Leases
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Leases
Note 27: Leases
Lessee
In the ordinary course of business, the Company enters leases primarily for property and equipment. The carrying amount and the related depreciation for the
right-of-use
assets for the years ending December 31, 2021 and 2020 were as follows:
 
  
  
Land, Buildings
and Building
Improvements
 
  
Computer
Equipment
(1)
 
  
Furniture, Fixtures
and Other
Equipment
 
  
Total
 
Year ended December 31, 2021
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Carrying amount
  
 
169
 
  
 
10
 
  
 
2
 
  
 
181
 
Depreciation
  
 
56
 
  
 
24
 
  
 
1
 
  
 
81
 
Year ended December 31, 2020
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Carrying amount
  
 
171
 
  
 
49
 
  
 
2
 
  
 
222
 
Depreciation
  
 
67
 
  
 
22
 
  
 
1
 
  
 
90
 
(1) The Company exited technology equipment leases which contributed to the decrease in the carrying amount in 2021.
Expenses
related to short-term leases were $3 million and $6 million and were recognized in the consolidated income statement for the years ending December 31, 2021 and 2020, respectively.
For the years ending December 31, 2021 and 2020, cash outflows for leases, which include payments of lease principal, interest, short-term and low value leases, were $122 million and $96 million, respectively. The 2021 amount includes $23 million to exit technology equipment leases.
 
 
The following table sets forth the Company’s future aggregate undiscounted
non-cancellable
lease payments over the lease term as well as its discounted lease liabilities as reported in the consolidated statement of financial position as of December 31, 2021 and 2020:
 
 
  
December 31,
 
     
  
  
2021
 
  
2020
 
Within 1
year
  
 
73
  
 
 92
 
Between 1
and 2
years
  
 
63
  
 
 76
 
Between 2
and 3
years
  
 
46
  
 
 49
 
Between 3
and 4
years
  
 
35
  
 
 39
 
Between 4
and 5
years
  
 
26
  
 
 29
 
Later than 5
years
  
 
45
  
 
 44
 
Total undiscounted cash flows
  
 
288
  
 
 329
 
Lease liabilities included in the consolidated statement of financial position
  
 
 

  
 
 
 
Current
  
 
64
  
 
 83
 
Non-current
  
 
197
  
 
 223
 
As of December 31
, 2021
and 2020
, the Company was committed to leases with future cash outflows totaling $106 million and $134 million, respectively, which had not yet commenced and therefore are not accounted for as a liability as of December 31
, 2021
and 2020
, respectively. A liability and corresponding
right-of-use
asset will be recognized for these leases at the lease commencement date.
With certain leases, the Company guarantees the restoration of the leased property to a specified condition after completion of the lease period. The liability associated with these restorations is recorded within “Provisions and other
non-current
liabilities” in the consolidated statement of financial position.
Lessor
The Company may act as a
sub-lessor
to recover costs associated with leased office space it no
longer requires for its business.
Operating lease income of nil and $20 million was recognized in the consolidated income statement for the years ending December 31
, 2021
and 2020
, respectively.
The Company is entitled to receive the following aggregate undiscounted payments for finance leases as of December 31
, 2021
and
2020: 
 
 
  
December 31,
 
  
  
2021
 
  
2020
 
Within 1
year
  
 
7
 
  
 
 8
 
Between 1
and 2
years
  
 
7
 
  
 
 7
 
Between 2
and 3
years
  
 
6
 
  
 
 7
 
Between 3
and 4
years
  
 
5
 
  
 
 7
 
Between 4
and 5
years
  
 
1
 
  
 
 5
 
Later than 5
years
  
 
1
 
  
 
 2
 
Total undiscounted lease payments to be received
  
 
27
 
  
 
 36
 
Unearned finance income
  
 
(2)
 
  
 
 (3)
 
Net investment in leases
  
 
25
 
  
 
 33