Leases

Arconic Corporation leases certain land and buildings, plant equipment, vehicles, and computer equipment, which have been classified as operating leases. Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $15 and $16 for the first quarter ended March 31, 2020 and 2019, respectively.

Right-of-use assets obtained in exchange for operating lease obligations in the first quarter ended March 31, 2020 were $9.

Future minimum contractual operating lease obligations were as follows:



	March 31, 2020		December 31, 2019
2020	$	30	$	38
2021	32		29
2022	25		22
2023	18		17
2024	14		14
Thereafter	37		38
Total lease payments	$	156	$	158
Less: imputed interest	28		29
Present value of lease liabilities	$	128	$	129

The weighted-average remaining lease term and weighted-average discount rate for Arconic Corporation’s operating leases at March 31, 2020 and December 31, 2019 was 6.3 years and 6.7 years, respectively, and 5.9% and 6.0%, respectively.