Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Additional information regarding real estate operating leases

Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:

(in millions)	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Lease cost
Operating leases	$	23		$	68
Short-term leases (1)	2			9
Lease expense	25			77
Less: sublease income (2)	—			—
Net lease cost	$	25		$	77
Other information on operating leases
Cash payments included in the measurement of lease liabilities reported in operating cash flows	$	27		$	77
Right-of-use assets obtained in exchange for new lease liabilities	$	14		$	50
Weighted average discount rate	3.04		%	3.04		%
Weighted average remaining lease term in years	5.2 years			5.2 years

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(1) Leases with an initial term of twelve months or less are not recorded on the balance sheet.

(2) Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.

Contractual maturities of lease liabilities

The following table presents the contractual maturities of the Company's lease liabilities:

(in millions)	Real Estate Lease Liability
Remainder of 2019	$	26
2020	106
2021	92
2022	70
2023	50
Thereafter	82
Total undiscounted lease payments	426
Less: present value adjustment	35
Operating lease liability	$	391