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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Schedule of Lease Income - Operating | The components of revenue from leases were as follows:
|  | Years ended December 31,
(In millions) |  | 2022 |  | 2021 |  | 2020
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,490 |  |  | $ | 1,538 |  |  | $ | 1,566 |
Lease income related to commercial rental (1) |  | 1,286 |  |  | 1,062 |  |  | 792 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 45 |  |  | $ | 48 |  |  | $ | 49 |
Variable lease income excluding commercial rental (1) |  | $ | 323 |  |  | $ | 312 |  |  | $ | 289 |
_______________ (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 25% of total commercial rental income.
Schedule of Lease Income - Sales Type | The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
(In millions) |  | 2022 |  | 2021
Net investment in the lease - lease payment receivable |  | $ | 598 |  |  | $ | 583 |
Net investment in the lease - unguaranteed residual value in assets |  | 43 |  |  | 47 |
|  | 641 |  |  | 630 |
Estimated loss allowance |  | (6) |  |  | (4) |
Total |  | $ | 635 |  |  | $ | 626 |
Schedule of Maturity of Sales-Type Lease Receivable | Maturities of sales-type lease receivables as of December 31, 2022 were as follows:
Years ending December 31 |  | (In millions) |  |
2023 |  | $ | 163 |  |  |
2024 |  | 148 |  |  |
2025 |  | 128 |  |  |
2026 |  | 111 |  |  |
2027 |  | 79 |  |  |
Thereafter |  | 111 |  |  |
Total undiscounted cash flows |  | 740 |  |  |
Present value of lease payments (recognized as lease receivables) |  | (598) |  |  |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 142 |  |  |
Schedule of Maturity of Operating Lease Payments | Operating lease payments expected to be received as of December 31, 2022 were as follows:
Years ending December 31 |  | (In millions) |  |
2023 |  | $ | 1,112 |  |  |
2024 |  | 842 |  |  |
2025 |  | 596 |  |  |
2026 |  | 376 |  |  |
2027 |  | 204 |  |  |
Thereafter |  | 148 |  |  |
Total undiscounted cash flows |  | $ | 3,278 |  |  |
Schedule of Lease Cost, Lease Term, and Discount Rate | The components of lease expense were as follows:
|  | Years ended December 31,
(In millions) |  | 2022 |  | 2021 |  | 2020
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 13 |  |  | $ | 14 |  |  | $ | 13 |
Interest on lease liabilities |  | 2 |  |  | 2 |  |  | 2 |
Operating lease cost |  | 199 |  |  | 98 |  |  | 92 |
Short-term lease and other |  | 10 |  |  | 9 |  |  | 8 |
Variable lease cost |  | 26 |  |  | 16 |  |  | 13 |
Sublease income |  | (39) |  |  | (27) |  |  | (27) |
Total lease cost |  | $ | 211 |  |  | $ | 112 |  |  | $ | 101 |
|  | December 31,
|  | 2022 |  | 2021
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 5 years
Finance |  | 4 years |  | 4 years
Weighted-average discount rate |  |  |  |
Operating |  | 4.0 | % |  | 2.7 | %
Finance |  | 4.4 | % |  | 4.4 | %
Schedule of Leases, Assets and Liabilities | Supplemental balance sheet information related to leases was as follows:
|  | December 31,
|  | 2022 |  | 2021
(In millions) |  | Operating |  | Finance |  | Operating |  | Finance
Noncurrent assets |  | $ | 715 |  |  | $ | 38 |  |  | $ | 341 |  |  | $ | 40 |
Current liabilities |  | 191 |  |  | 13 |  |  | 100 |  |  | 13 |
Noncurrent liabilities |  | 541 |  |  | 29 |  |  | 256 |  |  | 31 |
Schedule of Operating Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
(In millions) |  | Operating |  | Finance |  |
Years ending December 31 |  | Leases |  | Leases |  | Total
2023 |  | $ | 216 |  |  | $ | 14 |  |  | $ | 230 |
2024 |  | 177 |  |  | 12 |  |  | 189 |
2025 |  | 152 |  |  | 8 |  |  | 160 |
2026 |  | 112 |  |  | 5 |  |  | 117 |
2027 |  | 68 |  |  | 2 |  |  | 70 |
Thereafter |  | 79 |  |  | 5 |  |  | 84 |
Total lease payments |  | 804 |  |  | 46 |  |  | 850 |
Less: Imputed Interest |  | (72) |  |  | (4) |  |  | (76) |
Present value of lease liabilities |  | $ | 732 |  |  | $ | 42 |  |  | $ | 774 |
Schedule of Finance Lease Maturities | Maturities of operating and finance lease liabilities were as follows:
(In millions) |  | Operating |  | Finance |  |
Years ending December 31 |  | Leases |  | Leases |  | Total
2023 |  | $ | 216 |  |  | $ | 14 |  |  | $ | 230 |
2024 |  | 177 |  |  | 12 |  |  | 189 |
2025 |  | 152 |  |  | 8 |  |  | 160 |
2026 |  | 112 |  |  | 5 |  |  | 117 |
2027 |  | 68 |  |  | 2 |  |  | 70 |
Thereafter |  | 79 |  |  | 5 |  |  | 84 |
Total lease payments |  | 804 |  |  | 46 |  |  | 850 |
Less: Imputed Interest |  | (72) |  |  | (4) |  |  | (76) |
Present value of lease liabilities |  | $ | 732 |  |  | $ | 42 |  |  | $ | 774 |

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