Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease Cost and Additional Information

The following table provides additional information about the Company’s property leases:

	Three Months Ended March 31,
(In millions)	2022		2021
Lease Cost:
Operating lease cost(a)	$	90	$	94
Short-term lease cost	1		1
Variable lease cost	34		37
Sublease income	(5)		(8)
Net lease cost	$	120	$	124
Other information:
Operating cash outflows from operating leases	$	99	$	99
Right of use assets obtained in exchange for new operating lease liabilities	$	51	$	22
Weighted-average remaining lease term – real estate	8.7 years		8.3 years
Weighted-average discount rate – real estate leases	2.75%		2.93%

(a) Excludes ROU asset impairment charges.

Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for the Company’s operating leases as of March 31, 2022 are as follows:

Payment Dates (In millions)	Real Estate Leases
Remainder of 2022	$	290
2023	356
2024	314
2025	282
2026	258
2027	223
Subsequent years	710
Total future lease payments	2,433
Less: Imputed interest	(271)
Total	$	2,162
Current lease liabilities	$	331
Long-term lease liabilities	1,831
Total lease liabilities	$	2,162

Note: Table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a ROU asset or liability in the consolidated balance sheets.