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Leases

3 Months Ended

Mar. 31, 2021

The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company is reasonably certain to exercise a renewal option at the inception of a least due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews agreements at inception to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as implicit interest rate in most of the Company’s leases is not readily determinable.

Components of leases are as follows (in millions):

	March 31,		December 31,
	2021		2020
Current portion of lease liabilities:
Operating	$	81	$	82
Financing		25		28
Total	$	106	$	110

	March 31,		December 31,
	2021		2020
Long-term portion of lease liability:
Operating	$	361	$	376
Financing		229	$	236
Total	$	590	$	612