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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases LEASES
We have operating leases which are primarily real estate leases predominantly for our U.S. and European headquarters, data centers and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases:
LeasesBalance Sheet ClassificationDecember 31, 2022December 31, 2021
(in millions)
Assets:
Operating lease assetsOperating lease assets$444 $366 
Liabilities:
Current lease liabilitiesOther current liabilities$54 $37 
Non-current lease liabilitiesOperating lease liabilities452 386 
Total lease liabilities$506 $423 
The following table summarizes Nasdaq's lease cost:
Year Ended December 31,
202220212020
(in millions)
Operating lease cost$75 $85 $85 
Variable lease cost32 28 26 
Sublease income(3)(4)(4)
Total lease cost$104 $109 $107 
In the table above, operating lease costs include short-term lease cost, which was immaterial.
The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our Consolidated Balance Sheets.
December 31, 2022
(in millions)
2023$71 
202470 
202560 
202651 
202748 
2028+314 
Total lease payments614 
Less: interest(108)
Present value of lease liabilities$506 
In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $54 million.
Total lease payments in the table above exclude $51 million of legally binding minimum lease payments for leases signed but not yet commenced.
The following table provides information related to Nasdaq's lease term and discount rate:
December 31, 2022
Weighted-average remaining lease term (in years)10.5
Weighted-average discount rate3.6 %
The following table provides supplemental cash flow information related to Nasdaq's operating leases:
Year Ended December 31,
202220212020
(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities$66 $77 $77 
Lease assets obtained in exchange for operating lease liabilities$137 $45 $100