 | $ | 89 |
2020 | 78 |
2021 | 66 |
2022 | 60 |
2023 | 52 |
Thereafter | 229 |
Total minimum lease payments | $ | 574 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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