LEASES

12 Months Ended

Dec. 31, 2021

The Company leases certain, property, buildings and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components. Operating lease expense for the years ended December 31, 2021, 2020, and 2019 were $59 million, $57 million, and $54 million, respectively. New operating leases of $80 million and $68 million were added during the years ended December 31, 2021 and 2020, respectively. Wabtec does not have material financing leases, short-term or variable leases or sublease income.

As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%.

Scheduled payments of Operating lease liabilities are as follows:


In millions	Operating Leases
2022	$	60
2023	52
2024	47
2025	40
2026	33
Thereafter	113
Total lease payments	345
Less: Present value discount	(27)
Present value lease liabilities	$	318

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:


	December 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	8.2		7.4
Weighted-average discount rate
Operating leases	2.3	%	2.7	%