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RENTALS AND LEASES (Tables)
12 Months Ended
Dec. 31, 2019
Schedule of operating lease cost

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(millions)

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2019

Operating lease cost*

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$179.8

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*Includes immaterial short-term and variable lease costs

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Schedule of future maturity of operating lease liabilities

Future maturity of operating lease liabilities as of December 31, 2019 is as follows:

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(millions)

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2020

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$ 139

2021

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120

2022

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89

2023

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54

2024

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33

Thereafter

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96

Total lease payments

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531

Less: imputed interest

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63

Present value of lease liabilities

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$ 468

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Total rental expense under the Company’s operating leases was $172 million in 2018 and $196 million in 2017. As of December 31, 2018, identifiable future minimum payments with non-cancelable terms in excess of one year were:

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(millions)

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2019

    

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$ 138

2020

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113

2021

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86

2022

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59

2023

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29

Thereafter

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85

Total

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$ 510

Schedule of operating leases term and discount rate

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December 31

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2019

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Weighted-average remaining lease terms (years)

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5.83

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Weighted-average discount rate

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4.00%

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Schedule of other lease information

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(millions)

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2019

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

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Operating cash flows from operating leases

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$159.0

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Leased assets obtained in exchange for new operating lease liabilities

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116.5

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Schedule of operating lease revenue

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(millions)

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2019

Operating lease revenue*

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$412.7

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Schedule of revenue from operating leases for existing contracts

Revenue from operating leases for existing contracts as of December 31, 2019 is as follows:

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(millions)

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2020

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$ 357

2021

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273

2022

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208

2023

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134

2024

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55

Thereafter

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16

Total lease revenue

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$ 1,043