Annual report pursuant to Section 13 and 15(d)

Leases

v3.24.1.1.u2
Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company leases its office facilities and warehouses under non-cancelable operating lease agreements that expire through 2042, including renewal options that are reasonably certain to be exercised.
Rent expense under operating leases was $27 million and $28 million and $25 million in twelve months ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 8.2 years and a weighted average discount rate of 7.0%.
Future lease payments for leases that have not yet commenced were $32 million as of December 31, 2023. Lease commencement will occur once the lessor substantially completes construction to make the underlying asset available for use.
As of December 31, 2023, future maturities of lease liabilities were as follows (in millions):
Operating
leases
Year ending December 31,
2024 $ 23 
2025 24 
2026 22 
2027 19 
2028 18 
Thereafter
58 
Total lease payments
164 
Less: imputed interest (42)
Total operating lease liabilities $ 122