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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Note 5. Leases We have operating leases primarily for corporate offices and call centers and finance leases for vehicles. Our leases have remaining lease terms of one year to 14 years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. An incremental borrowing rate is used in determining the present value of lease payments unless an implicit rate is readily determinable. Incremental borrowing rates are determined based on our secured borrowing rating and the lease term. Disclosures related to finance lease obligations are immaterial and, as such, are not included in the discussion below. The weighted-average remaining lease term and weighted-average discount rate related to operating leases is as follows:
|  | As of
|  | September 30, |  | December 31,
|  | 2020 |  | 2019
Weighted-average remaining lease term (years) |  | 10 |  |  | 10 |
Weighted-average discount rate |  | 6.0 | % |  | 6.1 | %
We recognized operating lease expense of $1 million for each of the three months ended September 30, 2020 and 2019, and $2 million and $3 million for the nine months ended September 30, 2020 and 2019, respectively. These expenses are included in Selling and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income. Supplemental cash flow information related to operating leases is as follows:
|  | Nine Months Ended
|  | September 30,
(In millions) |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities(1) |  | $ | 4 |  | $ | 3
Leased assets obtained in exchange for new lease liabilities |  |  | 2 |  |  | 1
_____________________________ (1)For the nine months ended September 30, 2020, amounts include $2 million of lease termination costs related to the decision to consolidate certain operations of Landmark Home Warranty, LLC (“Landmark”) with those of OneGuard Home Warranties (“OneGuard”). See Note 8 to the accompanying condensed consolidated financial statements for further information. Supplemental balance sheet information related to operating leases is as follows:
|  | As of
|  | September 30, |  | December 31,
(In millions) |  | 2020 |  | 2019
Operating lease right-of-use assets |  | $ | 21 |  | $ | 23
Less lease incentives |  |  | (6) |  |  | (6)
Operating lease right-of-use assets, net |  | $ | 15 |  | $ | 17
Other accrued liabilities |  | $ | 3 |  | $ | 3
Operating lease liabilities |  |  | 18 |  |  | 20
Total operating lease liabilities |  | $ | 21 |  | $ | 23
The following table presents maturities of our operating lease liabilities as of September 30, 2020.
(In millions) |  |
2020 (remainder) |  | $ | 1
2021 |  |  | 4
2022 |  |  | 4
2023 |  |  | 4
2024 |  |  | 2
2025 |  |  | 1
Thereafter |  |  | 12
Total lease payments |  |  | 28
Less imputed interest |  |  | (7)
Total |  | $ | 21
As of September 30, 2020, we have entered into additional leases as a lessee for real estate that have not yet commenced. These leases will result in operating lease right-of-use assets and corresponding lease liabilities of approximately $7 million. These leases are expected to commence during the fourth quarter of 2020 and first quarter of 2021, with lease terms between three years and seven years.

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- Definition Operating And Finance Lease Disclosure + References No definition available. + Details
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