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Leases
6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Leases

7) Leases

The Company has various operating leases for real estate and non-real estate items. Non-real estate leases are mainly comprised of automobiles, but also include office equipment and other lower-valued items. The Company does not have any finance leases. As most of the Company's leases do not provide an implicit rate, an incremental borrowing rate is used based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date.

The elements of lease expense were as follows:

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

2022

 

2021

 

Lease cost:

 

 

 

 

Operating lease

$

7

 

$

6

 

Short-term lease

 

1

 

 

1

 

Total lease cost

$

8

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

2022

 

2021

 

Lease cost:

 

 

 

 

Operating lease cost

$

14

 

$

14

 

Short-term lease

 

2

 

 

2

 

Total lease cost

$

16

 

$

16

 

 

 

The weighted average discount rate and the weighted average remaining lease term were 3.0% and 14.1 years, respectively, as of June 30, 2022. The weighted average discount rate and the weighted average remaining lease term were 2.9% and 14.6 years, respectively, as of June 30, 2021. Operating cash flows used for operating leases for the six months ended June 30, 2022 and 2021 were $12 in each period. Operating cash flows used for operating leases for the six months ended June 30, 2022 and 2021 were net of $1 and $8, respectively, in tenant improvement allowance receipts.

 

Future lease payments under non-cancelable leases as of June 30, 2022 are detailed as follows:

 

2022 (remaining)

 

$

12

 

2023

 

 

23

 

2024

 

 

20

 

2025

 

 

18

 

2026

 

 

15

 

Thereafter

 

 

158

 

Total lease payments

 

 

246

 

Less: imputed interest

 

 

48

 

Total operating lease liabilities

 

$

198

 

 

The remaining 2022 lease payment amount includes an immaterial amount of tenant improvement allowances. Amounts presented above do not include payments relating to immaterial leases excluded from the balance sheet, as these operating leases had terms of less than twelve months.