Leases (Tables)

12 Months Ended

Dec. 31, 2020

The following table presents components of lease cost included in general and administration expense on the consolidated statements of income:

(1)	Rent expense and certain office equipment expense under lease agreements amounted to $135 million in 2018.

(2)	Amounts include short-term leases, which are immaterial for both 2020 and 2019.

(3)	Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of ROU assets and operating lease liabilities.

The following table presents operating leases included on the consolidated statement of financial condition:

(in millions)	Statement of Financial Condition Classification	December 31, 2020		December 31, 2019
Statement of Financial Condition information:
Operating lease ROU assets	Other assets	$	649	$	669
Operating lease liabilities	Other liabilities	$	755	$	776

Supplemental information related to operating leases is summarized below:

(in millions)	December 31, 2020		December 31, 2019
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	154	$	142

Supplemental noncash information:
ROU assets in exchange for operating lease liabilities in connection with the adoption of ASU 2016-02, "Leases"	$	—	$	661
ROU assets in exchange for operating lease liabilities	$	93	$	117


	December 31, 2020			December 31, 2019
Lease term and discount rate:
Weighted-average remaining lease term		8	years		9	years
Weighted-average discount rate		3	%		3	%

(in millions)
Maturity of operating lease liabilities at December 31, 2020	Amount⁽¹⁾
2021	$	162
2022		159
2023		107
2024		74
2025		58
Thereafter		305
Total lease payments	$	865
Less: imputed interest		110
Present value of lease liabilities	$	755

(1)	Amount excludes $1.4 billion of legally binding minimum lease payments for leases signed but not yet commenced.