Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Balance Sheet Information

The following table provides

supplemental balance sheet information related to Nasdaq's operating leases:

Leases	Balance Sheet Classification	September 30, 2020		December 31, 2019
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	387	$	346
Liabilities:
Current lease liabilities	Other current liabilities	$	42	$	61
Non-current lease liabilities	Operating lease liabilities	397		331
Total lease liabilities		$	439	$	392

Lease Cost, Lease Term and Discount Rate

The following table summarizes Nasdaq's lease cost:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Operating lease cost(1)	$	22	$	19	$	63	$	58
Variable lease cost	8		6		20		18
Sublease income	(1)		(1)		(3)		(4)
Total lease cost	$	29	$	24	$	80	$	72

____________

(1)    Includes short-term lease cost, which was immaterial.

The following table provides information related to Nasdaq's lease term and discount rate:

	September 30, 2020
Weighted-average remaining lease term (in years)	11.6
Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:

	Nine Months Ended September 30,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	57	$	59
Lease assets obtained in exchange for new operating lease liabilities	$	94	$	20

Schedule of Operating Lease Liabilities

The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets.

	September 30, 2020
	(in millions)
2020(1)	$	19
2021	60
2022	53
2023	49
2024	43
Thereafter	341
Total lease payments	565
Less: interest(2)	(126)
Present value of lease liabilities(3)	$	439

____________

(1)    Represents the estimated lease payments to be made for the remaining three months of 2020.

(2)    Calculated using the interest rate for each lease.

(3)    Includes the current portion of $42 million.