Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

The following table details the amounts and locations of lease assets and liabilities on the consolidated balance sheet:

December 31,		2020		2019
Lease assets:	Balance Sheet Classification
Operating lease ROU assets	Other assets	$	937	$	577
Lease liabilities:
Operating lease liabilities	Accrued expenses and other liabilities	$	1,033	$	650

Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The Company had an immaterial finance lease in 2020 and immaterial sublease income for all periods presented.

The components of lease expense are as follows:

Year Ended December 31,	2020		2019
Lease Cost (1)
Operating lease cost (2)	$	166	$	137
Variable lease cost (3)	34		34

(1) Rent expense related to operating leases was $146 million in 2018.

(2) Includes short-term leases, which are immaterial.

(3) Includes payments that are entirely variable and amounts that represent the difference between payments based on an index or rate that would be reflected in the lease liability and what is actually incurred.

The following tables present supplemental lease information:

December 31,	2020		2019
Lease Term and Discount Rate
Weighted-average remaining lease term (years)	7.02		7.15
Weighted-average discount rate	2.86	%	3.42	%

Maturity of Lease Liabilities	Operating Leases (1)
2021	$	182
2022	193
2023	166
2024	134
2025	117
Thereafter	340
Total lease payments	1,132
Less: Interest	99
Present value of lease liabilities	$	1,033

(1) Operating lease payments exclude $24 million of legally binding minimum lease payments for leases signed but not yet commenced. These leases will commence between 2021 and 2022 with lease terms of three years to 15 years.