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Leases (Notes) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases: Lessee | 17. Leases Lessee Following are components of our lease cost:
| Year Ended December 31,
| 2020 |  | 2019
| (In millions)
Operating leases | $ | 55 |  |  | $ | 136 |
Short-term and variable leases | 101 |  |  | 92 |
Total lease cost(a) | $ | 156 |  |  | $ | 228 |
(a)2020 and 2019 amounts include $25 million and $46 million of capitalized lease costs. Other information related to our operating leases are as follows:
| Year Ended December 31,
| 2020 |  | 2019
| (In millions, except lease term and discount rate)
Operating cash flows from operating leases | $ | (131) |  |  | $ | (182) |
Investing cash flows from operating leases | (25) |  |  | (46) |
ROU assets obtained in exchange for operating lease obligations, net of retirements adjusted for currency conversion | 20 |  |  | 102 |
Amortization of ROU assets | 46 |  |  | 75 |
Removal of ROU assets and liabilities associated with the KML and U.S. Cochin Sale | — |  |  | (394) |
Weighted average remaining lease term | 11.56 years |  | 13.40 years
Weighted average discount rate | 4.27 | % |  | 4.31 | %
Amounts recognized in the accompanying consolidated balance sheet are as follows:
|  | December 31,
Lease Activity | Balance sheet location | 2020 |  | 2019
|  | (In millions)
ROU assets | Deferred charges and other assets | $ | 303 |  |  | $ | 329 |
Short-term lease liability | Other current liabilities | 40 |  |  | 40 |
Long-term lease liability | Other long-term liabilities and deferred credits | 263 |  |  | 289 |
Finance lease assets | Property, plant and equipment, net | 1 |  |  | 2 |
Finance lease liabilities | Long-term debt—Outstanding | 1 |  |  | 2 |
Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of December 31, 2020 are as follows:
Year | Commitment
| (In millions)
2021 | $ | 53 |
2022 | 46 |
2023 | 38 |
2024 | 34 |
2025 | 30 |
Thereafter | 211 |
Total lease payments | 412 |
Less: Interest | (109) |
Present value of lease liabilities | $ | 303 |
Short-term lease costs are not material to us and are anticipated to be similar to the current year short-term lease expense outlined in this disclosure.

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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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