Leases and Lease Commitments

12 Months Ended

Dec. 31, 2020

14. Leases and Lease Commitments

Schlumberger’s leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service centers, sales offices and certain equipment. Total operating lease expense, which approximates cash paid and includes short-term leases, was $1.4 billion in 2020 and $1.7 billion in each of 2019 and 2018.

Maturities of operating lease liabilities as of December 31, 2020 were as follows:

(Stated in millions)

2021	$	256
2022		200
2023		160
2024		128
2025		92
Thereafter		318
Total lease payments	$	1,154
Less: Interest		(143	)
	$	1,011
Amounts recognized in balance sheet
Accounts payable and accrued liabilities	$	248
Other Liabilities		763
	$	1,011

Operating lease assets of $0.8 billion and $1.3 billion as of December 31, 2020 and 2019, respectively, were included in Other Assets in the Consolidated Balance Sheet. Operating lease liabilities as of December 31, 2019 were $1.0 billion, of which $0.2 billion was classified in Accounts payable and accrued liabilities and $0.8 billion was classified in Other Liabilities in the Consolidated Balance Sheet.

The weighted-average remaining lease term as of December 31, 2020 was 8 years. The weighted-average discount rate used to determine the operating lease liability as of December 31, 2020 was 3.2%.