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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases |
7. | Leases
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 initially intends that a lease option will be exercised 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 most do not include implicit interest rates. Components of leases are as follows (in millions):
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Current portion of lease liabilities: |  |  |  |  |  |  |  |
Operating |  | $ | 79 |  |  | $ | 82 |
Financing |  |  | 23 |  |  |  | 28 |
Total |  | $ | 102 |  |  | $ | 110 |
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Long-term portion of lease liability: |  |  |  |  |  |  |  |
Operating |  | $ | 371 |  |  | $ | 376 |
Financing |  |  | 222 |  |  | $ | 236 |
Total |  | $ | 593 |  |  | $ | 612 |

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