Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases

Summary of components of lease expense

	Three Months Ended				Six Months Ended
Lease Cost	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Operating lease cost	$	15	$	13	$	29	$	26
Variable operating lease cost		7		7		14		15
Short term lease cost		1		1		2		2
Lease cost	$	23	$	21	$	45	$	43

Reconciliation of future undiscounted cash flows to the operating lease liabilities and the related ROU assets

Operating Leases		As of
(in millions)		June 30, 2021
2021 (Excluding the six months ended June 30, 2021)	$	27
2022		47
2023		37
2024		27
2025		19
Thereafter		65
Total future lease payments		222
Less imputed interest		25
Present value of future lease payments		197
Less current lease liabilities		45
Non-current operating lease liabilities	$	152
Operating lease assets	$	189

Summary of other lease information

	Three Months Ended				Six Months Ended
Other Information	June 30,				June 30,
($ in millions)	2021		2020		2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15	$	13	$	29		$	26
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	18	$	13	$	39		$	21
					As of			As of
					June 30, 2021			December 31, 2020
Weighted average remaining lease term:
Operating leases						6.9 years			5.5 years
Weighted average discount rate:
Operating leases						4.4	%		4.9	%