Leases (Notes)

12 Months Ended

Dec. 31, 2019

Our leasing activities predominantly consist of leasing office space that we occupy, which we have classified as operating leases. Our leases are comprised of fixed payments with remaining lease terms of 1 to 9 years, some of which include options to extend for up to 15 years. As of December 31, 2019, we have not included any options to extend or cancel in the calculation of our lease liability or ROU asset. We do not have any significant residual value guarantees or restrictive covenants in our leases.

During the year ended December 31, 2019, we recognized operating lease expense of $19 million.

During the year ended December 31, 2019, we paid $17 million to reduce operating lease liabilities and recognized $17 million in new operating lease liabilities in exchange for ROU assets.

As of December 31, 2019, the weighted average remaining lease term on our operating leases was 6.1 years. Future minimum lease payments as of December 31, 2019 and December 31, 2018 were as follows:



(in millions)	December 31, 2019 ⁽¹⁾			December 31, 2018 ⁽²⁾
2019	$	—		$	18
2020	19			17
2021	11			11
2022	10			9
2023	9			8
2024	6			5
2025 and thereafter	19			20
Total future minimum lease payments	$	74		$	88
Less: imputed interest	(9		)	N/A⁽³⁾
Total operating lease liabilities	$	65		N/A⁽³⁾
Current portion	17			N/A⁽³⁾
Non-current portion	48			N/A⁽³⁾

(1) Presented in accordance with ASC 842.

(2) Presented in accordance with ASC 840.

(3) N/A - Not Applicable under ASC 840.