Lease liability amounts repayable

  
We recognize rent expense monthly on a straight-line basis for each respective operating lease, as a reduction to the right-of-use asset. We recognized $61 million, $46 million and $41 million of rent expense for office space as rent and occupancy expense in 2021, 2020, and 2019, respectively, and $24 million, $22 million and $21 million of rent expense for data center facilities as technology and communication expense in 2021, 2020, and 2019, respectively, within our consolidated income statement. We do not have any significant variable lease costs related to building and maintenance costs, real estate taxes, or other charges. Details of our lease asset and liability balances are as follows (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2021 |  | As of December 31, 2020 |  | As of January 1, 2019 |
| Right-of-use lease assets | $ | 278  |  |  | $ | 339  |  |  | $ | 287  |  |
|  |  |  |  |  |  |
| Current operating lease liability | 72  |  |  | 69  |  |  | 53  |  |
| Non-current operating lease liability | 252  |  |  | 320  |  |  | 281  |  |
| Total operating lease liability | $ | 324  |  |  | $ | 389  |  |  | $ | 334  |  |

  
As of December 31, 2021, we estimate that our operating lease liability will be recognized in the following years (in millions):

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| 2022 | $ | 82  |  |
| 2023 | 69  |  |
| 2024 | 65  |  |
| 2025 | 51  |  |
| 2026 | 31  |  |
| Thereafter  | 52  |  |
| Lease liability amounts repayable | $ | 350  |  |
| Interest costs | 26  |  |
| Total operating lease liability | $ | 324  |  |

  
Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  |  |
| Cash paid for amounts included in the measurement of operating lease liability | $ | 91  |  |  | $ | 72  |  |  |  |
| Right-of-use assets obtained in exchange for operating lease obligations | $ | 13  |  |  | $ | 117  |  |  |  |

Adoption of ASU 2016-13, Financial Instruments - Measurement of Credit Losses on Financial InstrumentsOn January 1, 2020, we adopted ASU 2016-13. This standard requires the application of a current expected credit loss, or CECL, impairment model to financial assets measured at amortized cost, including accounts receivable and certain off-balance-sheet credit exposures. The standard also amends the impairment model for available-for-sale debt securities requiring entities to record credit losses through an allowance account. The CECL model requires an entity to estimate its lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset.  
We adopted ASU 2016-13 using the modified retrospective approach through a cumulative-effect adjustment to retained earnings on January 1, 2020. ASU 2016-13 primarily impacted the calculation of our allowance for doubtful accounts on accounts receivable utilizing the expected credit losses model. We do not currently hold available-for-sale debt securities, off-balance-sheet credit exposures, or other material financial assets impacted by the standard, besides those mentioned below.   
We consider our material financial assets within scope, including our cash equivalents, short-term and long-term restricted cash equivalents as well as our clearing members' cash equivalent and reverse repurchase receivables, and determined that such assets have a de minimis risk of credit loss. We invest our cash and clearing members' cash by placing it in highly-rated government securities, primarily U.S. Treasury securities and other sovereign debt with original maturities of less than three months which we consider to be cash equivalents, or into reverse repurchase agreements, referred to as reverse repos, with primarily overnight maturities. Reverse repos are valued daily and are subject to collateral maintenance provisions whereby the counterparty must provide additional collateral if the value of the underlying 101
