Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

LEASES

We have operating leases which are primarily real estate leases predominantly for our U.S. and European headquarters, data centers and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases:

Leases	Balance Sheet Classification	March 31, 2022		December 31, 2021
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	470	$	366
Liabilities:
Current lease liabilities	Other current liabilities	$	58	$	37
Non-current lease liabilities	Operating lease liabilities	478		386
Total lease liabilities		$	536	$	423

The following table summarizes Nasdaq's lease cost:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating lease cost	$	20	$	22
Variable lease cost	8		7
Sublease income	(1)		(1)
Total lease cost	$	27	$	28

In the table above, operating lease costs include short-term lease cost, which was immaterial.

The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our Condensed Consolidated Balance Sheets.

	March 31, 2022
	(in millions)
Remainder of 2022	$	57
2023	71
2024	66
2025	52
2026	48
2027+	358
Total lease payments	652
Less: interest	(116)
Present value of lease liabilities	$	536

In the table above, interest is calculated using the interest rate for each lease. Present value of lease liabilities include the current portion of $58 million.

Total lease payments in the table above exclude $44 million of legally binding minimum lease payments for lease signed but not yet commenced.

The following table provides information related to Nasdaq's lease term and discount rate:

	March 31, 2022
Weighted-average remaining lease term (in years)	11.0
Weighted-average discount rate	3.5	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	9	$	19
Lease assets obtained in exchange for operating lease liabilities	$	118	$	33