Leases

12 Months Ended

Dec. 31, 2023

9. Leases

The Company’s leases primarily relate to office space and equipment, with remaining lease terms of generally less than 1 year to 7 years. Certain lease arrangements contain extension options, which typically range from 1 to 7 years, at the then fair market rental rates. As of December 31, 2023 and 2022, operating lease ROU assets were $72 and $96, respectively, and corresponding lease liabilities were $91 and $111, respectively, which were included in “other assets,” and “payables and other liabilities,” respectively, on the consolidated balance sheets. The Company does not currently have any significant finance leases in which it is the lessee.

The table below summarizes the Company’s net lease cost:


	Year Ended December 31,
Net Lease Cost	2023		2022
Operating lease cost	$	21	$	26
Sublease income	(3)		(3)
Total net lease cost	$	18	$	23

The table below summarizes other information related to the Company’s operating leases:


	Year Ended December 31,
Operating Leases - Other Information	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19		$	23
Leased assets obtained in exchange for new operating lease liabilities	$	8		$	15
Weighted average remaining lease term - operating leases, in years	5.0			6.0
Weighted average discount rate - operating leases	4.6		%	3.8		%

Maturities of operating lease liabilities as of December 31, 2023 are as follows:


Year Ending December 31,	Operating Leases
2024	$	23
2025	20
2026	18
2027	16
2028	13
Thereafter	12
Total future minimum lease payments	102
Less: imputed interest	11
Total operating lease liabilities	$	91