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Leases | 12 Months Ended
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Dec. 31, 2019
Leases | NOTE 8—Leases: Teva adopted the new accounting standard ASC 842 “Leases” and all related amendments on January 1, 2019 and used the effective date as Teva’s date of initial application. The components of operating lease cost for the year ended December 31, 2019 were as follows:
|  | Year ended December 31, 2019 |
|  | (U.S. $ in millions) |
Operating lease cost: |  |  |  |
Fixed payments and variable payments that depend on an index or rate |  | $ | 166 |
Variable lease payments not included in the lease liability |  |  | 6 |
Short-term lease cost |  |  | 6 |
Total operating lease cost |  | $ | 178 |
Supplemental cash flow information related to operating leases was as follows:
|  | Year ended December 31, 2019 |
|  | (U.S. $ in millions) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 169 |
Right-of-use assets obtained in exchange for lease obligations (non-cash): |  |  |  |
Operating leases |  | $ | 142 |
Supplemental balance sheet information related to operating leases was as follows:
|  | December 31, 2019 |
|  | (U.S. $ in millions) |
Operating leases: |  |  |  |
Operating lease ROU assets |  | $ | 514 |
Other current liabilities |  |  | 118 |
Operating lease liabilities |  |  | 435 |
Total operating lease liabilities |  | $ | 553 |
|  | December 31, |
|  | 2019 |
Weighted average remaining lease term |  |  |  |
Operating leases |  |  | 7.5 years |
Weighted average discount rate |  |  |  |
Operating leases |  |  | 6.0 | %
Maturities of operating lease liabilities were as follows:
|  | December 31, |
|  | 2019 |
|  | (U.S. $ in millions) |
2020 |  | $ | 146 |
2021 |  |  | 117 |
2022 |  |  | 92 |
2023 |  |  | 66 |
2024 and thereafter |  |  | 298 |
Total operating lease payments |  | $ | 719 |
Less: imputed interest |  |  | 166 |
Present value of lease liabilities |  | $ | 553 |
|  | December 31, |
|  | 2018 |
|  | (U.S. $ in millions) |
According to ASC 840: |  |  |  |
2019 |  | $ | 193 |
2020 |  |  | 154 |
2021 |  |  | 118 |
2022 |  |  | 91 |
2023 |  |  | 66 |
2024 and thereafter |  |  | 283 |
Total lease payments |  | $ | 905 |
As of December 31, 2019, Teva has additional operating leases for office space which have yet to commence, with undiscounted future payments of $92 million. These operating leases will commence during fiscal year 2020 with lease terms of 9 to 12 years. On October 10, 2019, Teva entered into an agreement to sell and lease back the land and building of its distribution center in Israel. Net proceeds from the asset sale amounted to $128 million. As of December 31, 2019, Teva’s total finance lease assets and finance lease liabilities were $37 million and $29 million, respectively. The difference between those amounts is mainly due to prepaid payments.

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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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