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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Balance sheet classification of lease assets and liabilities | Lease Balances
(In millions) |  |  |
December 31, | 2020 |  | 2019
Assets |  |  |
Operating lease assets (1) | $ | 504 |  |  | $ | 684 |
Finance lease assets (2) | 267 |  |  | 235 |
Total lease assets | $ | 771 |  |  | $ | 919 |
Liabilities |  |  |
Current |  |  |
Operating lease liabilities (1) | $ | 125 |  |  | $ | 140 |
Finance lease liabilities (2) | 104 |  |  | 78 |
Noncurrent |  |  |
Operating lease liabilities (1) | 471 |  |  | 603 |
Finance lease liabilities (2) | 271 |  |  | 144 |
Total lease liabilities | $ | 971 |  |  | $ | 965 |
(1)Operating lease assets are included within other long-term assets, and operating lease liabilities are included within accounts payable and accrued expenses (current portion) and other long-term liabilities (noncurrent portion) in the consolidated balance sheets. (2)Finance lease assets are included within property and equipment, net and finance lease liabilities are included within short-term and current maturities of long-term debt (current portion) and long-term debt (noncurrent portion) in the consolidated balance sheets.
Schedule of cost, supplemental cash flow and other information related to leases | Components of Lease Cost
(In millions) |  |  |
Year Ended December 31, | 2020 |  | 2019
Operating lease cost (1) | $ | 198 |  |  | $ | 207 |
Finance lease cost (2) |  |  |
Amortization of right-of-use assets | 150 |  |  | 40 |
Interest on lease liabilities | 21 |  |  | 8 |
Total lease cost | $ | 369 |  |  | $ | 255 |
(1)Operating lease expense is included within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, in the consolidated statements of income. Operating lease expense includes approximately $50 million and $56 million of variable lease costs for the years ended December 31, 2020 and 2019, respectively. (2)Finance lease expense is recorded as depreciation and amortization expense within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, and interest expense, net in the consolidated statements of income. Finance lease expense includes $62 million of accelerated amortization associated with the termination of certain vendor contracts during the year ended December 31, 2020 (see Note 17). Supplemental Cash Flow Information
(In millions) |  |  |
Year Ended December 31, | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 155 |  |  | $ | 139 |
Operating cash flows from finance leases | 21 |  |  | 8 |
Financing cash flows from finance leases | 187 |  |  | 37 |
Right-of-use assets obtained in exchange for lease liabilities: (1) |  |  |
Operating leases | $ | 46 |  |  | $ | 441 |
Finance leases | 399 |  |  | 288 |
(1)Amounts in 2019 include the right-of-use assets and lease liabilities obtained through the acquisition of First Data. Lease Term and Discount Rate
December 31, | 2020 |  | 2019
Weighted-average remaining lease term: |  |  |
Operating leases | 6 years |  | 7 years
Finance leases | 4 years |  | 3 years
Weighted-average discount rate: |  |  |
Operating leases | 2.9 | % |  | 3.0 | %
Finance leases | 3.5 | % |  | 3.5 | %
Operating lease maturity under ASC 842 | Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at December 31, 2020:
(In millions) |  |  |
Year Ending December 31, | Operating Leases (1) |  | Finance Leases (2)
2021 | $ | 136 |  |  | $ | 107 |
2022 | 120 |  |  | 103 |
2023 | 103 |  |  | 98 |
2024 | 86 |  |  | 71 |
2025 | 66 |  |  | 28 |
Thereafter | 146 |  |  | 3 |
Total lease payments | 657 |  |  | 410 |
Less: Interest | (61) |  |  | (35) |
Present value of lease liabilities | $ | 596 |  |  | $ | 375 |
(1)Operating lease payments include $6 million related to options to extend lease terms that are reasonably certain of being exercised. (2)Finance lease payments exclude $30 million of legally binding minimum lease payments for leases signed but not yet commenced. Finance leases that have been signed but not yet commenced are for equipment and will commence in 2021 with lease terms of up to 6 years.
Finance lease maturity under ASC 842 | Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at December 31, 2020:
(In millions) |  |  |
Year Ending December 31, | Operating Leases (1) |  | Finance Leases (2)
2021 | $ | 136 |  |  | $ | 107 |
2022 | 120 |  |  | 103 |
2023 | 103 |  |  | 98 |
2024 | 86 |  |  | 71 |
2025 | 66 |  |  | 28 |
Thereafter | 146 |  |  | 3 |
Total lease payments | 657 |  |  | 410 |
Less: Interest | (61) |  |  | (35) |
Present value of lease liabilities | $ | 596 |  |  | $ | 375 |
(1)Operating lease payments include $6 million related to options to extend lease terms that are reasonably certain of being exercised. (2)Finance lease payments exclude $30 million of legally binding minimum lease payments for leases signed but not yet commenced. Finance leases that have been signed but not yet commenced are for equipment and will commence in 2021 with lease terms of up to 6 years.
Schedule of components of lease income | Components of Lease Income
(In millions) |  |  |
Year Ended December 31, | 2020 |  | 2019
Sales-type leases: |  |  |
Selling profit (1) | $ | 48 |  |  | $ | 20 |
Interest income (1) | 76 |  |  | 33 |
Operating lease income (2) | 257 |  |  | 36 |
(1)Selling profit includes $106 million and $48 million recorded within product revenue with a corresponding charge of $58 million and $28 million recorded in cost of product in the consolidated statements of income for the years ended December 31, 2020 and 2019, respectively. Interest income is included within product revenue in the consolidated statements of income. (2)Operating lease income includes a nominal amount of variable lease income and is included within product revenue in the consolidated statements of income for each of the years ended December 31, 2020 and 2019.
Schedule of components of lease income | Components of Lease Income
(In millions) |  |  |
Year Ended December 31, | 2020 |  | 2019
Sales-type leases: |  |  |
Selling profit (1) | $ | 48 |  |  | $ | 20 |
Interest income (1) | 76 |  |  | 33 |
Operating lease income (2) | 257 |  |  | 36 |
(1)Selling profit includes $106 million and $48 million recorded within product revenue with a corresponding charge of $58 million and $28 million recorded in cost of product in the consolidated statements of income for the years ended December 31, 2020 and 2019, respectively. Interest income is included within product revenue in the consolidated statements of income. (2)Operating lease income includes a nominal amount of variable lease income and is included within product revenue in the consolidated statements of income for each of the years ended December 31, 2020 and 2019.
Schedule of components of net investment in sales-type leases | Components of Net Investment in Sales-Type Leases
(In millions) |  |  |
December 31, | 2020 |  | 2019
Minimum lease payments | $ | 355 |  |  | $ | 376 |
Residual values | 23 |  |  | 34 |
Less: Unearned interest income | (141) |  |  | (160) |
Net investment in leases (1) | $ | 237 |  |  | $ | 250 |
(1)Net investments in leased assets are included within prepaid expenses and other current assets (current portion) and other long-term assets (noncurrent portion) in the consolidated balance sheets.
Schedule of maturities of future minimum lease payments | Future minimum lease payments receivable on sales-type leases were as follows at December 31, 2020:
(In millions) |  |  |
Year Ending December 31, |  |  | Sales-Type Leases
2021 |  |  | $ | 153 |
2022 |  |  | 114 |
2023 |  |  | 63 |
2024 |  |  | 22 |
2025 |  |  | 3 |
Thereafter |  |  | — |
Total minimum lease payments |  |  | $ | 355 |

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