Leases (Tables)

12 Months Ended

Dec. 31, 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:

(for the year ended December 31, in millions)	2019
Lease cost
Operating leases	$	92
Short-term leases (1)	10
Lease expense	102
Less: sublease income (2)	—
Net lease cost	$	102
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	104
Right-of-use assets obtained in exchange for new lease liabilities	$	60
Weighted average discount rate	3.02		%
Weighted average remaining lease term in years	5.1 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
2020	$	108
2021	93
2022	71
2023	51
2024	35
Thereafter	54
Total undiscounted lease payments	412
Less: present value adjustment	32
Operating lease liability	$	380