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OPERATING LEASES | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
OPERATING LEASES | OPERATING LEASES We have operating leases for certain branches, office space, land, and office equipment. Our operating leases expire at various dates through the year 2046 and generally include one or more options to renew. The exercise of a lease renewal options is at our sole discretion. As of June 30, 2019, we had operating lease right-of-use assets and operating leases liabilities of $109.6 million and $118.1 million, respectively. Certain of our lease agreements include rental payments based on a percentage of transactions and others include rental payments that periodically adjust to rates and charges stated in the agreements. Our operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2019, we have certain operating lease agreements, primarily for administrative office space, that have not yet commenced. At commencement, it is expected that these leases will add approximately $45 million in right-of-use assets and other liabilities. These operating leases will commence between 2019 and 2020 with lease terms of 12 years to 16 years. The components of lease expense were as follows: TABLE 7.1
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in millions) | 2019 |  | 2019
Operating lease cost | $ | 7 |  |  | $ | 14 |
Short-term lease cost | — |  |  | — |
Variable lease cost | 1 |  |  | 2 |
Sublease income | — |  |  | — |
Total lease cost | $ | 8 |  |  | $ | 16 |
Other information related to leases is as follows: TABLE 7.2
| Six Months Ended June 30,
(dollars in millions) | 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from operating leases | $ | 13 |
Right-of-use assets obtained in exchange for lease obligations: |
Operating leases | 4 |
Weighted average remaining lease term (years): |
Operating leases | 8.73 |
Weighted average discount rate: |
Operating leases | 3.1 | %
Maturities of operating lease liabilities were as follows: TABLE 7.3
(in millions) | June 30, 2019
2019 | $ | 13 |
2020 | 23 |
2021 | 20 |
2022 | 15 |
2023 | 11 |
Later years | 53 |
Total lease payments | 135 |
Less: Interest | (17 | )
Present value of lease liabilities | $ | 118 |
As a lessor we offer commercial leasing services to customers in need of new or used equipment primarily within our market areas of Pennsylvania, Ohio, Maryland, North Carolina, South Carolina and West Virginia. Additional information relating to commercial leasing is provided in Note 4, “Loans and Leases” in the Notes to Consolidated Financial Statements.

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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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