Leases Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

14. 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 14 years. The remaining lease terms for the subleases are less than one year to seven years.

ROU Assets and Lease Liabilities

ROU assets and lease liabilities for operating leases were:

	December 31, 2023		December 31, 2022
	(In millions)
ROU assets	$	1,061	$	961
Lease liabilities	$	1,231	$	1,147

Lease Costs

The components of operating lease costs were as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Operating lease cost	$	244	$	246	$	271
Variable lease cost	$	52	$	45	$	32
Sublease income	$	(95)	$	(103)	$	(99)
Net lease cost	$	201	$	188	$	204

The Company recognized lease ROU asset impairment charges of $5 million, $10 million, and $29 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Other Information

Supplemental other information related to operating leases was as follows:

	December 31, 2023			December 31, 2022
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liability - operating cash flows	$	253		$	249
ROU assets obtained in exchange for new lease liabilities	$	242		$	58
Weighted-average remaining lease term	8 years			6 years
Weighted-average discount rate	4.4		%	3.5		%

Maturities of Lease Liabilities

Maturities of operating lease liabilities were as follows:

	December 31, 2023
	(In millions)
2024	$	246
2025	225
2026	203
2027	168
2028	121
Thereafter	526
Total undiscounted cash flows	1,489
Less: interest	258
Present value of lease liability	$	1,231

See Notes 11 and 16 for information about the Company’s investments in leased real estate and financing lease obligations.