LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Disclosures

Lease assets and liabilities recognized on our consolidated balance sheets were as follows:

		December 31,
(in millions)	Classification	2022		2023
Lease Right-of-use Assets
Operating lease assets	Other non-current assets	$	92	$	68
Lease Liabilities
Current operating lease liabilities	Other current liabilities	21		20
Non-current operating lease liabilities	Other non-current liabilities	127		89
Total lease liabilities		$	148	$	109

Schedule of Components of Lease Expense

Fixed operating lease costs primarily consist of monthly base rent amounts due. Variable operating lease costs primarily relate to common area maintenance, property taxes, insurance, and other operating expenses. The components of lease expense were as follows:

	Year Ended December 31,
(in millions)	2021		2022		2023
Fixed operating lease costs	$	24	$	33	$	21
Variable operating lease costs	6		7		7
Short-term lease costs	1		—		1
Total lease costs	$	31	$	40	$	29

Other information related to our operating leases was as follows:

	December 31,
	2022		2023
Weighted-average remaining lease term	7.59 years		6.57 years
Weighted-average discount rate	6.52	%	7.2	%

Cash flows related to leases were as follows:

	Year Ended December 31,
(in millions)	2021		2022		2023
Operating cash flows:
Payments for operating lease liabilities	$	6	$	23	$	39
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets(1)	$	97	$	32	$	(8)

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(1) For the years ended December 31, 2021 and 2022, lease liabilities arising from obtaining right-of-use assets primarily related to initial recognition of new leases during the respective years. For the year ended December 31, 2023, lease liabilities arising from obtaining right-of-use assets primarily related to a lease modification, partially offset by remeasurements resulting from reassessments of existing lease terms.

Schedule of Future Minimum Lease Payments

Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of December 31, 2023 are as follows:

(in millions)
2024	$	28
2025	28
2026	18
2027	15
2028	15
Thereafter	41
Total undiscounted lease payments	145
Less: imputed interest	(28)
Less: lease incentives	(1)
Less: leases executed but not yet commenced	(7)
Total lease liabilities	$	109