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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company leases office space throughout the United States under operating and short-term lease agreements. These lease agreements have terms not exceeding 11 years and some contain multi-year renewal options or early termination options that are not considered reasonably certain of exercise except as discussed below. The Company also leases equipment under immaterial finance lease agreements. Components of lease costs for the years ended the December 31, 2023, 2022, and 2021, are as follows (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 11 |  |  | $ | 11 |  |  | $ | 12 |
Variable lease cost | 1 |  |  | — |  |  | 1 |
Short-term lease cost | 1 |  |  | 1 |  |  | — |
Sublease income | (2) |  |  | (1) |  |  | (1) |
Net lease cost | $ | 11 |  |  | $ | 11 |  |  | $ | 12 |
The following table present supplemental lease information (in millions):
December 31, | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of operating lease liabilities | $ | (14) |  |  | $ | (11) |  |  | $ | (10) |
Right-of-use assets obtained in exchange for new or acquired lease liabilities | $ | 1 |  |  | $ | 5 |  |  | $ | — |
In May 2023, the Company amended its Tempe, Arizona office lease to partially terminate the Company’s obligation with respect to a portion of the leased premises (“Partial Lease Termination”). The Partial Lease Termination resulted in a decrease of undiscounted, future lease payments of $19 million. As a result of the Partial Lease Termination, the Company remeasured its operating lease liabilities and recorded a decrease of $10 million to reflect the reduced lease payments and termination penalties. The Company also recorded a decrease to right-of-use assets of $9 million based on the proportionate decrease in the right-of-use asset, which resulted in a gain of $1 million recognized in general and administrative expense on the consolidated statements of operations for the year ended December 31, 2023. For the year ended December 31, 2022, the Company signed a new lease that resulted in an increase to the right-of-use asset in the amount of $5 million and an increase in operating lease liabilities in the amount of $5 million. There were no material lease modifications in the year ended December 31, 2022. In January 2021, the Company terminated the San Francisco lease prior to the anticipated termination date of September 30, 2021, which resulted in a $5 million gain recognized for the year ended December 31, 2021. There were no other material lease modifications for the year ended December 31, 2021. The weighted average lease term and the weighted average discount rate are as follows:
December 31, | 2023 |  | 2022
Weighted average remaining lease term for operating leases (in years) | 5.8 |  | 6.6
Weighted average discount rate for operating leases | 11.8 | % |  | 9.9 | %
Maturity of operating lease liabilities as of December 31, 2023 are as follows (in millions):
2024 | $ | 8 |
2025 | 5 |
2026 | 4 |
2027 | 4 |
2028 | 5 |
Thereafter | 8 |
Total undiscounted future cash flows | $ | 34 |
Less: Imputed interest | 10 |
Total lease liabilities | $ | 24 |

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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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