Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 14. Leases

The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2020 and 2019 are as follows:

(In millions)	2020			2019
Operating Lease Expense	$	286		$	292
Finance Lease Expense:
Amortization of ROU assets		11			11
Interest on lease liabilities		21			21
Short Term Lease Expense		6			6
Variable Lease Expense		3			7
Sublease Income		(11	)		(15	)
Total Lease Expense	$	316		$	322

Net rental expense for the year ended December 31, 2018 is comprised of the following:

(In millions)	2018
Gross rental expense	$	333
Sublease rental income		(16	)
	$	317

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 is as follows:

(In millions)	2020		2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows for Operating Leases	$	268	$	267
Operating Cash Flows for Finance Leases		21		21
Financing Cash Flows for Finance Leases		7		7
ROU Assets Obtained in Exchange for Lease Obligations
Operating Leases		202		197
Finance Leases		3		34

Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 is as follows:

(In millions, except lease term and discount rate)	2020			2019
Operating Leases
Operating Lease ROU Assets	$	851		$	855
Operating Lease Liabilities due Within One Year	$	198		$	199
Operating Lease Liabilities		684			668
Total Operating Lease Liabilities	$	882		$	867
Finance Leases
Property, Plant and Equipment, at cost	$	262		$	259
Accumulated Depreciation		(60	)		(50	)
Property, Plant and Equipment, net	$	202		$	209
Long Term Debt and Finance Leases due Within One Year	$	18		$	6
Long Term Debt and Finance Leases		232			243
Total Finance Lease Liabilities	$	250		$	249

Weighted Average Remaining Lease Term (years)
Operating Leases	7.3	7.2
Finance Leases	30.9	31.6
Weighted Average Discount Rate
Operating Leases	6.85%	6.69%
Finance Leases	8.48%	8.46%

Future maturities of our lease liabilities, excluding subleases, as of December 31, 2020 are as follows:

(In millions)	Operating Leases		Finance Leases
2021	$	245	$	38
2022		186		23
2023		146		21
2024		110		21
2025		88		22
Thereafter		376		671
Total Lease Payments		1,151		796
Less: Imputed Interest		269		546
Total	$	882	$	250

As of December 31, 2020, we have additional operating and finance leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals $23 million. Accordingly, these leases are not recorded on the Consolidated Balance Sheets at December 31, 2020. These leases will commence in 2021 and 2022 with lease terms of 7 years to 15 years.

Leases

Note 14. Leases

The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2020 and 2019 are as follows:

(In millions)	2020			2019
Operating Lease Expense	$	286		$	292
Finance Lease Expense:
Amortization of ROU assets		11			11
Interest on lease liabilities		21			21
Short Term Lease Expense		6			6
Variable Lease Expense		3			7
Sublease Income		(11	)		(15	)
Total Lease Expense	$	316		$	322

Net rental expense for the year ended December 31, 2018 is comprised of the following:

(In millions)	2018
Gross rental expense	$	333
Sublease rental income		(16	)
	$	317

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 is as follows:

(In millions)	2020		2019
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows for Operating Leases	$	268	$	267
Operating Cash Flows for Finance Leases		21		21
Financing Cash Flows for Finance Leases		7		7
ROU Assets Obtained in Exchange for Lease Obligations
Operating Leases		202		197
Finance Leases		3		34

Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 is as follows:

(In millions, except lease term and discount rate)	2020			2019
Operating Leases
Operating Lease ROU Assets	$	851		$	855
Operating Lease Liabilities due Within One Year	$	198		$	199
Operating Lease Liabilities		684			668
Total Operating Lease Liabilities	$	882		$	867
Finance Leases
Property, Plant and Equipment, at cost	$	262		$	259
Accumulated Depreciation		(60	)		(50	)
Property, Plant and Equipment, net	$	202		$	209
Long Term Debt and Finance Leases due Within One Year	$	18		$	6
Long Term Debt and Finance Leases		232			243
Total Finance Lease Liabilities	$	250		$	249

Weighted Average Remaining Lease Term (years)
Operating Leases	7.3	7.2
Finance Leases	30.9	31.6
Weighted Average Discount Rate
Operating Leases	6.85%	6.69%
Finance Leases	8.48%	8.46%

Future maturities of our lease liabilities, excluding subleases, as of December 31, 2020 are as follows:

(In millions)	Operating Leases		Finance Leases
2021	$	245	$	38
2022		186		23
2023		146		21
2024		110		21
2025		88		22
Thereafter		376		671
Total Lease Payments		1,151		796
Less: Imputed Interest		269		546
Total	$	882	$	250

As of December 31, 2020, we have additional operating and finance leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals $23 million. Accordingly, these leases are not recorded on the Consolidated Balance Sheets at December 31, 2020. These leases will commence in 2021 and 2022 with lease terms of 7 years to 15 years.