Leases (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Lease Cost and Additional Information

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


For the Years Ended December 31, (In millions, except weighted average data)	2023			2022
Lease Cost:
Operating lease cost (a)	$	324		$	343
Short-term lease cost	5			4
Variable lease cost	122			133
Sublease income	(11)			(17)
Net lease cost	$	440		$	463
Other information:
Operating cash outflows from operating leases	$	379		$	380
Right of use assets obtained in exchange for new operating lease liabilities	$	224		$	196
Weighted average remaining lease term – real estate	7.98 years			8.37 years

Weighted average discount rate – real estate leases	3.35		%	2.90		%

(a) Excludes ROU asset impairment charges.

Schedule of Future Minimum Lease Payments

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


(In millions)	Real Estate Leases
2024	$	372
2025	345
2026	319
2027	280
2028	199
Subsequent years	722
Total future lease payments	2,237
Less: imputed interest	(264)
Total	$	1,973
Current lease liabilities	$	312
Long-term lease liabilities	1,661
Total lease liabilities	$	1,973

Note: The above 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.