Management records a right-of-use asset and lease liability 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 less than one to 36 years. The discount rate applied to these leases is the Company’s incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments, unless there is a rate implicit in the lease agreement. The Company does not have material financing leases.

	2021		2020
Costs from operating leases	$	70	$	74
Variable lease payments	$	13	$	11
Short-term rental expense	$	3	$	3

The weighted average lease term and weighted average discount rate were as follows:

December 31,	2021			2020
Weighted average lease term for operating leases (years)	4.9			4.4
Weighted average discount rate for operating leases		5.2	%		5.2	%

The following represents the aggregate right-of-use assets and related lease obligations recognized in the Consolidated Balance Sheet:

December 31,	2021		2020
Properties, plants, and equipment, net	$	97	$	137
Other current liabilities		35		60
Other noncurrent liabilities and deferred credits		64		82
Total operating lease liabilities	$	99	$	142

Right-of-use assets and lease liabilities related to the Warrick Rolling Mill were excluded from the December 31, 2020 balances in the above table due to the sale of the rolling mill and were reclassified to Assets held for sale (see Note C).

New leases of $24 and $54 were added during the years ended December 31, 2021 and 2020, respectively.

The future cash flows related to the operating lease obligations as of December 31, 2021 were as follows:

Year Ending December 31,
2022	$	41
2023		27
2024		15
2025		10
2026		7
Thereafter		17
Total lease payments (undiscounted)		117
Less: discount to net present value		(18	)
Total	$	99