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Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

Note 16: Leases

We lease sales centers, office space and equipment under operating leases. Our leases expire at various dates from 2020 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.

We recognize rent expense on leases with both contingent and non-contingent lease payment terms. Rent expense associated with non-contingent lease payments are recognized on a straight-line basis over the lease term. Rent expense for all operating leases for the year ended December 31, 2019, 2018 and 2017 was as follows:

 

 

 

Year Ended December 31,

 

($ in millions)

 

2019

 

 

2018

 

 

2017

 

Minimum rentals

 

$

19

 

 

$

21

 

 

$

17

 

Contingent rentals

 

 

2

 

 

 

3

 

 

 

3

 

 

 

$

21

 

 

$

24

 

 

$

20

 

 

Supplemental information related to operating leases for the year ending December 31, 2019:

 

($ in millions)

 

 

 

 

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

 

 

 

 

Operating cash flows from operating leases

 

$

16

 

 

 

 

 

 

Supplemental non-cash information:

 

 

 

 

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

 

 

10

 

Weighted-average remaining lease term of operating leases

 

6.1 years

 

Weighted-average discount rate of operating leases

 

 

5.34

%

 

The future minimum rent payments under non-cancelable operating leases, due in each of the next five years and thereafter as of December 31, 2019, were as follows:

 

($ in millions)

 

Operating

Leases

 

Year

 

 

 

 

2020

 

$

17

 

2021

 

 

16

 

2022

 

 

12

 

2023

 

 

12

 

2024

 

 

11

 

Thereafter

 

 

22

 

Total future minimum lease payments

 

$

90

 

Less: imputed interest

 

 

(14

)

Present value of lease liabilities

 

$

76