Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.19.2
Leases
6 Months Ended
Jun. 29, 2019
Leases [Abstract]  
Leases Leases
The Company has entered into operating and finance leases for its corporate office, datacenters and research and development facilities and certain equipment. The leases expire at various dates through 2028, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year.
For the three and six months ended June 29, 2019, the Company recorded $13 million and $26 million of operating lease expense, respectively. For the three and six months ended June 29, 2019, the Company recorded $7 million and $13 million of variable lease expense, respectively. For the three and six months ended June 29, 2019, cash paid for operating leases included in operating cash flows was $13 million and $22 million, respectively. The Company's finance leases and short-term leases are immaterial.
 
June 29, 2019
 
(In millions)
Weighted-average remaining lease term – operating leases
7 years

Weighted-average discount rate – operating leases
6.12
%
Future minimum lease payments under non-cancellable operating lease liabilities are as follows:
 
June 29, 2019
 
(In millions)
2019 (6 months remaining)
$
26

2020
51

2021
45

2022
42

2023
38

Thereafter
105

        Total minimum lease payments
$
307

Less: interest
(58
)
        Present value of net minimum lease payments
249

Less: current portion
(38
)
        Total
$
211