LEASES

12 Months Ended

Dec. 31, 2020

The Company leases certain properties and buildings (including branches, warehouses, DCs 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, 2020
ROU Assets
Other assets	$	210
Operating lease liabilities
Accrued expenses	57
Other non-current liabilities	162
Total operating lease liabilities	$	219


	Twelve Months Ended December 31, 2020
Weighted average remaining lease term	5 years
Weighted average incremental borrowing rate	1.95		%



Cash paid for operating leases	$	69
ROU assets obtained in exchange for operating lease obligations	$	74

Rent expense was $76 million for 2020, 2019 and 2018. These amounts are net of sublease income of $2 million for 2020 and $3 million for 2019 and 2018.

Maturities of operating lease liabilities as of December 31, 2020 (in millions of dollars) are as follows:


	Maturity of operating lease liabilities
2021	$	59
2022	52
2023	40
2024	24
2025	17
Thereafter	38
Total lease payments	230
Less interest	(11)
Present value of lease liabilities	$	219

Finance leases as of December 31, 2020 and 2019 were not considered material. Finance lease obligations are reported in Long-term debt.

As of December 31, 2020, the Company does not have future lease obligations that have not yet commenced.