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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES Our leasing activities predominantly consist of leasing office space that we occupy, which we have classified as operating leases. Our leases are comprised of fixed payments with remaining lease terms of 1 to 8 years, one of which includes an option to extend for up to 5 years. As of December 31, 2020, we have not included any options to extend or cancel in the calculation of our lease liability or ROU asset. We do not have any significant residual value guarantees or restrictive covenants in our leases. We recognized operating lease expense of $17 million, $19 million and $20 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the year ended December 31, 2020, we paid $2 million to reduce operating lease liabilities and recognized $2 million in new operating lease liabilities in exchange for ROU assets. As of December 31, 2020, the weighted average remaining lease term on our operating leases was 5.8 years. Future minimum lease payments as of December 31, 2020 were as follows:
(in millions) | December 31, 2020 |
2021 | $ | 13 |  |
2022 | 13 |  |
2023 | 11 |  |
2024 | 9 |  |
2025 | 7 |  |
2026 and thereafter | 15 |  |
Total future minimum lease payments | $ | 68 |  |
Less: imputed interest | (8) |  |
Total operating lease liabilities | $ | 60 |  |
Current portion | 11 |  |
Non-current portion | 49 |  |

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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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