LEASE AND OTHER FINANCING OBLIGATIONS

12 Months Ended

Dec. 31, 2020

The Company primarily has operating and finance leases for corporate and regional offices, processing facilities and mining equipment. These leases have a remaining lease term of less than 1 year to 37 years, some of which may include options to extend the lease for up to 15 years, and some of which may include options to terminate the lease within 1 year. Certain of our leases include payments that vary based on the Company’s level of usage and operations. These variable payments are not included within ROU assets and lease liabilities in the Consolidated Balance Sheets. Additionally, short-term leases, which have an initial term of 12 months or less, are not recorded in the Consolidated Balance Sheets.

Total lease cost includes the following components:


	Years Ended December 31,
	2020		2019
Operating lease cost	$	21	$	22
Finance lease cost
Amortization of ROU assets	88		78
Interest on lease liabilities	37		34
	125		112
Variable lease cost	335		350
Short-term lease cost	24		46
	$	505	$	530

Rent expense for 2018 was $51.

Supplemental cash flow information related to leases includes the following:


	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows relating to operating leases	$	18	$	27
Operating cash flows relating to finance leases	$	31	$	32
Financing cash flows relating to finance leases	$	66	$	55

Non-cash lease obligations arising from obtaining ROU assets: (1)
Operating leases	$	76	$	116
Finance leases	$	16	$	731

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(1)For the year-end December 31, 2019, operating and finance lease obligations assumed in relation to the Newmont Goldcorp transaction were $49 and $423, respectively, and operating and finance lease obligations assumed in relation to the formation of NGM were $11 and $1, respectively.

Information related to lease terms and discount rates is as follows:


	Operating Leases		Finance Leases
Weighted average remaining lease term (years)	10		11
Weighted average discount rate	3.87	%	5.58	%

Future minimum lease payments under non-cancellable leases as of December 31, 2020, were as follows:


	Operating Leases		Finance Leases
2021	$	7	$	104
2022	17		93
2023	13		86
2024	12		77
2025	10		40
Thereafter	72		526
Total future minimum lease payments	131		926
Less: Imputed interest	(23)		(255)
Total	$	108	$	671

As of December 31, 2020, the Company has additional financing leases that have not yet commenced. At commencement, the Company anticipates that these leases will result in additional ROU assets and lease liabilities of $31. The financing leases are anticipated to commence between 2021 and 2022 with lease terms of 7 years.