Lease liability
AccountingThe present value of future lease payments, recorded as a liability.
In plain terms
Frequently the largest single line on a retailer's or airline's balance sheet, and invisible before 2019.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Right-of-use asset
AccountingThe balance sheet asset representing the right to use a leased item over the lease term.
In plain terms
The other side of the lease liability. It is depreciated over the term, which is where the old rent expense went.