Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease expense

Total lease expense for the years ending December 31, 2020 and 2019 were as follows:

(in millions)
Years Ended December 31	2020		2019
Operating lease expense	$	64	$	64
Variable lease expense	16		19
Less sublease income	(1)		(2)
Total lease expense	$	79	$	81

Operating leases

Additional details related to the Corporation's operating leases are presented below:

(dollar amounts in millions)
Years Ended December 31	2020			2019
Lease liabilities from new ROU assets	$	28		$	49
Cash paid on operating lease liabilities	65			67
Weighted average discount rate	3.61		%	3.78		%
Weighted average lease term in years	8			9

Contractual maturities of operating lease receivables

As of December 31, 2020, the contractual maturities of operating lease liabilities were as follows:

(in millions)
Years Ending December 31
2021	$	60
2022	57
2023	51
2024	46
2025	40
Thereafter	149
Total contractual maturities	403
Less imputed interest	(59)
Total operating lease liabilities	$	344

Contractual maturities of sales-type and direct financing lease receivables

As of December 31, 2020, the contractual maturities of sales-type and direct financing lease receivables were as follows:

(in millions)
Years Ending December 31
2021	$	69
2022	101
2023	54
2024	64
2025	33
Thereafter	18
Total lease payments receivable	339
Unguaranteed residual values	72
Less deferred interest income	(20)
Total lease receivables (a)	$	391

(a)Excludes net investment in leveraged leases of $203 million.