Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidated Balance Sheet

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheet is as follows:

(in millions)		March 31, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	Operating lease assets	$	197	$	199
Total assets			197		199
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		45		45
Non-current operating lease liabilities	Operating lease liabilities		178		179
Total liabilities		$	223	$	224

Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases for the three months ended March 31, 2024 and 2023 were:

	Three months ended March 31,
(in millions)	2024		2023
Operating leases:
Lease cost	$	14	$	14
Variable lease cost		1		1
Total lease cost net	$	15	$	15

Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases

The weighted average remaining lease term and the weighted average discount rate for operating leases as of March 31, 2024 were:

Weighted average remaining lease term in years	6.00
Weighted average discount rate	3.55	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at March 31, 2024 for the Company's operating leases are as follows:

(in millions)	Operating leases
2024 (Remainder)	$	38
2025		51
2026		41
2027		34
2028		26
Thereafter		58
Total undiscounted lease payments		248
Less: imputed interest		25
Present value of lease payments	$	223

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases for the three months ended March 31, 2024 and 2023:

	Three months ended March 31,
(in millions)	2024		2023
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	15	$	15
Right-of-use assets obtained in exchange for new operating liabilities	$	11	$	4