Operating Lease Right-of-Use Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Operating Lease Right-of-Use Assets and Liabilities

Operating lease right-of-use assets, included in other assets, were $118.7 million at December 31, 2019. Operating lease liabilities, included in other liabilities, were $138.4 million at December 31, 2019. In connection with the Merger, the Corporation recorded $39.8 million and $41.6 million of operating lease right-of-use assets and operating lease liabilities, respectively. Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at December 31, 2019 were as follows:



(In thousands)
2020	$	32,819
2021	24,635
2022	19,707
2023	16,943
2024	15,332
Thereafter	43,958
Total undiscounted future minimum operating lease payments	153,394
Discount	(15,001		)
Total operating lease liabilities	$	138,393

As of December 31, 2019, the Corporation had approximately $233.6 million in additional leases for real property that have not yet commenced and are excluded from the operating lease liability table above. Of this amount, $231.6 million was related to a lease agreement for the Corporation's new headquarters building in Detroit, Michigan signed on May 31, 2019 by Legacy Chemical, with an organization 50% owned by indirect related parties. The new headquarter lease has a term of 22.5 years commencing January 1, 2022 with renewal options.

The weighted-average discount rate and remaining lease term for operating leases was as follows:



	At December 31, 2019
Weighted-average discount rate	2.67	%
Weighted-average remaining lease term (years)	6.8 years

The components of total lease cost for operating leases, included in occupancy and equipment noninterest expense, were as follows:



(In thousands)	Year Ended December 31, 2019
Lease expense	$	39,724
Short-term and variable lease cost	732
Sublease income	(1,716		)
Total lease cost for operating leases	$	38,740

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



(In thousands)	Year Ended December 31, 2019
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	131,305
Cash paid for amounts included in the measurement of lease liabilities - operating	33,231