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Leases

12 Months Ended

Dec. 31, 2021

11.

LEASES

The Company leases land, buildings, cars and certain equipment (including IT equipment) which have remaining lease terms between less than one year and 47 years.

Operating and finance leases consisted of the following:

	December 31, 2022		December 31, 2021
Right-of-use assets
Operating leases		193		200
Finance Leases		55		—
Total right-of-use assets		248		200
Lease liabilities
Current		59		55
Operating leases		52		55
Finance Leases		7		—
Non-current		191		148
Operating leases		141		148
Finance Leases		50		—
Total lease liabilities		250		203

Maturities of operating lease liabilities are as follows:

	Operating Leases			Finance Leases			December 31, 2022
2023		57			8			65
2024		40			5			45
2025		27			5			32
2026		19			5			24
2027		12			28			40
Thereafter		86			23			109
Total future undiscounted cash outflows		241			74			315
Effect of discounting		(48	)		(17	)		(65	)
Total operating lease liabilities		193			57			250

Operating and finance lease terms and discount rates are as follows:

	December 31, 2022			December 31, 2021
Weighted average remaining lease term (in years) – operating leases		9.46			9.38
Weighted average remaining lease term (in years) – finance leases		9.89			—
Weighted average discount rate – operating lease		3.12	%		2.69	%
Weighted average discount rate – finance lease		3.86	%		—

Operating and finance lease cost and cash paid are as follows:

	2022		2021
Operating lease cost		62		68
Finance lease cost
Amortization of right-of-use assets		2		—
Interest		1		—
Operating lease cash paid		63		67
Finance lease cash paid		—		—

Right-of-use assets obtained in exchange for new operating lease liabilities are as follows:

	2022	2021
Operating leases	60	80
Finance leases	55	—