LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Balance Sheet Classification of Operating Lease Assets and Liabilities

Weighted Average of Lease Term and Discount Rate



	June 30, 2019
Weighted average remaining operating lease term	6 years
Weighted average discount rate for operating leases	3.10	%

Supplemental cash flow information related to leases was as follows:

Lease Liabilities Information



	Six Months Ended June 30, 2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	42
Non-cash transactions:
Leased assets obtained in exchange for new operating lease liabilities	$	7

The table below summarizes the components of lease costs for the three and six months ended June 30, 2019.

Lease Costs



	Three Months Ended June 30, 2019			Six Months Ended June 30, 2019
	(in millions)
Operating lease cost (1)	$	17		$	37
Variable operating lease cost	$	2		$	5
Sublease income	$	(4	)	$	(8	)
Short-term lease expense	$	1		$	2

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(1)	Operating lease costs for the three months ended March 31, 2019 previously reported as $53 million, has been revised to $20 million to properly exclude impairments recognized prior to the adoption of ASC 842.

Maturities of lease liabilities as of June 30, 2019 are as follows:

Maturities of Lease Liabilities



	June 30, 2019
	(in millions)
Operating Leases (1):
2019	$	44
2020	88
2021	84
2022	80
2023	76
Thereafter	78
Total lease payments	450
Less: Interest	(39		)
Present value of lease liabilities	$	411

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(1)	As of June 30, 2019, the Company has one additional operating real estate lease that has not yet commenced with an estimated total base rent of approximately $11 million. This operating lease will commence in 2019 with a lease term of ten years.

The following table presents the Company’s future minimum lease obligation under ASC 840 as of December 31, 2018: