Leases (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2022			2021
	(dollars in millions)
Operating leases:
Operating lease right-of-use assets(1)	$	662		$	694
Accounts payable, accrued expenses and other	112			140
Operating lease liabilities	832			870

Finance leases:
Property and equipment, net	$	33		$	33
Current maturities of long-term debt	38			50
Long-term debt	126			158

Weighted average remaining lease term:
Operating leases	11.3 years			11.0 years
Finance leases	6.1 years			7.0 years

Weighted average discount rate:
Operating leases	4.22		%	3.87		%
Finance leases	5.90		%	5.88		%

____________

(1)Operating lease ROU assets attributed to U.S. operations was $78 million and $37 million as of December 31, 2022 and 2021, respectively, and to operations outside the U.S. was $584 million and $657 million, respectively, most significantly in the U.K. and Germany.

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Operating lease expense for fixed payments	$	113	$	125	$	129
Finance lease expense:
Amortization of ROU assets	21		23		26
Fixed interest on lease liabilities	10		13		14
Variable lease expense(1)	139		35		17

____________

(1)Includes amounts related to variable rent expense for operating leases and variable interest expense for finance leases.

Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	157	$	187	$	149
Financing cash flows from finance leases	42		40		26
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating leases	135		45		33
Finance leases	21		17		20

Schedule of Future Minimum Lease Payments

Our future minimum lease payments as of December 31, 2022 were as follows:


	Operating Leases		Finance Leases
Year	(in millions)
2023	$	147	$	47
2024	127		34
2025	121		27
2026	112		25
2027	104		17
Thereafter	604		47
Total minimum lease payments	1,215		197
Less: imputed interest	(271)		(33)
Total lease liabilities	$	944	$	164