Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease cost and additional information

The following chart provides additional information about the Company’s property leases:

For the Year Ended December 31, (In millions)	2020			2019
Lease Cost:
Operating lease cost (a)	$	396		$	371
Short-term lease cost	3			8
Variable lease cost	138			150
Sublease income	(19)			(18)
Net lease cost	$	518		$	511
Other information:
Operating cash outflows from operating leases	$	420		$	392
Right of use assets obtained in exchange for new operating lease liabilities	$	261		$	140
Weighted-average remaining lease term – real estate	8.42 years			8.78 years
Weighted-average discount rate – real estate leases	2.94		%	3.10		%

(a) Excludes ROU asset impairment charges.

Future minimum lease payments

Future minimum lease payments for the Company’s operating leases as of December 31, 2020 are as follows:

Payment Dates (In millions)	Real Estate Leases
2021	$	410
2022	380
2023	331
2024	288
2025	256
Subsequent years	905
Total future lease payments	2,570
Less: Imputed interest	(304)
Total	2,266
Current lease liabilities	342
Long-term lease liabilities	1,924
Total lease liabilities	$	2,266

Note: Table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a right to use asset or liability in the consolidated balance sheets.