As a result of the adoption of ASU No. 2016-02, Leases, management recorded a right-of-use asset and lease liability, each in the amount of $201, on Alcoa’s Consolidated Balance Sheet as of January 1, 2019 for several types of operating leases, including land and buildings, alumina refinery process control technology, plant equipment, vehicles, and computer equipment. These amounts are equivalent to the aggregate future lease payments on a discounted basis. The leases have remaining terms of one to 38 years. Lease expense and operating cash flows for the year ended December 31, 2019, includes costs from operating leases of $78, variable lease payments of $16, and short-term rental expense of $6. New leases of $30 were added during 2019. Further, right-of-use assets totaling $6 were impaired in 2019 in conjunction with the permanent closure of the Point Comfort alumina refinery (see Note D). The Company does not have material financing leases.

The following represents the aggregate right-of use assets and related lease obligations as of December 31, 2019:

Amounts recognized in the Consolidated Balance Sheet at December 31, 2019:
Properties, plants and equipment, net	$	154
Other current liabilities		61
Other noncurrent liabilities and deferred credits		100
Total operating lease liabilities	$	161

The weighted average lease term and weighted average discount rate as of December 31, 2019 were as follows:

Weighted average lease term
Operating leases	4.6 years
Weighted average discount rate
Operating leases	5.4%

The future cash flows related to the operating lease obligations as of December 31, 2019 were as follows:

Year Ending December 31,	Operating leases
2020	$	67
2021		51
2022		21
2023		12
2024		6
Thereafter		28
Total lease payments (undiscounted)		185
Less: discount to net present value		(24	)
Total	$	161

Disclosures related to periods presented prior to the adoption of ASU No. 2016-02

The Company adopted ASU No. 2016-02, Leases, on January 1, 2019 using the modified retrospective approach which requires the following disclosure for periods presented prior to adoption. The following table represents minimum annual lease commitments as of December 31, 2018 under long-term operating leases:

Year Ending December 31,	Operating leases
2019	$	74
2020		56
2021		42
2022		11
2023		5
Thereafter		21
Total lease payments	$	209