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LEASES AND COMMITMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of operating lease assets and lease liabilities
The following table presents the lease assets and lease liabilities as of December 31, 2020 and 2019:
December 31,
(in millions)20202019
AssetsBalance Sheet Location
Operating leasesOther non-current assets$211 $85 
Finance leasesProperty, plant and equipment, net12 1 
Total lease assets$223 $86 
Liabilities
Current
Operating leases Other current liabilities$47 $18 
Finance leasesNotes payable and other short-term debt2 — 
Non-current
Operating leasesOther non-current liabilities172 67 
Finance leasesLong-term debt12 — 
Total lease liabilities$233 $85 
Lease, Cost
The following table presents lease obligations arising from obtaining leased assets for the years ended December 31, 2020 and 2019. Approximately $159 million of these lease obligations for the year ended December 31, 2020 related to leases assumed in the acquisition of Delphi Technologies on October 1, 2020.
December 31,
(in millions)20202019
Operating leases$152 $4 
Finance leases14 — 
Total lease obligations$166 $4 
The following table presents the terms and discount rates:
December 31,
20202019
Weighted-average remaining lease term (years)
Operating leases88
Finance leases81
Weighted-average discount rate
Operating leases2.0 %2.8 %
Finance leases3.1 %0.8 %
Summary of maturity of operating lease liabilities
The following table presents the maturity of lease liabilities as of December 31, 2020:
(in millions)Operating leasesFinance leases
2021$51 $2 
202242 2 
202327 2 
202423 2 
202522 2 
After 202573 6 
Total (undiscounted) lease payments$238 $16 
Less: Imputed interest19 2 
Present value of lease liabilities$219 $14 
Summary of maturity of finance lease liabilities
The following table presents the maturity of lease liabilities as of December 31, 2020:
(in millions)Operating leasesFinance leases
2021$51 $2 
202242 2 
202327 2 
202423 2 
202522 2 
After 202573 6 
Total (undiscounted) lease payments$238 $16 
Less: Imputed interest19 2 
Present value of lease liabilities$219 $14