LEASES (Notes)

3 Months Ended

Mar. 31, 2021

LEASES

For additional information on the Corporation's leases, see Note 15 to the Consolidated Financial Statements included in the 2020 10-K.

The components of lease cost for operating and finance leases for the three months ended March 31, 2021 and 2020 were as follows:


Lease Cost	Three Months Ended
In millions	Mar 31, 2021		Mar 31, 2020
Operating lease cost	$	5	$	5
Short-term lease cost	6		6
Variable lease cost	2		2



Total lease cost	$	13	$	13

The following table provides supplemental cash flow information related to leases:


Other Lease Information	Three Months Ended
In millions	Mar 31, 2021		Mar 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5	$	5

The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at March 31, 2021 and December 31, 2020:


Lease Position	Balance Sheet Classification	Mar 31, 2021		Dec 31, 2020
In millions
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	—	$	48
Finance leases		$	—	$	3
Assets
Operating lease assets	Operating lease right-of-use assets	$	119	$	123
Finance lease assets	Property	15		15
Finance lease amortization	Accumulated depreciation	(9)		(8)
Total lease assets		$	125	$	130
Liabilities
Current
Operating	Operating lease liabilities - current	$	19	$	19
Finance	Long-term debt due within one year	2		2
Noncurrent
Operating	Operating lease liabilities - noncurrent	101		105
Finance	Long-term debt	4		5
Total lease liabilities		$	126	$	131

The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at March 31, 2021 and December 31, 2020 are provided below:


Lease Term and Discount Rate	Mar 31, 2021		Dec 31, 2020
Weighted-average remaining lease term
Operating leases	7.3 years		7.5 years
Finance leases	3.2 years		3.4 years
Weighted-average discount rate
Operating leases	3.27	%	3.28	%
Finance leases	3.62	%	3.62	%

The following table provides the maturities of lease liabilities at March 31, 2021:


Maturities of Lease Liabilities	Mar 31, 2021
	Operating Leases		Finance Leases
In millions
2021	$	17	$	2
2022	22		2
2023	20		2
2024	20		1
2025	18		—
2026 and thereafter	38		—
Total future undiscounted lease payments	$	135	$	7
Less: Imputed interest	15		1
Total present value of lease liabilities	$	120	$	6