Leases

12 Months Ended

Dec. 31, 2022

Note 27: Leases

Lessee

In the ordinary course of business, the Company enters leases primarily for property and equipment. The carrying amount and the related depreciation for the

right-of-use

assets for the years ended December 31, 2022 and 2021 were as follows:



	Land, Buildings and Building Improvements		Computer Equipment		Furniture, Fixtures and Other Equipment		Total
Year ended December 31, 2022
Carrying amount		147		13		3		163
Depreciation		44		8		1		53
Year ended December 31, 2021
Carrying amount		169		10		2		181
Depreciation		56		24		1		81

For the years ended December 31, 2022 and 2021, cash outflows for leases, which include payments of lease principal, interest, short-term and low value leases, were $76 million and $122 million, respectively. The 2021 amount includes $23 million to exit technology equipment leases.

The following table sets forth the Company’s future aggregate undiscounted

non-cancellable

lease payments over the lease term as well as its discounted lease liabilities as reported in the consolidated statement of financial position as of December 31, 2022 and 2021:



	December 31,

	2022		2021
Within 1 year		68		73
Between 1 and 2 years		52		63
Between 2 and 3 years		40		46
Between 3 and 4 years		29		35
Between 4 and 5 years		21		26
Later than 5 years		53		45
Total undiscounted cash flows		263		288
Lease liabilities included in the consolidated statement of financial position
Current		56		64
Non-current		179		197

As of December 31, 2022 and 2021, the Company was committed to leases with future cash outflows totaling $67 million and $106 million, respectively, which had not yet commenced and therefore are not accounted for as a liability as of December 31, 2022 and 2021, respectively. A liability and corresponding

right-of-use

asset will be recognized for these leases at the lease commencement date.

With certain leases, the Company guarantees the restoration of the leased property to a specified condition after completion of the lease period. The liability associated with these restorations is recorded within “Provisions and other

non-current

liabilities” in the consolidated statement of financial position.

Lessor

The Company may act as a

sub-lessor

to recover costs associated with leased office space it no longer requires for its business. The net finance lease receivable was $24 million (2021 - $25 million), of which $7 million (2021 - $6 million) was current, as of December 31, 2022.