Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

10. LEASES

We have office space, warehouse facilities, vehicles, and equipment under non-cancelable operating leases with third parties. The leases have remaining lease terms of 1 to 20 years.

Rent expense charged to operations under operating leases during the years ended December 31, 2021, 2020, and 2019 was $29 million, $30 million, and $25 million, respectively. Common Area Maintenance and taxes for the years ended December 31, 2021, 2020, and 2019 was $5 million, $3 million , and $2 million respectively. Short-term lease expense and variable rent expense for the years ended December 31, 2021, 2020, and 2019 were not material. Our finance leases were not material as of December 31, 2021 and 2020.

The following table presents the lease balances within the consolidated balance sheets and other supplemental information related to our leases as of:

(In millions)	December 31, 2021			December 31, 2020
Operating Leases:
Operating lease right-of-use assets, net	$	137		$	117
Accrued expenses, other	22			22
Other liabilities	130			107
Total operating lease liabilities	$	152		$	129
Weighted-average remaining lease term:
Operating leases	9.2 years			8.1 years
Weighted-average discount rate:
Operating leases	3.3		%	3.5		%

The following table presents the maturities of our lease liabilities as of December 31, 2021:

(In millions)	Operating Leases
2022	$	27
2023	25
2024	20
2025	16
2026	14
Thereafter	75
Total minimum lease payments	177
Less: amount representing interest	(25)
Present value of net minimum lease payments	152
Less: current portion of lease obligations	(22)
Long-term lease obligations	$	130

As of December 31, 2021, we had additional operating leases that have not yet commenced which included the following:

Description	Commencing	Lease Term	Total Future Lease Payments
Office space	May 2022	20 years	$	72
Total			$	72

Leases

10. LEASES

We have office space, warehouse facilities, vehicles, and equipment under non-cancelable operating leases with third parties. The leases have remaining lease terms of 1 to 20 years.

Rent expense charged to operations under operating leases during the years ended December 31, 2021, 2020, and 2019 was $29 million, $30 million, and $25 million, respectively. Common Area Maintenance and taxes for the years ended December 31, 2021, 2020, and 2019 was $5 million, $3 million , and $2 million respectively. Short-term lease expense and variable rent expense for the years ended December 31, 2021, 2020, and 2019 were not material. Our finance leases were not material as of December 31, 2021 and 2020.

The following table presents the lease balances within the consolidated balance sheets and other supplemental information related to our leases as of:

(In millions)	December 31, 2021			December 31, 2020
Operating Leases:
Operating lease right-of-use assets, net	$	137		$	117
Accrued expenses, other	22			22
Other liabilities	130			107
Total operating lease liabilities	$	152		$	129
Weighted-average remaining lease term:
Operating leases	9.2 years			8.1 years
Weighted-average discount rate:
Operating leases	3.3		%	3.5		%

The following table presents the maturities of our lease liabilities as of December 31, 2021:

(In millions)	Operating Leases
2022	$	27
2023	25
2024	20
2025	16
2026	14
Thereafter	75
Total minimum lease payments	177
Less: amount representing interest	(25)
Present value of net minimum lease payments	152
Less: current portion of lease obligations	(22)
Long-term lease obligations	$	130

As of December 31, 2021, we had additional operating leases that have not yet commenced which included the following:

Description	Commencing	Lease Term	Total Future Lease Payments
Office space	May 2022	20 years	$	72
Total			$	72