Leases (Tables)

3 Months Ended

Mar. 31, 2020

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:

	Three Months Ended March 31,
(in millions)	2020			2019
Lease cost
Operating leases	$	24		$	22
Short-term leases (1)	—			4
Lease expense	24			26
Less: sublease income (2)	—			—
Net lease cost	$	24		$	26
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	27		$	24
Right-of-use assets obtained in exchange for new lease liabilities	$	14		$	8
Weighted average discount rate	2.97		%	3.07		%
Weighted average remaining lease term	5.0 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 2020	$	81
2021	94
2022	73
2023	54
2024	37
Thereafter	57
Total undiscounted lease payments	396
Less: present value adjustment	30
Operating lease liability	$	366