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Leases (Notes) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | LEASESThe company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 year to 51 years. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability. At December 31, 2020, the company has future maximum payments for residual value guarantees in operating leases of $248 million with final expirations through 2028. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost were as follows:
| For the Year Ended December 31,
(In millions) | 2020 | 2019
Operating lease cost | $ | 197 |  | $ | 166 |
Finance lease cost |  |
Amortization of right-of-use assets | 2 | 10 |
Interest on lease liabilities | — |  | 1 |
Total finance lease cost | 2 | 11 |
Short-term lease cost | 14 | 17 |
Variable lease cost | 7 | 7 |
Total lease cost | $ | 220 |  | $ | 201 |
New leases entered into during the years ended December 31, 2020 and December 31, 2019 were not material, on an individual basis. Supplemental cash flow information related to leases was as follows:
| For the Year Ended December 31,
(In millions) | 2020 | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash outflows from operating leases | $ | 202 |  | $ | 174 |
Operating cash outflows from finance leases | $ | — |  | $ | 1 |
Financing cash outflows from finance leases | $ | 1 |  | $ | 9 |
Supplemental balance sheet information related to leases was as follows:
(In millions) | December 31, 2020 | December 31, 2019
Operating Leases |  |
Operating lease right-of-use assets 1 | $ | 521 |  | $ | 555 |
Current operating lease liabilities 2 | 138 |  | 140 |
Noncurrent operating lease liabilities 3 | 391 |  | 426 |
Total operating lease liabilities | $ | 529 |  | $ | 566 |
Finance Leases |  |
Property, plant, and equipment, gross | $ | 15 |  | $ | 15 |
Accumulated depreciation | (10) |  | (8) |
Property, plant, and equipment, net | 5 |  | 7 |
Short-term borrowings and finance lease obligations | 1 |  | 4 |
Long-Term Debt | 4 |  | 5 |
Total finance lease liabilities | $ | 5 |  | $ | 9 |
1.Included in other assets in the Consolidated Balance Sheet. 2.Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3.Included in other noncurrent obligations in the Consolidated Balance Sheet. The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable.
Lease Term and Discount Rate | December 31, 2020 | December 31, 2019
Weighted-average remaining lease term (years) |  |
Operating leases | 7.71 | 10.80
Financing leases | 4.26 | 5.10
Weighted average discount rate |  |
Operating leases | 3.06 | % | 3.96 | %
Financing leases | 3.28 | % | 3.26 | %
Maturities of lease liabilities were as follows:
Maturity of Lease Liabilities at December 31, 2020 | Operating Leases | Financing Leases
(In millions)
2021 | $ | 152 |  | $ | 1 |
2022 | 114 |  | 1 |
2023 | 83 |  | 1 |
2024 | 61 |  | 1 |
2025 | 51 |  | 1 |
2026 and thereafter | 137 |  | — |
Total lease payments | 598 |  | 5 |
Less: Interest | 69 |  | — |
Present value of lease liabilities | $ | 529 |  | $ | 5 |
Maturity of Lease Liabilities at December 31, 2019 | Operating Leases | Financing Leases
(In millions)
2020 | $ | 154 |  | $ | 4 |
2021 | 120 |  | 2 |
2022 | 93 |  | 1 |
2023 | 67 |  | 1 |
2024 | 47 |  | 1 |
2025 and thereafter | 167 |  | 1 |
Total lease payments | 648 |  | 10 |
Less: Interest | 82 |  | 1 |
Present value of lease liabilities | $ | 566 |  | $ | 9 |
Net rental expense for operating leases accounted for under ASC 840, "Leases," was $225 million for the year ended December 31, 2018.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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