v3.22.4
Property, Equipment and Right-of-Use Assets
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Equipment and Right-of-Use Assets Property, Equipment and Right-of-Use Assets
Property, equipment and right-of-use assets consisted of the following at December 31:
20222021
(in millions)
Building, building equipment and land$652 $615 
Equipment1,711 1,456 
Furniture and fixtures96 96 
Leasehold improvements376 371 
Operating lease right-of-use assets1,075 983 
Property, equipment and right-of-use assets3,910 3,521 
Less: Accumulated depreciation and amortization(1,904)(1,614)
Property, equipment and right-of-use assets, net$2,006 $1,907 
Depreciation and amortization expense for the above property, equipment and right-of-use assets was $473 million, $424 million and $400 million for 2022, 2021 and 2020, respectively.
Operating lease ROU assets and operating lease liabilities are recorded on the consolidated balance sheet as follows at December 31:
20222021
(in millions)
Balance sheet location
Property, equipment and right-of-use assets, net$679 $671 
Other current liabilities140 127 
Other liabilities630 645 
Operating lease amortization expense was $137 million, $122 million and $123 million for 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the weighted-average remaining lease term of operating leases was 8.4 years and 8.8 years and the weighted-average discount rate for operating leases was 2.5% and 2.6%, respectively.
The following table summarizes the maturity of the Company’s operating lease liabilities at December 31, 2022 based on lease term:
Operating Leases
(in millions)
2023$136 
2024135 
2025106 
202691 
202773 
Thereafter308 
Total operating lease payments849 
Less: Interest(79)
Present value of operating lease liabilities$770