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Leases
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases LEASES
The following table presents our future minimum lease payments as of September 30, 2020:
($ in millions)Operating LeasesFinance Leases
2020, remaining
$50 $3 
2021176 13 
2022171 13 
2023120 14 
2024111 14 
Thereafter602 151 
Total minimum lease payments$1,230 $208 
Less: Amount representing interest(266)(55)
Present value of minimum lease payments
$964 $153 
Current (1)
147 6 
Noncurrent (2)
817 147 
$964 $153 
(1)Operating leases recorded in the “Accrued expenses and other” and finance leases recorded in the “Current portion of long-term debt” captions of our Balance Sheets.
(2)Operating leases recorded in the “Operating lease liabilities” and finance leases recorded in the “Long-term debt” captions of our Balance Sheets.
As of September 30, 2020, we had entered into an agreement that we expect to account for as an operating lease with a 20-year term for our new headquarters office, which is not reflected in our Balance Sheets or in the table above as the lease has not commenced.
We recorded impairment charges for right-of-use assets and property and equipment, including leasehold improvements, of $105 million in the 2020 first three quarters in the “Depreciation, amortization, and other” caption of our Income Statements relating to the impact of COVID-19 on several North America leased hotels. We determined that we may not be able to fully recover the carrying amount of these North America hotel leases after evaluating the assets for recovery due to declines in market performance and future cash flow projections. We estimated the fair value using an income approach reflecting internally developed Level 3 discounted cash flows that included, among other things, our expectations of future cash flows based on historical experience and projected growth rates, usage estimates, and demand trends.
Leases LEASES
The following table presents our future minimum lease payments as of September 30, 2020:
($ in millions)Operating LeasesFinance Leases
2020, remaining
$50 $3 
2021176 13 
2022171 13 
2023120 14 
2024111 14 
Thereafter602 151 
Total minimum lease payments$1,230 $208 
Less: Amount representing interest(266)(55)
Present value of minimum lease payments
$964 $153 
Current (1)
147 6 
Noncurrent (2)
817 147 
$964 $153 
(1)Operating leases recorded in the “Accrued expenses and other” and finance leases recorded in the “Current portion of long-term debt” captions of our Balance Sheets.
(2)Operating leases recorded in the “Operating lease liabilities” and finance leases recorded in the “Long-term debt” captions of our Balance Sheets.
As of September 30, 2020, we had entered into an agreement that we expect to account for as an operating lease with a 20-year term for our new headquarters office, which is not reflected in our Balance Sheets or in the table above as the lease has not commenced.
We recorded impairment charges for right-of-use assets and property and equipment, including leasehold improvements, of $105 million in the 2020 first three quarters in the “Depreciation, amortization, and other” caption of our Income Statements relating to the impact of COVID-19 on several North America leased hotels. We determined that we may not be able to fully recover the carrying amount of these North America hotel leases after evaluating the assets for recovery due to declines in market performance and future cash flow projections. We estimated the fair value using an income approach reflecting internally developed Level 3 discounted cash flows that included, among other things, our expectations of future cash flows based on historical experience and projected growth rates, usage estimates, and demand trends.