Leases (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2020			2019
	(dollars in millions)
Operating leases:
Operating lease right-of-use assets	$	772		$	867
Accounts payable, accrued expenses and other	170			133
Operating lease liabilities	971			1,037

Finance leases:
Property and equipment, net	$	40		$	52
Current maturities of long-term debt	56			37
Long-term debt	196			208

Weighted average remaining lease term:
Operating leases	12.3 years			12.8 years
Finance leases	7.8 years			8.6 years

Weighted average discount rate:
Operating leases	3.82		%	3.76		%
Finance leases	5.85		%	5.83		%

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019
	(in millions)
Operating lease expense for fixed payments	$	129	$	144
Finance lease expense:
Amortization of ROU assets	26		30
Interest on lease liabilities	14		14
Variable lease expense(1)	17		168

____________

(1)Includes amounts related to variable operating lease terms and interest payments on finance leases.

Lease expense for our operating leases for the year ended December 31, 2018 included $225 million of fixed lease expense and $142 million of variable lease expense.

Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	149	$	187
Financing cash flows from finance leases	26		42
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating leases	33		48
Finance leases	20		61

Schedule of Future Minimum Lease Payments

Our future minimum lease payments as of December 31, 2020 were as follows:


	Operating Leases		Finance Leases
Year	(in millions)
2021	$	210	$	68
2022	156		42
2023	140		33
2024	118		31
2025	117		32
Thereafter	724		111
Total minimum lease payments	1,465		317
Less: imputed interest	(324)		(65)
Total lease liabilities	$	1,141	$	252