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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

Note 17: Leases

We lease sales centers, office space and equipment under operating leases. Our leases expire at various dates from 2021 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, 2020, 2019 and 2018 was as follows:

 

 

 

Year Ended December 31,

 

($ in millions)

 

2020(1)

 

 

2019(1)

 

 

2018

 

Minimum rentals

 

$

19

 

 

$

19

 

 

$

21

 

Contingent rentals

 

 

1

 

 

 

2

 

 

 

3

 

 

 

$

20

 

 

$

21

 

 

$

24

 

 

(1)

These amounts include $3 million and $5 million of short term and variable rent for the years ended December 31, 2020 and 2019, respectively.

 

 

Supplemental cash flow information related to operating leases was as follows:

 

 

 

Twelve Months Ended December 31,

 

($ in millions)

 

2020

 

 

2019

 

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

 

 

 

 

 

 

 

 

Operating cash outflows from operating leases

 

$

18

 

 

$

16

 

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

 

 

 

 

 

 

 

 

Operating Leases

 

 

5

 

 

 

10

 

 

Supplemental balance sheet information related to operating leases was as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Weighted-average remaining lease term of operating leases (in years)

 

5.4

 

 

6.1

 

Weighted-average discount rate of operating leases

 

 

4.95

%

 

 

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, 2020, were as follows:

 

($ in millions)

 

Operating

Leases

 

Year

 

 

 

 

2021

 

$

18

 

2022

 

 

13

 

2023

 

 

12

 

2024

 

 

11

 

2025

 

 

11

 

Thereafter

 

 

11

 

Total future minimum lease payments

 

$

76

 

Less: imputed interest

 

 

(9

)

Present value of lease liabilities

 

$

67