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LEASES
 12 Months Ended
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 
202213 
202311 
20249 
20257 
2026 and thereafter15 
Total future minimum lease payments$68 
Less: imputed interest(8)
Total operating lease liabilities$60 
Current portion11 
Non-current portion49