LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASE COMMITMENTS

LEASE COMMITMENTS

The Company has operating leases, substantially all of which relate to the lease of office space. The Company's leases classified as finance leases are not material to the consolidated financial statements. Certain of the Company's leases include options to renew, with renewal terms that can extend the lease from one to 20 years at the Company's discretion.

The following table presents the components of the Company’s lease cost:

	Year Ended December 31,
	2020		2019
Operating lease cost	$	96	$	97
Sublease income	(5)		(2)
Variable lease cost	19		17
Total lease cost	$	110	$	112

During 2020, the Company recorded $21 million of ROU Asset impairment charges related to the exit of certain real estate leases. The impairment charges were recorded within Restructuring expense on the consolidated statement of operations. Refer to Note 11 for further details.

The following tables present other information related to the Company’s operating leases:

	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	108	$	106
Right-of-use assets obtained in exchange for new operating lease liabilities	$	36	$	41

	Year Ended December 31,
	2020		2019
Weighted-average remaining lease term (in years)	6.0		6.8
Weighted-average discount rate applied to operating leases	3.6	%	3.6	%

The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at December 31, 2020:

Year Ending December 31,	Operating Leases
2021	$	110
2022	99
2023	93
2024	84
2025	76
Thereafter	117
Total lease payments (undiscounted)	579
Less: Interest	58
Present value of lease liabilities:	521
Lease liabilities - current	94
Lease liabilities - noncurrent	$	427