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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | NOTE 9 Leases Substantially all of the Company's operating lease right-of-use assets and operating lease liabilities represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration, although not necessarily for the same amount of space. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheets is as follows:
(in millions) |  |  | June 30, 2024 |  |  | December 31, 2023 |
Assets: |  |  |  |  |  |  |
Operating lease right-of-use assets | Operating lease assets |  | $ | 192 |  |  | $ | 199 |
Total assets |  |  |  | 192 |  |  |  | 199 |
Liabilities: |  |  |  |  |  |  |
Current operating lease liabilities | Accrued expenses and other liabilities |  |  | 45 |  |  |  | 45 |
Non-current operating lease liabilities | Operating lease liabilities |  |  | 180 |  |  |  | 179 |
Total liabilities |  |  | $ | 225 |  |  | $ | 224 |
As of June 30, 2024, the Company has entered into future lease agreements expected to commence later in 2024 consisting of undiscounted lease liabilities of $1 million. The components of lease cost for operating leases were as follows:
| Three months ended June 30, |  |  | Six months ended June 30, |
(in millions) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating leases: |  |  |  |  |  |  |  |  |  |  |
Lease cost | $ | 14 |  |  | $ | 14 |  |  | $ | 28 |  |  | $ | 29 |
Variable lease cost |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
Operating lease cost |  | 15 |  |  |  | 15 |  |  |  | 30 |  |  |  | 31 |
Sublease income |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Total lease cost net | $ | 15 |  |  | $ | 15 |  |  | $ | 29 |  |  | $ | 30 |
The weighted average remaining lease term and the weighted average discount rate for operating leases as of June 30, 2024 were:
Weighted average remaining lease term in years |  |  | 6.14 |
Weighted average discount rate |  |  | 3.66 | %
Maturities of the operating lease liabilities by fiscal year at June 30, 2024 for the Company's operating leases are as follows:
(in millions) |  | Operating leases |
2024 (Remainder) |  | $ | 24 |
2025 |  |  | 53 |
2026 |  |  | 43 |
2027 |  |  | 35 |
2028 |  |  | 27 |
Thereafter |  |  | 69 |
Total undiscounted lease payments |  |  | 251 |
Less: imputed interest |  |  | 26 |
Present value of lease payments |  | $ | 225 |
Supplemental cash flow information for operating leases is as follows:
| Three months ended June 30, |  |  | Six months ended June 30, |
(in millions) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in measurement of liabilities |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 15 |  |  | $ | 15 |  |  | $ | 30 |  |  | $ | 30 |
Right-of-use assets obtained in exchange for new operating liabilities | $ | 13 |  |  | $ | 6 |  |  | $ | 25 |  |  | $ | 10 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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