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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES Our leasing activities predominantly consist of leasing office space that we occupy, which we have classified as operating leases. Our leases are comprised of fixed payments with remaining lease terms of 1 to 6 years. As of December 31, 2023, we have not included any options to extend or cancel in the calculation of our lease liability or ROU asset. We do not have any significant residual value guarantees or restrictive covenants in our leases. We recognized operating lease expense of $11 million, $15 million and $13 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the years ended December 31, 2023 and 2022, we recognized $6 million and $20 million, respectively, of lease impairment due to the closing of several offices. As of December 31, 2023 and 2022, the weighted average remaining lease term on our operating leases was 3.8 years and 4.4 years, respectively. Future minimum lease payments as of December 31, 2023 were as follows:
(in millions) | December 31, 2023 |
2024 | $ | 15 |  |
2025 | 13 |  |
2026 | 8 |  |
2027 | 7 |  |
2028 | 5 |  |
2029 and thereafter | — |  |
Total future minimum lease payments | $ | 48 |  |
Less: imputed interest | (4) |  |
Total operating lease liabilities | $ | 44 |  |
Current portion | 14 |  |
Non-current portion | 30 |  |

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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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