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Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases | LEASES The Company has operating leases for corporate offices, manufacturing facilities, research and development facilities, and certain transportation and office equipment, all of which are operating leases. The Company's leases have remaining lease terms of up to 40 years, some of which include options to extend the leases for up to 5 years. The components of lease expense were as follows:
| Three Months Ended |  | Three Months Ended |  |  |  |  |
(DOLLARS IN MILLIONS) | March 31, 2021 |  | March 31, 2020 |  |  |  |  |
Operating lease cost | $ | 32 |  |  | $ | 12 |  |  |  |  |  |
Finance lease cost | 1 |  |  | 1 |  |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
| Three Months Ended | Three Months Ended
(DOLLARS IN MILLIONS) | March 31, 2021 |  | March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows for operating leases | $ | 27 |  |  | $ | 12 |
Financing cash flows for finance leases | 1 |  |  | 1 |
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | 11 |  |  | 11 |
Finance leases | 1 |  |  | 2 |
Right-of-use assets are presented in "Operating lease right-of-use assets" and "Other Assets" in the Consolidated Balance Sheet. Lease liabilities are presented in "Operating lease liabilities" and "Other Liabilities" in the Consolidated Balance Sheet. Any other current liabilities related to operating and financing lease liabilities are presented in the "Other Current Liabilities" in the Consolidated Balance Sheet. Right-of-use assets and lease liabilities acquired from N&B were remeasured at the present value of the future minimum lease payments over the remaining lease term utilizing an updated incremental borrowing rate of the Company as if the acquired leases were new leases as of the Closing Date. Right-of-use assets were further adjusted for any off-market terms of the lease. The remaining lease term is based on the remaining term at the Closing Date plus any renewal or extension options that the Company is reasonably certain will be exercised. Additionally, the Company has elected short-term lease treatment for those acquired lease contracts which, at the Closing Date, have a remaining lease term of 12 months or less. For the leases acquired through the Transactions, the Company will retain the previous lease classification. This resulted in an increase in both right-of-use assets and operating lease liabilities of approximately $530 million as of the Closing Date.

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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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