Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease, Cost [Table Text Block] The table below presents information related to the lease costs for finance and operating leases (in millions):
Year Ended December 31,
2022 2021 2020
Operating lease cost $ 23  $ 22  $ 30 
Short-term lease cost $ 13  $ 13  $ 14 
Finance lease cost:
Amortization of right-of-use assets $ 5  $ 4  $ 3 
Interest on lease liabilities 1  —  — 
Total finance lease cost $ 6  $ 4  $ 3 
Leases, Assets and Liabilities [Table Text Block]
The table below presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets:
As of December 31,
Balance Sheet Classification 2022 2021
Operating Leases (in millions):
Operating lease right-of-use assets Other assets $ 62  $ 79 
Operating lease liabilities Accrued expenses and other liabilities $ 111  $ 136 
Finance Leases (in millions):
Finance lease assets (a)
Property and equipment, net $ 12  $ 10 
Finance lease liabilities Debt $ 11  $ 9 
Weighted Average Remaining Lease Term:
Operating leases 5.6 years 6.4 years
Finance leases 2.7 years 2.6 years
Weighted Average Discount Rate:
Operating leases (b)
5.9  % 5.8  %
Finance leases 5.4  % 4.4  %
(a)Presented net of accumulated depreciation.
(b)Upon adoption of the lease standard, discount rates used for existing leases were established at January 1, 2019.
Leases, Cash Flow Presentation [Table Text Block] The table below presents supplemental cash flow information related to leases (in millions):
Year Ended December 31,
2022 2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases $ 32  $ 36  $ 36 
Operating cash outflows from finance leases 1  —  — 
Financing cash outflows from finance leases 6  4  4 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 2  $ 7  $ 3 
Finance leases 8  6  6 
Leases, Liability Maturity [Table Text Block] The table below presents maturities of lease liabilities as of December 31, 2022 (in millions):
Operating Leases Finance
Leases
2023 $ 31  $ 6 
2024 29  4 
2025 24  2 
2026 14  1 
2027 13  — 
Thereafter 21  — 
Total minimum lease payments 132  13 
Less: amount of lease payments representing interest (21) (2)
Present value of future minimum lease payments $ 111  $ 11