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LEASES | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
LEASES | LEASES Right-of-use assets and lease liabilities associated with the Company's operating leases are included in the Consolidated Balance Sheet as of December 31, 2019 as follows:
(in millions) |
Right-of-use assets included in: |
Other non-current assets | $ | 271 |
Lease liabilities included in: |
Accrued and other current liabilities | $ | 53 |
Other non-current liabilities | 240 |
Total lease liabilities | $ | 293 |
As of December 31, 2019, the Company's finance leases were no t material and for the year 2019 sub-lease income and short-term lease expense were no t material. Lease expense for the year 2019 includes:
(in millions) |
Operating lease costs | $ | 62 |
Variable operating lease costs | $ | 16 |
Other information related to operating leases for 2019 is as follows:
(dollars in millions) |
Cash paid from operating cash flows for amounts included in the measurement of lease liabilities | $ | 73 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 47 |
Weighted-average remaining lease term | 8.2 years |
Weighted-average discount rate | 6.2 | %
Right-of-use assets obtained in exchange for new operating lease liabilities during the year ended December 31, 2019 of $47 million in the table above does not include $282 million of right-of-use assets recognized upon adoption of the new standard for accounting for leases on January 1, 2019. See Note 2, "SIGNIFICANT ACCOUNTING POLICIES" for further detail regarding the impact of adoption. As of December 31, 2019, future payments under noncancelable operating leases for each of the five succeeding years ending December 31 and thereafter are as follows:
(in millions) |
2020 | $ | 70 |
2021 | 55 |
2022 | 42 |
2023 | 37 |
2024 | 30 |
Thereafter | 149 |
Total | 383 |
Less: Imputed interest | 90 |
Present value of remaining lease payments | 293 |
Less: Current portion | 53 |
Non-current portion | $ | 240 |
Upon adopting the new lease guidance, the Company elected the modified retrospective approach without revising prior periods. Accordingly, rental expense related to operating lease agreements was $92 million and $102 million for 2018 and 2017, respectively, and the Company is providing the following table of future payments under noncancelable operating leases as of December 31, 2018, for each of the five succeeding years ending December 31 and thereafter as previously disclosed under prior accounting guidance:
(in millions) |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Future payments |  | $ | 78 |  |  | $ | 60 |  |  | $ | 44 |  |  | $ | 39 |  |  | $ | 32 |  |  | $ | 166 |  |  | $ | 419 |

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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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