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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | 12. Leases All of the Company’s leases are classified as operating leases and primarily consist of real estate leases for corporate offices, data centers, and other facilities. As of September 30, 2019, the weighted-average remaining lease term on these leases is approximately nine years and the weighted-average discount rate used to measure the lease liabilities is approximately 4.04%. For the nine months ended September 30, 2019, right-of-use assets obtained under operating leases were $138 million. The Company’s lease agreements do not contain any residual value guarantees, restrictions or covenants. The following table presents balances reported in the condensed consolidated statements of financial condition related to the Company’s leases:
|  | As of September 30, 2019
|  | (in millions)
Right-of-use assets 1 |  | $ | 122
Lease liabilities 1 |  | $ | 126
(1)Right-of-use assets are included in other assets and lease liabilities are included in accounts payable, accrued expenses and other liabilities in the Company’s condensed consolidated statements of financial condition. The following table presents balances reported in the condensed consolidated statements of comprehensive income related to the Company’s leases:
|  | Three Months Ended |  |  | Nine Months Ended
|  | September 30, 2019 |  |  | September 30, 2019
|  | (in millions)
Operating lease cost |  | $ | 7 |  |  | $ | 19
Variable lease cost |  |  | 1 |  |  |  | 3
Total lease cost |  | $ | 8 |  |  | $ | 22
The following table reconciles the undiscounted cash flows of the Company’s leases as of September 30, 2019 to the present value of its operating lease payments:
|  | September 30, 2019
|  | (in millions)
2019 (remaining) |  | $ | 5
2020 |  |  | 19
2021 |  |  | 16
2022 |  |  | 16
2023 |  |  | 15
2024 |  |  | 13
Thereafter |  |  | 69
Total undiscounted operating lease payments |  |  | 153
Less: imputed interest |  |  | (27)
Present value of operating lease liabilities |  | $ | 126
‎ The Company’s minimum annual lease commitments as of December 31, 2018, in accordance with ASC Topic 840, were as follows:
|  | December 31, 2018
Year |  | (in millions)
2019 |  | $ | 18
2020 |  |  | 19
2021 |  |  | 16
2022 |  |  | 16
2023 |  |  | 15
Thereafter |  |  | 83
|  | $ | 167

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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