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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases |
5. | Leases
The Company’s lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. The Company’s leases are predominantly operating leases, which are included in Other assets and Other liabilities on the Consolidated Condensed Balance Sheet. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is the interest rate implicit in the lease, or when that is not readily determinable, the Company utilizes its incremental borrowing rate. The Company’s operating lease right of use asset was $629 million and the Company’s operating lease liability was $705 million at March 31, 2019. Operating lease cost was $30 million, variable lease cost was $4 million and short term lease cost was $2 million for the three months ended March 31, 2019. Cash paid for amounts included in operating lease liabilities was $29 million for the three months ended March 31, 2019. The table below presents the future minimum lease payments to be made under non-cancelable operating leases as of December 31, 2018:
Year Ended December 31 |  |  |
(In millions) |  |  |
2019 |  | $ | 75 |
2020 |  |  | 79 |
2021 |  |  | 79 |
2022 |  |  | 68 |
2023 |  |  | 57 |
Thereafter |  |  | 344 |
Total |  | $ | 702 |
The table below presents the maturities of lease liabilities:
|  | Operating |
As of March 31, 2019 |  | Leases |
(In millions) |  |  |
2019 (a) |  | $ | 82 |
2020 |  |  | 108 |
2021 |  |  | 105 |
2022 |  |  | 95 |
2023 |  |  | 83 |
Thereafter |  |  | 406 |
Total |  |  | 879 |
Less: discount |  |  | 174 |
Total lease liabilities |  | $ | 705 |
(a) | For the nine-month period beginning April 1, 2019
The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability.
As of March 31, 2019 |  |
Weighted average remaining lease term |  | 8.4 Years
Weighted average discount rate |  | 4.9 %

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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