Lease Commitments

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease Commitments

Lease Commitments

The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):

As of December 31		2021		2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	786	$	911
Finance lease assets	Other non-current assets	63		89
Total lease assets		$	849	$	1,000
Liabilities
Current lease liabilities
Operating	Other current liabilities	$	194	$	204
Finance	Other current liabilities	19		30
Non-current lease liabilities
Operating	Non-current operating lease liabilities	772		897
Finance	Other non-current liabilities	46		65
Total lease liabilities		$	1,031	$	1,196

The components of lease costs are as follows (in millions):

	Years Ended December 31
	2021		2020
Operating lease cost	$	217	$	221
Finance lease costs
Amortization of leased assets	26		25
Interest on lease liabilities	1		3
Variable lease cost	49		48
Short-term lease cost (1)	11		10
Sublease income	(31)		(32)
Net lease cost	$	273	$	275

(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less.

Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:

As of December 31	2021		2020
Weighted average remaining lease term (years)
Operating leases	6.9		7.4
Finance leases	3.6		4.2
Weighted average discount rate
Operating leases	2.8	%	2.9	%
Finance leases	1.0	%	1.0	%

Other cash and non-cash related activities are as follows (in millions):

	Years Ended December 31
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	244	$	236
Financing cash flows for finance leases	$	23	$	12
Non-cash related activities
ROU assets obtained in exchange for new operating lease liabilities	$	44	$	146
ROU assets obtained in exchange for new finance lease liabilities	$	—	$	13
Operating lease ROU asset expense (1)	$	142	$	178
Changes in Non-current operating lease liabilities (1)	$	(125)	$	(47)

(1)The Company has recorded non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities through Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows.

Maturity analysis of operating and finance leases as of December 31, 2021 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2022	$	207	$	26	$	233
2023	175		20		195
2024	144		18		162
2025	121		10		131
2026	110		—		110
Thereafter	299		—		299
Total undiscounted future minimum lease payments	1,056		74		1,130
Less: Imputed interest	(90)		(9)		(99)
Present value of lease liabilities	$	966	$	65	$	1,031

Lease Commitments

Lease Commitments

The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):

As of December 31		2021		2020
Assets
Operating lease assets	Operating lease right-of-use assets	$	786	$	911
Finance lease assets	Other non-current assets	63		89
Total lease assets		$	849	$	1,000
Liabilities
Current lease liabilities
Operating	Other current liabilities	$	194	$	204
Finance	Other current liabilities	19		30
Non-current lease liabilities
Operating	Non-current operating lease liabilities	772		897
Finance	Other non-current liabilities	46		65
Total lease liabilities		$	1,031	$	1,196

The components of lease costs are as follows (in millions):

	Years Ended December 31
	2021		2020
Operating lease cost	$	217	$	221
Finance lease costs
Amortization of leased assets	26		25
Interest on lease liabilities	1		3
Variable lease cost	49		48
Short-term lease cost (1)	11		10
Sublease income	(31)		(32)
Net lease cost	$	273	$	275

(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less.

Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:

As of December 31	2021		2020
Weighted average remaining lease term (years)
Operating leases	6.9		7.4
Finance leases	3.6		4.2
Weighted average discount rate
Operating leases	2.8	%	2.9	%
Finance leases	1.0	%	1.0	%

Other cash and non-cash related activities are as follows (in millions):

	Years Ended December 31
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	244	$	236
Financing cash flows for finance leases	$	23	$	12
Non-cash related activities
ROU assets obtained in exchange for new operating lease liabilities	$	44	$	146
ROU assets obtained in exchange for new finance lease liabilities	$	—	$	13
Operating lease ROU asset expense (1)	$	142	$	178
Changes in Non-current operating lease liabilities (1)	$	(125)	$	(47)

(1)The Company has recorded non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities through Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows.

Maturity analysis of operating and finance leases as of December 31, 2021 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2022	$	207	$	26	$	233
2023	175		20		195
2024	144		18		162
2025	121		10		131
2026	110		—		110
Thereafter	299		—		299
Total undiscounted future minimum lease payments	1,056		74		1,130
Less: Imputed interest	(90)		(9)		(99)
Present value of lease liabilities	$	966	$	65	$	1,031