The Company leases certain office space, equipment, railcars, tanks, barges, tow boats, and warehouses. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets, and lease expense is recognized over the term of these leases on a straight-line basis. The Company’s leases have remaining terms of up to 17 years. Some leases of equipment contain immaterial amounts of residual value guarantees.

The following table sets forth the Company’s lease assets and lease liabilities and their balance sheet location at December 31, 2019.

	Balance Sheet Location	December 31, 2019
Lease assets:
Operating lease right-of-use assets	Operating lease right-of-use assets	$	294
Finance lease assets	Property, plant, and equipment, net (Note 13)		58
Total lease assets		$	352

Lease liabilities:
Current:
Operating lease liabilities	Other accrued liabilities (Note 19)	$	66
Finance lease liabilities	Short-term and current maturities of long-term debt (Note 20)		5
Total current lease liabilities			71
Non-current:
Operating lease liabilities	Operating lease liabilities		245
Finance lease liabilities	Long-term debt, net (Note 20)		54
Total non-current lease liabilities			299
Total lease liabilities		$	370

The following table sets forth the components of the Company’s lease cost for the year ended December 31, 2019.

	Year Ended
	December 31, 2019
Operating lease cost	$	99
Short-term lease cost		5
Variable lease cost		16

Finance lease cost:
Amortization of lease assets		5
Interest on lease liabilities		2
Total lease cost	$	127

The following table sets forth the cash flows related to the Company’s leases for the year ended December 31, 2019.

	Year Ended
	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	101
Operating cash flows from finance leases		2
Financing cash flows from finance leases		3

Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	$	48
Leased assets obtained in exchange for new finance lease liabilities		62

The following table sets forth the weighted-average term and weighted-average discount rate for the Company’s leases at December 31, 2019.


	December 31, 2019
Weighted-average remaining lease term (years):
Operating leases		8.5
Finance leases		9.2

Weighted-average discount rate:
Operating leases		5.10	%
Finance leases		5.90	%

The following table sets forth the Company’s lease liabilities’ maturities for the next five years and thereafter.

	As of December 31, 2019
	Operating Leases		Finance Leases		Total
2020	$	82	$	9	$	91
2021		66		8		74
2022		49		8		57
2023		35		8		43
2024		29		8		37
Thereafter		118		35		153
Total lease payments		379		76		455
Less: Imputed interest		68		17		85
Present value of lease liabilities	$	311	$	59	$	370

Prior to the adoption of ASU No. 2016-02, the following table set forth the Company’s lease liabilities’ maturities for the subsequent five years and thereafter.

	As of December 31, 2018
	Operating Leases		Finance Leases		Total
2019	$	92	$	—	$	92
2020		70		2		72
2021		59		—		59
2022		42		—		42
2023		27		—		27
Thereafter		134		—		134
Total lease payments	$	424	$	2	$	426

In October 2017, Chemours executed a build-to-suit lease agreement to construct a new 312,000-square-foot research and development facility on the Science, Technology, and Advanced Research campus of the University of Delaware (“UD”) in Newark, Delaware (“Chemours Discovery Hub”). Chemours was deemed to be the owner for accounting purposes during construction of the facility. Construction was completed in the fourth quarter of 2019, and, upon its completion, Chemours evaluated whether a sale occurred for purposes of sale-leaseback accounting treatment. The Company determined that this transaction did not qualify for sale-leaseback accounting, and, as a result, the leasing arrangement is considered to be a financing transaction. At completion of the construction, the build-to-suit lease liability was reclassified as a financing obligation within long-term debt, net, and the build-to-suit lease asset was capitalized in property, plant and equipment, net. At December 31, 2019, a financing obligation of $95 and property, plant, and equipment of $95 are recorded on the Company’s consolidated balance sheet.

The following table sets forth the Company’s minimum future payments due for the next five years and thereafter related to the Chemours Discovery Hub financing obligation.

	December 31, 2019
2020	$	6
2021		7
2022		7
2023		7
2024		7
Thereafter	160
Total payments	$	194