Alcoa records a right-of-use asset and lease liability for several types of operating leases, including land and buildings, plant equipment, vehicles, and computer equipment. The leases have remaining terms of less than one to 35 years. The discount rate applied to these leases is the Company’s incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments, unless there is a rate implicit in the lease agreement. The Company does not have material financing leases.

	Third quarter ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Fixed lease cost	$	16	$	16	$	39	$	54
Variable lease cost		3		4		13		9
Short-term lease cost		—		1		1		2

The weighted average lease term and weighted average discount rate as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022		December 31, 2021
Weighted average lease term for operating leases (years)		5.1		4.9
Weighted average discount rate for operating leases	5.3%		5.2%

The following represents the aggregate right-of use assets and related lease obligations recognized in the Consolidated Balance Sheet at:

	September 30, 2022		December 31, 2021
Properties, plants and equipment, net	$	85	$	97
Other current liabilities	$	30	$	35
Other noncurrent liabilities and deferred credits		55		64
Total operating lease liabilities	$	85	$	99

New leases of $9 and $18 were added during the third quarter and nine-month period of 2022, respectively.

The future cash flows related to the operating lease obligations as of September 30, 2022 were as follows:

2022 (excluding the nine months ended September 30, 2022)	$	10
2023		31
2024		19
2025		13
2026		10
Thereafter		22
Total lease payments (undiscounted)		105
Less: discount to net present value		(20	)
Total	$	85