Leases Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Leases

11. Leases

The Company, as lessee, has entered into various lease and sublease agreements primarily for office space. The Company has operating leases with remaining lease terms of less than one year to 13 years. The remaining lease terms for the subleases are less than one year to 9 years.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities for operating leases were:

	December 31, 2021		December 31, 2020
	(In millions)
ROU assets	$	1,110	$	1,314
Lease liabilities	$	1,295	$	1,470

Lease Costs

The components of operating lease costs were as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(In millions)
Operating lease cost	$	271	$	286	$	282
Variable lease cost	$	32	$	39	$	49
Sublease income	$	(99)	$	(99)	$	(89)
Net lease cost	$	204	$	226	$	242

The Company recognized lease ROU asset impairment charges of $29 million, $0, and $19 million for the years ended December 31, 2021, 2020 and 2019, respectively. See Note 17 for further information on the 2019 impairment charges recorded as part of restructuring charges.

Other Information

Supplemental other information related to operating leases was as follows:

	December 31, 2021			December 31, 2020
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows	$	273		$	289
ROU assets obtained in exchange for new lease liabilities	$	63		$	70
Weighted-average remaining lease term	7 years			8 years
Weighted-average discount rate	3.4		%	3.4		%

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:

	December 31, 2021
	(In millions)
2022	$	250
2023	231
2024	209
2025	195
2026	179
Thereafter	379
Total undiscounted cash flows	1,443
Less: interest	148
Present value of lease liability	$	1,295

See Notes 8 and 13 for information about the Company’s investments in leased real estate, leveraged and direct financing leases, and financing lease obligations.