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LEASES | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | LEASES Right-of-use assets and lease liabilities associated with the Company’s operating leases are included in the Consolidated Balance Sheet as of December 31, 2022 and 2021 as follows:
(in millions) | 2022 |  | 2021
Right-of-use assets included in: |  |  |
Other non-current assets | $ | 221 |  |  | $ | 247 |
Lease liabilities included in: |  |  |
Accrued and other current liabilities | $ | 50 |  |  | $ | 50 |
Other non-current liabilities | 184 |  |  | 214 |
Total lease liabilities | $ | 234 |  |  | $ | 264 |
As of December 31, 2022, 2021 and 2020 the Company’s finance leases were not material and for the years 2022, 2021 and 2020 sub-lease income and short-term lease expense were not material. Lease expense for the years 2022, 2021 and 2020 include:
(in millions) | 2022 |  | 2021 |  | 2020
Operating lease costs | $ | 62 |  |  | $ | 67 |  |  | $ | 65 |
Variable operating lease costs | $ | 15 |  |  | $ | 12 |  |  | $ | 12 |
Other information related to operating leases for 2022, 2021 and 2020 is as follows:
(dollars in millions) | 2022 |  | 2021 |  | 2020
Cash paid from operating cash flows for amounts included in the measurement of lease liabilities | $ | 70 |  |  | $ | 76 |  |  | $ | 74 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 28 |  |  | $ | 46 |  |  | $ | 39 |
Weighted-average remaining lease term | 6.4 years |  | 7.2 years |  | 7.6 years
Weighted-average discount rate | 6.5 | % |  | 6.1 | % |  | 6.2 | %
As of December 31, 2022, future payments under noncancelable operating leases for each of the five succeeding years ending December 31 and thereafter are as follows:
(in millions) |  |
2023 |  | $ | 63 |
2024 |  | 49 |
2025 |  | 42 |
2026 |  | 36 |
2027 |  | 34 |
Thereafter |  | 63 |
Total |  | 287 |
Less: Imputed interest |  | 53 |
Present value of remaining lease payments |  | 234 |
Less: Current portion |  | 50 |
Non-current portion |  | $ | 184 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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