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Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases

Note 13: Leases

We lease sales centers, office space and equipment under operating leases. Our leases expire at various dates from 2019 through 2030, with varying renewal and termination options. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Rent expense for lease payments is recognized on a straight-line basis over the lease term. Rental expense for all operating leases was $6 million and $16 million for the three and nine months ended September 30, 2019 respectively. This amount includes immaterial short-term leases and variable lease costs. Rent expense for all operating leases for the year ended December 31, 2018 was as follows:

 

($ in millions)

 

 

 

 

Minimum rentals

 

$

21

 

Contingent rentals

 

 

3

 

 

 

$

24

 

 

Supplemental information related to operating leases for the nine months ending September 30, 2019:

 

($ in millions)

 

 

 

 

Cash paid for amounts included in the measurement of operating lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

(12

)

 

 

 

 

 

Supplemental non-cash information:

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

9

 

Weighted-average remaining lease term of operating leases

 

6.4 years

 

Weighted-average discount rate of operating leases

 

 

5.34

%

 

 

 

 

 

 

Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of September 30, 2019, are as follows:

 

($ in millions)

 

Operating

Leases

 

Year

 

 

 

 

2019 (remaining)

 

$

4

 

2020

 

 

17

 

2021

 

 

16

 

2022

 

 

11

 

2023

 

 

11

 

Thereafter

 

 

33

 

Total future minimum lease payments

 

$

92

 

Less: imputed interest

 

 

(14

)

Present value of lease liabilities

 

$

78

 

 

Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of December 31, 2018, are as follows:

 

($ in millions)

 

Operating

Leases

 

Year

 

 

 

 

2019

 

$

16

 

2020

 

 

15

 

2021

 

 

14

 

2022

 

 

10

 

2023

 

 

10

 

Thereafter

 

 

29

 

Total future minimum lease payments

 

$

94