Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Additional information regarding real estate operating leases [Table Text Block]

Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:

(for the year ended December 31, in millions)	2021			2020
Lease cost
Operating leases	$	89		$	95
Short-term leases (1)	1			2
Lease expense	90			97
Less: sublease income (2)	—			—
Net lease cost	$	90		$	97
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	104		$	109
Right-of-use assets obtained in exchange for new lease liabilities	$	59		$	67
Weighted average discount rate	2.25		%	2.51		%
Weighted average remaining lease term	4.9 years			5.0 years

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(1) Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.

(2) Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.

Contractual maturities of lease liabilities [Table Text Block]

The following table presents the contractual maturities of the Company's lease liabilities:

(in millions)	Real Estate Lease Liability
2022	$	93
2023	78
2024	63
2025	43
2026	37
Thereafter	43
Total undiscounted lease payments	357
Less: present value adjustment	26
Operating lease liability	$	331