LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Composition of Lease Expense and Supplemental Cash Flows

The following table details the composition of lease expense for 2023, 2022, and 2021:

(in millions)	2023		2022		2021
Operating lease cost	$	155	$	165	$	149
Variable lease cost	128		90		51

The following table presents additional information about our lease obligations at year-end 2023 and 2022:

	2023				2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted Average Remaining Lease Term (in years)	13		10		13		11
Weighted Average Discount Rate	4.3	%	4.4	%	4.4	%	4.3	%

The following table presents supplemental cash flow information for 2023, 2022, and 2021:

(in millions)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	240	$	191	$	181
Lease assets obtained in exchange for lease obligations:
Operating leases	25		75		463

Maturities of Finance Lease Liabilities

The following table presents our future minimum lease payments at year-end 2023:

(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

Maturities of Operating Lease Liabilities

The following table presents our future minimum lease payments at year-end 2023:

(in millions)	Operating Leases		Finance Leases
2024	$	151	$	14
2025	147		14
2026	118		15
2027	81		15
2028	76		15
Thereafter	727		92
Total minimum lease payments	$	1,300	$	165
Less: Amount representing interest	308		34
Present value of minimum lease payments	$	992	$	131

Assets And Liabilities, Lessee

The following table presents the composition of our current and noncurrent lease liability at year-end 2023 and 2022:

(in millions)	December 31, 2023				December 31, 2022
	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Current (1)	$	105	$	8	$	106	$	8
Noncurrent (2)	887		123		1,034		131
	$	992	$	131	$	1,140	$	139

(1)Operating leases are recorded in the “Accrued expenses and other” and finance leases are recorded in the “Current portion of long-term debt” captions of our Balance Sheets.

(2)Operating leases are recorded in the “Operating lease liabilities” and finance leases are recorded in the “Long-term debt” captions of our Balance Sheets.