Leases Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Leases

11. Leases

The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 14 years. The remaining lease terms for the subleases are less than one year to nine years.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities for operating leases were:

	December 31, 2020		December 31, 2019
	(In millions)
ROU assets	$	1,314	$	1,488
Lease liabilities	$	1,470	$	1,654

Lease Costs

The components of operating lease costs were as follows:

	For the Year Ended December 31
	2020		2019
	(In millions)
Operating lease cost	$	286	$	282
Variable lease cost	$	39	$	49
Sublease income	$	(99)	$	(89)
Net lease cost	$	226	$	242

Operating lease expense was $342 million for the year ended December 31, 2018. Non-cancelable sublease income was $72 million for the year ended December 31, 2018.

Other Information

Supplemental other information related to operating leases was as follows:

	December 31, 2020			December 31, 2019
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows	$	289		$	285
ROU assets obtained in exchange for new lease liabilities	$	70		$	341
Weighted-average remaining lease term	8 years			8 years
Weighted-average discount rate	3.4		%	3.3		%

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:

	December 31, 2020
	(In millions)
2021	$	283
2022	238
2023	219
2024	197
2025	185
Thereafter	553
Total undiscounted cash flows	1,675
Less: interest	205
Present value of lease liability	$	1,470

See Notes 8 and 13 for information about the Company’s investments in leased real estate, leveraged and direct financing leases, and financing lease obligations.

See Note 17 for information on lease impairment charges.