Leases (Table)

9 Months Ended

Sep. 30, 2023

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:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2023			2022				2023			2022
Lease cost
Operating leases	$	19		$	19			$	57		$	61
Short-term leases (1)	1			1				2			2

Lease expense	20			20				59			63
Less: sublease income (2)	—			—				—			—
Net lease cost	$	20		$	20			$	59		$	63
Other information on operating leases

Cash payments to settle a lease liability reported in cash flows	$	22		$	23			$	65		$	71
Right-of-use assets obtained in exchange for new lease liabilities	$	12		$	14			$	25		$	21
Weighted average discount rate	2.64		%	2.33		%		2.64		%	2.33		%
Weighted average remaining lease term	4.2 years			4.5 years				4.2 years			4.5 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.