Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease Cost and Additional Information

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

	Three Months Ended March 31,
(In millions)	2021			2020
Lease Cost:
Operating lease cost	$	94		$	92
Short-term lease cost	1			1
Variable lease cost	37			37
Sublease income	(8)			(5)
Net lease cost	$	124		$	125
Other information:
Operating cash outflows from operating leases	$	99		$	103
Right of use assets obtained in exchange for new operating lease liabilities	$	22		$	79
Weighted-average remaining lease term – real estate	8.3 years			8.7 years
Weighted-average discount rate – real estate leases	2.93		%	3.06		%

Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for the Company’s operating leases as of March 31, 2021 are as follows:

Payment Dates (In millions)	Real Estate Leases
Remainder of 2021	$	308
2022	381
2023	332
2024	289
2025	257
2026	235
Subsequent years	678
Total future lease payments	2,480
Less: Imputed interest	(288)
Total	$	2,192
Current lease liabilities	$	342
Long-term lease liabilities	1,850
Total lease liabilities	$	2,192

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.