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LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Cost
The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were:
(in millions)202320222021
Operating lease cost$127 $124 $112 
Finance lease cost
Amortization of right-of-use assets6 6 6 
Interest on lease liabilities5 5 5 
Variable lease cost63 62 52 
Lease cost$201 $197 $175 
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021:
(in millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$154 $141 $123 
Operating cash flows from finance leases5 5 5 
Financing cash flows from finance leases4 4 4 
Right-of-use operating lease assets obtained in exchange for lease obligations90 73 71 
Right-of-use finance lease assets obtained in exchange for lease obligations15 3 4 
Lease term and discount rates as of December 31, 2023 and 2022 were:
December 31, 2023December 31, 2022
Weighted-average remaining lease term (years)
Operating leases77
Finance leases1011
Weighted-average discount rate
Operating leases3.0 %2.7 %
Finance leases9.1 %9.5 %
Supplemental Balance Sheet Information Related To Leases
Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 include:
(in millions)20232022
Operating leases
Operating lease right-of-use assets$524 $541 
Accrued expenses and other current liabilities$128 $120 
Operating lease liabilities438 447 
Total operating lease liabilities$566 $567 
Finance leases
Property, plant and equipment, at cost$91 $82 
Accumulated depreciation(39)(34)
Property, plant and equipment, net$52 $48 
Current maturities of long-term debt and finance lease obligations$3 $2 
Long-term debt and finance lease obligations66 62 
Total finance lease liabilities$69 $64 
Maturities of Operating Lease Liabilities
Maturities of operating and finance lease liabilities as of December 31, 2023 were:
(in millions)Finance LeasesOperating Leases
2024$11 $143 
202511 115 
202611 94 
202710 76 
202810 55 
Thereafter63 139 
Total minimum lease payments116 622 
Less: imputed interest(47)(56)
Present value of lease liabilities$69 $566 
Maturities of Finance Lease Liabilities
Maturities of operating and finance lease liabilities as of December 31, 2023 were:
(in millions)Finance LeasesOperating Leases
2024$11 $143 
202511 115 
202611 94 
202710 76 
202810 55 
Thereafter63 139 
Total minimum lease payments116 622 
Less: imputed interest(47)(56)
Present value of lease liabilities$69 $566 
Components of Lease Revenue
The components of lease revenue for the years ended December 31, 2023, 2022 and 2021 were:
(in millions)202320222021
Sales-type lease revenue$10 $15 $27 
Operating lease revenue518 513 135 
Variable lease revenue53 54 79 
Total lease revenue$581 $582 $241 
Components of Net Investment In Sales-Type Leases
The components of our net investment in sales-type leases as of December 31, 2023 and 2022 were:
(in millions)20232022
Minimum lease payments$71 $87 
Unguaranteed residual values— 1 
Net investment in leases $71 $88 
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets as of December 31, 2023 and 2022:
(in millions)20232022
Accounts receivable, net$31 $35 
Other non-current assets40 53 
Total$71 $88 
Maturities of Sales-Type Leases
Maturities of sales-type and operating leases as of December 31, 2023 were:
(in millions)
Sales-type Leases1
Operating Leases
2024$34 $80 
202518 75 
20269 55 
20274 39 
20283 11 
Thereafter3 — 
Total minimum lease payments$71 $260 
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2023
Maturities of Operating Leases
Maturities of sales-type and operating leases as of December 31, 2023 were:
(in millions)
Sales-type Leases1
Operating Leases
2024$34 $80 
202518 75 
20269 55 
20274 39 
20283 11 
Thereafter3 — 
Total minimum lease payments$71 $260 
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2023