LEASES

12 Months Ended

Dec. 31, 2019

The Company leases certain properties and buildings (including branches, warehouses, distribution centers and office space) and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists mainly of operating leases which expire at various dates through 2036. Finance leases and service contracts with lease arrangements are not material and the following disclosures pertain to the Company’s operating leases.

Information related to operating leases is as follows (in millions of dollars):



	As of December 31, 2019
ROU Assets
Other assets	$	223

Operating lease liabilities
Accrued expenses	58
Other non-current liabilities	171
Total operating lease liabilities	$	229



	Twelve Months Ended December 31, 2019
Weighted average remaining lease term	5 years
Weighted average incremental borrowing rate	2.3		%
Cash paid for operating leases	$	67
ROU assets obtained in exchange for operating lease obligations	$	88

Rent expense was $76 million for 2019, 2018 and 2017. These amounts are net of sublease income of $3 million, $3 million and $2 million for 2019, 2018 and 2017.

Maturities of operating lease liabilities as of December 31, 2019 (in millions of dollars) are as follows:



	Maturity of operating lease liabilities
2020	$	63
2021	55
2022	45
2023	30
2024	16
Thereafter	30
Total lease payments	239
Less interest	(10		)
Present value of lease liabilities	$	229

Capital leases as of December 31, 2019 and 2018 were not considered material. Capital lease obligations are reported in Long-term debt.

As of December 31, 2019, the Company's future lease obligations that have not yet commenced are immaterial.