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LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
The following table presents the carrying values of our leases and the classification on our Balance Sheet.
($ in millions)Balance Sheet ClassificationAt December 31, 2021At December 31, 2020
Operating lease assetsOther assets$96 $131 
Finance lease assetsProperty and equipment89 8 
$185 $139 
Operating lease liabilitiesAccrued liabilities$108 $138 
Finance lease liabilitiesDebt83 8 
$191 $146 
The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2021 and December 31, 2020.
($ in millions)Income Statement Classification20212020
Operating lease costMarketing and sales expense
General and administrative expense		$35 $36 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization5 5 
Interest on lease liabilitiesFinancing expense1 1 
Variable lease costMarketing and sales expense2 2 
$43 $44 
The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021.
($ in millions)Operating LeasesFinance LeasesTotal
2022$25 $7 $32 
202323 5 28 
202420 4 24 
202518 4 22 
202616 4 20 
Thereafter25 259 284 
Total lease payments127 283 410 
Less: Imputed interest(19)(200)(219)
$108 $83 $191 
Lease Term and Discount Rate
The following table presents additional information about our lease obligations.
At December 31, 2021At December 31, 2020
Weighted-average remaining lease term
Operating leases6.4 years19.1 years
Finance leases53.7 years3.0 years
Weighted-average discount rate
Operating leases5.8%5.8%
Finance leases5.3%3.9%
Other Information
The following table presents supplemental cash flow information for 2021 and 2020.
($ in millions)20212020
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases$1 $1 
Operating cash flows for operating leases$34 $41 
Financing cash flows for finance leases$5 $11 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$7 $27 
Finance leases(1)
$86 $7 
_________________________
(1)Includes the reclassification of certain lease components from operating lease to finance lease classification, attributable to the amendment of an existing lease.
Leases That Have Not Yet Commenced
During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expired in June 2021. During the second quarter of 2021, we amended our lease agreement with the developer/lessor and expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.
LEASES LEASES
The following table presents the carrying values of our leases and the classification on our Balance Sheet.
($ in millions)Balance Sheet ClassificationAt December 31, 2021At December 31, 2020
Operating lease assetsOther assets$96 $131 
Finance lease assetsProperty and equipment89 8 
$185 $139 
Operating lease liabilitiesAccrued liabilities$108 $138 
Finance lease liabilitiesDebt83 8 
$191 $146 
The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2021 and December 31, 2020.
($ in millions)Income Statement Classification20212020
Operating lease costMarketing and sales expense
General and administrative expense		$35 $36 
Finance lease cost
Amortization of right-of-use assetsDepreciation and amortization5 5 
Interest on lease liabilitiesFinancing expense1 1 
Variable lease costMarketing and sales expense2 2 
$43 $44 
The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021.
($ in millions)Operating LeasesFinance LeasesTotal
2022$25 $7 $32 
202323 5 28 
202420 4 24 
202518 4 22 
202616 4 20 
Thereafter25 259 284 
Total lease payments127 283 410 
Less: Imputed interest(19)(200)(219)
$108 $83 $191 
Lease Term and Discount Rate
The following table presents additional information about our lease obligations.
At December 31, 2021At December 31, 2020
Weighted-average remaining lease term
Operating leases6.4 years19.1 years
Finance leases53.7 years3.0 years
Weighted-average discount rate
Operating leases5.8%5.8%
Finance leases5.3%3.9%
Other Information
The following table presents supplemental cash flow information for 2021 and 2020.
($ in millions)20212020
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows for finance leases$1 $1 
Operating cash flows for operating leases$34 $41 
Financing cash flows for finance leases$5 $11 
Right-of-use assets obtained in exchange for lease obligations
Operating leases$7 $27 
Finance leases(1)
$86 $7 
_________________________
(1)Includes the reclassification of certain lease components from operating lease to finance lease classification, attributable to the amendment of an existing lease.
Leases That Have Not Yet Commenced
During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expired in June 2021. During the second quarter of 2021, we amended our lease agreement with the developer/lessor and expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.