Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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)	2024			2023
Lease Cost:
Operating lease cost (a)	$	82		$	80
Short-term lease cost	1			1
Variable lease cost	26			37
Sublease income	(3)			(4)
Net lease cost	$	106		$	114
Other information:
Operating cash outflows from operating leases	$	93		$	94
Right of use assets obtained in exchange for new operating lease liabilities	$	36		$	76
Weighted average remaining lease term – real estate	7.8 years			8.4 years
Weighted average discount rate – real estate leases	3.44		%	3.12		%

(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, 2024 are as follows:

(In millions)	Real Estate Leases
2024 (excludes payments through March 31, 2024)	$	281
2025	349
2026	321
2027	283
2028	204
2029	158
Subsequent years	574
Total future lease payments	2,170
Less: Imputed interest	(260)
Total	$	1,910
Current lease liabilities	$	310
Long-term lease liabilities	1,600
Total lease liabilities	$	1,910

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.