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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 9. LEASES The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company’s discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company’s incremental secured borrowing rate commensurate with terms of the underlying lease. Supplemental information related to operating leases is as follows for the periods indicated: Year Ended December 31, (Dollars in thousands) 2022 2021 Lease expense incurred: Operating lease cost $ 28 $ 27 At December 31, (Dollars in millions) 2022 2021 Operating lease right of use assets $ 128 $ 139 Operating lease liabilities 147 158 Year Ended December 31, (Dollars in millions) 2022 2021 Operating cash flows from operating leases $ (20) $ (18) At December 31, 2022 2021 Weighted average remaining operating lease term 10.8 years 11.6 years Weighted average discount rate on operating leases 4.08 % 4.08 % Maturities of the existing lease liabilities are expected to occur as follows: (Dollars in thousands) 2023 $ 21 2024 21 2025 18 2026 16 2027 16 Thereafter 95 Undiscounted lease payments 187 Less: present value adjustment 40 Total operating lease liability $ 147

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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