Leases (Tables)

3 Months Ended

Mar. 31, 2020

The components of lease expense were as follows (in millions):



	Three Months Ended March 31,
	2019			2020
Lease cost
Finance lease cost:
Amortization of assets	$	36		$	44
Interest on lease liabilities	4			4
Operating lease cost	67			95
Short-term lease cost	8			6
Variable lease cost	25			30
Sublease income	(1		)	(1		)
Total lease cost	$	139		$	178

The assumptions used to value new leases for the periods presented were as follows:



	As of
	December 31, 2019		March 31, 2020
Weighted-average remaining lease term
Operating leases	16 years		15 years
Finance leases	2 years		2 years
Weighted-average discount rate
Operating leases	7.1	%	7.1	%
Finance leases	5.0	%	4.8	%

Maturities of lease liabilities were as follows (in millions):



	As of March 31, 2020
	Operating Leases			Finance Leases
Remainder of 2020	$	129		$	138
2021	264			137
2022	295			54
2023	253			—
2024	210			—
Thereafter	2,213			—
Total undiscounted lease payments	3,364			329
Less: imputed interest	(1,640		)	(14		)
Total lease liabilities	$	1,724		$	315

Maturities of lease liabilities were as follows (in millions):



	As of March 31, 2020
	Operating Leases			Finance Leases
Remainder of 2020	$	129		$	138
2021	264			137
2022	295			54
2023	253			—
2024	210			—
Thereafter	2,213			—
Total undiscounted lease payments	3,364			329
Less: imputed interest	(1,640		)	(14		)
Total lease liabilities	$	1,724		$	315

Future minimum payments related to the financing obligations as of March 31, 2020 are summarized below (in millions):