Property, equipment and right-of-use assets consisted of the following at December 31:



	2019			2018
	(in millions)
Building, building equipment and land	$	505		$	481
Equipment	1,218			987
Furniture and fixtures	92			85
Leasehold improvements	303			215
Operating lease right-of-use assets	810			—
Property, equipment and right-of-use assets	2,928			1,768
Less accumulated depreciation and amortization	(1,100		)	(847		)
Property, equipment and right-of-use assets, net	$	1,828		$	921

Depreciation and amortization expense for the above property, equipment and right-of-use assets was $336 million, $209 million and $185 million for 2019, 2018 and 2017, respectively.

The increase in property, equipment and right-of-use assets at December 31, 2019 from December 31, 2018 was primarily due to the impact from the adoption of the new accounting standard pertaining to lease arrangements as of January 1, 2019 as well as leases that commenced in 2019. See Note 1 (Summary of Significant Accounting Policies) for additional information of the accounting policy under the new leasing standard.

Operating lease ROU assets and operating lease liabilities are recorded on the consolidated balance sheet as follows:



	December 31, 2019
	(in millions)
Balance sheet location
Property, equipment and right-of-use assets, net	$	711
Other current liabilities	106
Other liabilities	656

Operating lease amortization expense for 2019 was $99 million. As of December 31, 2019, weighted-average remaining lease term of operating leases was 9.5 years and weighted-average discount rate for operating leases was 2.9%.

The following table summarizes the maturity of the Company’s operating lease liabilities at December 31, 2019 based on lease term:



	Operating Leases
	(in millions)
2020	$	112
2021	113
2022	103
2023	90
2024	79
Thereafter	376
Total operating lease payments	873
Less: Interest	(111		)
Present value of operating lease liabilities	$	762

As of December 31, 2019, the Company has entered into additional operating leases as a lessee, primarily for real estate. These leases have not yet commenced and will result in ROU assets and corresponding lease liabilities of approximately $23 million. These operating leases are expected to commence in fiscal year 2020, with lease terms between one and ten years.

The following disclosures relate to periods prior to adoption of the new lease accounting standard, including those operating leases entered into during 2018, but not yet commenced:

At December 31, 2018, the Company had the following future minimum payments due under non‐cancelable leases:



	Operating Leases
	(in millions)
2019	$	72
2020	75
2021	76
2022	68
2023	58
Thereafter	327
Total	$	676