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LEASES

12 Months Ended

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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- References

No definition available.

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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

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