Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lessee, Operating Leases

LEASES

The Company leases certain land, warehouses, office space, and production, office, and technology equipment, among other items. Most equipment is leased on a monthly basis. Many land, warehouse, and office space leases include renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. The depreciable life of assets and leasehold improvements is generally limited by the expected lease term. The Company's lease agreements do not generally contain material residual value guarantees, material restrictive covenants, or purchase options. The Company's lease portfolio consists primarily of operating leases.

The following table presents costs and other information related to the Company's leases:

	Year Ended December 31
($ in millions)	2022			2021			2020
Operating lease costs	$	69		$	53		$	55
Short-term operating lease costs	$	44		$	43		$	38
Variable operating lease costs	$	6		$	4		$	4
Operating cash flows from operating leases	$	(65)		$	(52)		$	(54)
Right-of-use assets obtained in exchange for new operating lease liabilities	$	111		$	97		$	61
Weighted-average remaining lease term (years) - operating leases	9 years			8 years			10 years
Weighted-average discount rate - operating leases	4.5		%	3.6		%	4.1		%

The undiscounted future non-cancellable lease payments under the Company's operating leases as of December 31, 2022, were as follows:

($ in millions)	December 31, 2022
2023	$	65
2024	57
2025	49
2026	37
2027	33
Thereafter	135
Total lease payments	376
Less: imputed interest	78
Present value of lease liabilities	$	298

Lease liabilities included in the Company's consolidated statements of financial position as of December 31, 2022 and 2021, were as follows:

	December 31
($ in millions)	2022		2021
Short-term operating lease liabilities	$	52	$	52
Long-term operating lease liabilities	246		194
Total operating lease liabilities	$	298	$	246