|9 Months Ended|
Sep. 30, 2023
The Company leases 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 $7 million in the three months ended September 30, 2023 and 2022 and $21 million in the nine months ended September 30, 2023 and 2022. As of September 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 8.3 years and a weighted average discount rate of 6.9%.
Future lease payments for leases that have not yet commenced were $32 million as of September 30, 2023. Lease commencement will occur once the lessor substantially completes construction to make the underlying asset available for use.
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef