|
12. Leases
The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
(in millions) |
2022 |
|
|
2021 |
|
|
Lease cost: |
|
|
|
|
|
|
|
|
Operating lease cost(1) |
$ |
51 |
|
|
$ |
39 |
|
|
Variable lease cost(2) |
|
11 |
|
|
|
10 |
|
|
Total lease cost |
$ |
62 |
|
|
$ |
49 |
|
|
(1) |
Amounts include short-term leases, which are immaterial for the three months ended March 31, 2022 and 2021. |
|
(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 right-of-use (“ROU”) assets and operating lease liabilities. |
Supplemental information related to operating leases is summarized below:
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
(in millions) |
|
2022 |
|
|
2021 |
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases included in the measurement of operating lease liabilities |
|
$ |
41 |
|
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental noncash information: |
|
|
|
|
|
|
|
|
|
ROU assets in exchange for operating lease liabilities |
|
$ |
12 |
|
|
$ |
13 |
|
|
|
March 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
Lease term and discount rate: |
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining lease term |
|
16 |
|
years |
|
|
16 |
|
years |
|
Weighted-average discount rate |
|
3 |
|
% |
|
|
3 |
|
% |
|