|
13. Leases
The following table presents components of lease cost included in general and administration expense on the consolidated statements of income:
|
(in millions) |
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Lease cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease cost(1) |
|
$ |
184 |
|
|
$ |
147 |
|
|
$ |
141 |
|
|
Variable lease cost(2) |
|
|
44 |
|
|
|
40 |
|
|
|
39 |
|
|
Total lease cost |
|
$ |
228 |
|
|
$ |
187 |
|
|
$ |
180 |
|
|
(1) |
Amounts include short-term leases, which are immaterial for 2021, 2020 and 2019. |
|
(2) |
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of ROU assets and operating lease liabilities. |
Supplemental information related to operating leases is summarized below:
|
(in millions) |
2021 |
|
|
2020 |
|
|
2019 |
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases included in the measurement of operating lease liabilities |
$ |
75 |
|
|
$ |
154 |
|
|
$ |
142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental noncash information: |
|
|
|
|
|
|
|
|
|
|
|
|
ROU assets in exchange for operating lease liabilities
in connection with the adoption of ASU 2016-02, "Leases" |
$ |
— |
|
|
$ |
— |
|
|
$ |
661 |
|
|
ROU assets in exchange for operating lease liabilities |
$ |
1,165 |
|
|
$ |
93 |
|
|
$ |
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
December 31, 2020 |
|
Lease term and discount rate: |
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term |
|
16 |
|
years |
|
8 |
|
years |
|
Weighted-average discount rate |
|
3 |
|
% |
|
3 |
|
% |
|
(in millions) |
|
|
|
|
|
Maturities of operating lease liabilities at December 31, 2021 |
|
Amount |
|
|
2022 |
|
$ |
144 |
|
|
2023 |
|
|
157 |
|
|
2024 |
|
|
158 |
|
|
2025 |
|
|
139 |
|
|
2026 |
|
|
129 |
|
|
Thereafter |
|
|
1,599 |
|
|
Total lease payments |
|
$ |
2,326 |
|
|
Less: imputed interest |
|
|
(454 |
) |
|
Present value of lease liabilities |
|
$ |
1,872 |
|
|