Leases (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Lease Cost and Additional Information

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


	Three Months Ended March 31,
(In millions)		2023		2022
Lease Cost:
Operating lease cost (a)		$	80	$	90
Short-term lease cost		1		1
Variable lease cost		37		34
Sublease income		(4)		(5)
Net lease cost		$	114	$	120
Other information:
Operating cash outflows from operating leases		$	94	$	99
Right of use assets obtained in exchange for new operating lease liabilities		$	76	$	51
Weighted-average remaining lease term – real estate		8.4 years		8.7 years

Weighted-average discount rate – real estate leases		3.12%		2.75%

(a) Excludes ROU asset impairment charges.

Schedule of Future Minimum Lease Payments for Operating Leases

Future minimum lease payments for the Company’s operating leases as of March 31, 2023 are as follows:


(In millions)	Real Estate Leases
Remainder of 2023	$	274
2024	338
2025	308
2026	287
2027	250
2028	180
Subsequent years	667
Total future lease payments	2,304
Less: Imputed interest	(275)
Total	$	2,029
Current lease liabilities	$	306
Long-term lease liabilities	1,723
Total lease liabilities	$	2,029

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