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LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost
The components of lease cost for the years ended December 31, 2020 and 2019 were:
(in millions)20202019
Operating lease cost$115 $121 
Finance lease cost
Amortization of right-of-use assets5 5 
Interest on lease liabilities5 5 
Variable lease cost54 89 
Lease cost$179 $220 
For the year ended December 31, 2018, rent expense was $152 million.
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019:
(in millions)20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$127 $119 
Operating cash flows from finance leases4 4 
Financing cash flows from finance leases4 4 
Right-of-use operating lease assets obtained in exchange for lease obligations67 207 
Right-of-use finance lease assets obtained in exchange for lease obligations8 — 
Lease term and discount rates as of December 31, 2020 and 2019 were:
December 31, 2020December 31, 2019
Weighted-average remaining lease term (years)
Operating leases910
Finance leases1315
Weighted-average discount rate
Operating leases2.2 %2.8 %
Finance leases10.3 %10.6 %
Assets And Liabilities, Lessee Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 include:
(in millions)December 31, 2020December 31, 2019
Operating leases
Operating lease right-of-use assets$603 $608 
Accounts payable and accrued liabilities$111 $101 
Operating lease liabilities501 510 
Total operating lease liabilities$612 $611 
Finance leases
Property, plant and equipment, at cost$76 $63 
Accumulated depreciation(28)(19)
Property, plant and equipment, net$48 $44 
Current maturities of long-term debt and finance lease obligations$1 $— 
Long-term debt and finance lease obligations64 54 
Total finance lease liabilities$65 $54 
Lessee, Operating Lease, Liability, Maturity
Maturities of operating and finance lease liabilities as of December 31, 2020 were:
(in millions)Finance LeasesOperating Leases
2021$9 $121 
20229 102 
20238 84 
20248 69 
20258 57 
Thereafter78 240 
Total minimum lease payments120 673 
Less: imputed interest(55)(61)
Present value of lease liabilities$65 $612 
Finance Lease, Liability, Maturity
Maturities of operating and finance lease liabilities as of December 31, 2020 were:
(in millions)Finance LeasesOperating Leases
2021$9 $121 
20229 102 
20238 84 
20248 69 
20258 57 
Thereafter78 240 
Total minimum lease payments120 673 
Less: imputed interest(55)(61)
Present value of lease liabilities$65 $612 
Operating Lease, Lease Income
The components of lease revenue for the years ended December 31, 2020 and 2019 were:
(in millions)20202019
Sales-type lease revenue$38 $35 
Operating lease revenue84 61 
Variable lease revenue80 85 
Total lease revenue$202 $181 
Sales-type Lease, Lease Income
The components of our net investment in sales-type leases as of December 31, 2020 and 2019 were:
(in millions)20202019
Minimum lease payments$122 $110 
Unguaranteed residual values12 11 
Net investment in leases $134 $121 
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets:
(in millions)December 31, 2020December 31, 2019
Accounts receivable, net$39 $45 
Other non-current assets95 76 
Total$134 $121 
Our net investment in sales-type leases was $134 million as of December 31, 2020, of which $11 million originated in 2016 and prior, $14 million in 2017, $35 million in 2018, $36 million in 2019 and $38 million in 2020.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Maturities of sales-type and operating leases as of December 31, 2020 were:
(in millions)Sales-type LeasesOperating Leases
2021$51 $85 
202234 76 
202326 72 
202417 54 
20254 28 
Thereafter2 7 
Total minimum lease payments134 $322 
Less: imputed interest(12)
Present value of minimum lease payments$122 
Lessor, Operating Lease, Payments to be Received, Maturity
Maturities of sales-type and operating leases as of December 31, 2020 were:
(in millions)Sales-type LeasesOperating Leases
2021$51 $85 
202234 76 
202326 72 
202417 54 
20254 28 
Thereafter2 7 
Total minimum lease payments134 $322 
Less: imputed interest(12)
Present value of minimum lease payments$122