Leases (Tables)

12 Months Ended

Dec. 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:

(for the year ended December 31, in millions)	2020			2019
Lease cost
Operating leases	$	95		$	92
Short-term leases (1)	2			10
Lease expense	97			102
Less: sublease income (2)	—			—
Net lease cost	$	97		$	102
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	109		$	104
Right-of-use assets obtained in exchange for new lease liabilities	$	67		$	60
Weighted average discount rate	2.51		%	3.02		%
Weighted average remaining lease term	5.0 years			5.1 years

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(1) Leases with a term of twelve months or less are not recorded on the consolidated 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
2021	$	103
2022	86
2023	67
2024	50
2025	30
Thereafter	51
Total undiscounted lease payments	387
Less: present value adjustment	25
Operating lease liability	$	362