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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

NOTE 7. Leases:

Lease assets and liabilities are summarized as follows:

 

 

 

December 31.

 

 

 

(in millions)

 

2022

 

 

2021

 

 

Classification

Assets

 

 

 

 

 

 

 

 

Operating lease assets

 

$

248

 

 

$

249

 

 

Operating lease assets

Finance lease assets

 

 

3

 

 

 

2

 

 

Other assets

Total lease assets

 

$

251

 

 

$

251

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Operating lease liabilities

 

$

269

 

 

$

274

 

 

Operating lease liabilities

Finance lease liabilities

 

 

3

 

 

 

3

 

 

Notes and contracts payable

Total lease liabilities

 

$

272

 

 

$

277

 

 

 

 

The components of lease expense are summarized as follows:

 

 

 

Year ended December 31.

 

 

 

(in millions)

 

2022

 

 

2021

 

 

2020

 

 

Classification

Operating lease cost

 

$

93

 

 

$

86

 

 

$

89

 

 

Other operating expenses

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

Amortization of lease assets

 

 

2

 

 

 

2

 

 

 

2

 

 

Depreciation and amortization

Variable lease cost

 

 

34

 

 

 

31

 

 

 

32

 

 

Other operating expenses

Short-term lease cost

 

 

3

 

 

 

2

 

 

 

1

 

 

Other operating expenses

Sublease income

 

 

(1

)

 

 

(3

)

 

 

(3

)

 

Information and other

Net lease cost

 

$

131

 

 

$

118

 

 

$

121

 

 

 

 

 

Future minimum lease payments under operating and finance leases with noncancelable lease terms, as of December 31, 2022, are summarized as follows:

 

(in millions)

 

Operating
Leases

 

 

Finance
Leases

 

 

Total

 

2023

 

$

86

 

 

$

1

 

 

$

87

 

2024

 

 

71

 

 

 

1

 

 

 

72

 

2025

 

 

55

 

 

 

1

 

 

 

56

 

2026

 

 

38

 

 

 

—

 

 

 

38

 

2027

 

 

21

 

 

 

—

 

 

 

21

 

Thereafter

 

 

17

 

 

 

—

 

 

 

17

 

Total lease payments

 

 

288

 

 

 

3

 

 

 

291

 

Interest

 

 

(19

)

 

 

—

 

 

 

(19

)

Present value of lease liabilities

 

$

269

 

 

$

3

 

 

$

272

 

 

Information related to lease terms and discount rates is summarized as follows:

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease terms (years):

 

 

 

 

 

 

Operating leases

 

 

4

 

 

 

4

 

Finance leases

 

 

2

 

 

 

2

 

Weighted-average discount rates:

 

 

 

 

 

 

Operating leases

 

 

3.34

%

 

 

3.40

%

Finance leases

 

 

3.23

%

 

 

3.96

%

 

Cash flow information related to lease liabilities is summarized as follows:

 

 

 

Year ended December 31,

 

(in millions)

 

2022

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

96

 

 

$

90

 

 

$

93

 

Financing cash flows from finance leases

 

$

2

 

 

$

2

 

 

$

2

 

Operating lease assets obtained in exchange for new operating lease liabilities

 

$

66

 

 

$

59

 

 

$

54

 

Finance lease assets obtained in exchange for new finance lease liabilities

 

$

3

 

 

$

—

 

 

$

1