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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Operating and Finance Lease Assets and Liabilities are Included on Consolidated Balance Sheet

Operating and finance lease assets and liabilities are included on our consolidated balance sheet as follows for the periods presented:

 

 

 

 

December 31,

 

 

December 31,

 

 

Presentation on Consolidated Balance Sheet

 

2022

 

 

2021

 

 

 

 

 

(in millions)

 

Noncurrent Lease Assets:

 

 

 

 

 

 

 

 

Finance lease

 

Property and equipment, net

 

$

76

 

 

$

86

 

Operating lease

 

Operating lease right-of-use-assets

 

 

27

 

 

 

42

 

 

 

     Total lease assets

 

$

103

 

 

$

128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Lease Liabilities:

 

 

 

 

 

 

 

 

Finance lease

 

Accrued expenses and other current liabilities

 

$

6

 

 

$

6

 

Operating lease

 

Accrued expenses and other current liabilities

 

 

14

 

 

 

20

 

 

 

     Total current lease liabilities

 

 

20

 

 

 

26

 

 

 

 

 

 

 

 

 

 

Noncurrent Lease Liabilities:

 

 

 

 

 

 

 

 

Finance lease

 

Finance lease liability, net of current portion

 

 

58

 

 

 

65

 

Operating lease

 

Operating lease liabilities, net of current portion

 

 

15

 

 

 

29

 

 

 

     Total noncurrent lease liabilities

 

 

73

 

 

 

94

 

 

 

 

 

 

 

 

 

 

 

 

     Total lease liabilities

 

$

93

 

 

$

120

 

Components of Lease Expense

The components of lease expense were as follows for the periods presented:

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

(in millions)

 

Operating lease cost (1)

 

$

19

 

 

$

21

 

 

$

28

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets (2)

 

$

10

 

 

$

10

 

 

$

10

 

Interest on lease liabilities (3)

 

 

3

 

 

 

4

 

 

 

4

 

Total finance lease cost

 

$

13

 

 

$

14

 

 

$

14

 

Sublease income (1)

 

 

(9

)

 

 

(5

)

 

 

(3

)

Total lease cost, net

 

$

23

 

 

$

30

 

 

$

39

 

(1)
Operating lease costs, net of sublease income, are included within operating expenses in our consolidated statements of operations.
(2)
Amount is included in depreciation expense in our consolidated statements of operations.
(3)
Amount is included in interest expense in our consolidated statements of operations.
Additional Information Related to Leases

Additional information related to our leases is as follows for the periods presented:

 

 

Year ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Supplemental Cash Flows Information:

 

(in millions)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash outflows from operating leases

 

$

22

 

 

$

25

 

 

$

26

 

Operating cash outflows from finance lease

 

 

3

 

 

 

3

 

 

 

4

 

Financing cash outflows from finance lease

 

 

6

 

 

 

6

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

 

Operating leases

 

$

2

 

 

$

6

 

 

$

4

 

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Operating leases

 

2.5 years

 

 

3.0 years

 

Finance lease

 

8.0 years

 

 

9.0 years

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

3.7

%

 

 

3.7

%

Finance lease

 

 

4.5

%

 

 

4.5

%

Summary of Future Lease Payments Under Non-Cancellable Leases

Future lease payments under non-cancelable leases as of December 31, 2022 were as follows:

Year Ending December 31,

 

Operating Leases

 

 

Finance Lease

 

 

 

(in millions)

 

2023

 

$

15

 

 

$

9

 

2024

 

 

9

 

 

 

9

 

2025

 

 

3

 

 

 

10

 

2026

 

 

2

 

 

 

10

 

2027

 

 

1

 

 

 

10

 

Thereafter

 

 

 

 

 

28

 

Total future lease payments

 

 

30

 

 

 

76

 

Less imputed interest

 

 

(1

)

 

 

(12

)

Total lease liabilities

 

$

29

 

 

$

64