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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES Right-of-use assets and lease liabilities associated with the Company’s operating leases are included in the Consolidated Balance Sheets as of December 31, 2023 and 2022 as follows:
(in millions) | 2023 |  | 2022
Right-of-use assets included in: |  |  |
Other non-current assets | $ | 185 |  |  | $ | 221 |
Lease liabilities included in: |  |  |
Accrued and other current liabilities | $ | 61 |  |  | $ | 50 |
Other non-current liabilities | 148 |  |  | 184 |
Total lease liabilities | $ | 209 |  |  | $ | 234 |
As of December 31, 2023, 2022 and 2021 the Company’s finance leases were not material and for the years 2023, 2022 and 2021, sub-lease income and short-term lease expense were not material. In December 2023, the Company exercised an option to early terminate the lease period for an office building in Bridgewater, New Jersey. As a result, the Company recognized a net charge of $12 million, representing adjustment to the lease liability to reduce it to the amount related to the remaining lease term, write-off of the right-of-use asset and a charge for a required termination payment. Lease expense for the years 2023, 2022 and 2021 include:
(in millions) | 2023 |  | 2022 |  | 2021
Operating lease costs | $ | 65 |  |  | $ | 62 |  |  | $ | 67 |
Variable operating lease costs | $ | 16 |  |  | $ | 15 |  |  | $ | 12 |
Other information related to operating leases for 2023, 2022 and 2021 is as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Cash paid from operating cash flows for amounts included in the measurement of lease liabilities | $ | 73 |  |  | $ | 70 |  |  | $ | 76 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 27 |  |  | $ | 28 |  |  | $ | 46 |
Weighted-average remaining lease term | 5.5 years |  | 6.4 years |  | 7.2 years
Weighted-average discount rate | 7.1 | % |  | 6.5 | % |  | 6.1 | %
As of December 31, 2023, future payments under noncancelable operating leases for each of the five succeeding years ending December 31 and thereafter are as follows:
(in millions) |  |
2024 |  | $ | 74 |
2025 |  | 54 |
2026 |  | 35 |
2027 |  | 29 |
2028 |  | 20 |
Thereafter |  | 39 |
Total |  | 251 |
Less: Imputed interest |  | 42 |
Present value of remaining lease payments |  | 209 |
Less: Current portion |  | 61 |
Non-current portion |  | $ | 148 |

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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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