LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Cost

The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):

	2023		2022		2021
Operating lease costs	$	860	$	736	$	729
Finance lease costs:
Amortization of assets	$	119	$	112	$	97
Interest on lease liabilities	18		14		14
Total finance lease costs	137		126		111
Variable lease costs	279		270		246
Short-term lease costs	1,166		1,499		1,510
Total lease costs(1)	$	2,442	$	2,631	$	2,596

(1)    This table excludes sublease income for all periods presented as it was not material.

Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 is as follows (in millions):

	2023		2022
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases	$	835	$	705
Operating cash flows from finance leases	17		14
Financing cash flows from finance leases	126		149
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,278	$	879
Finance leases	$	209	$	122

Supplemental Balance Sheet

Supplemental information related to leases and location within our consolidated balance sheets as of December 31, 2023 and 2022 are as follows (in millions, except lease term and discount rate):

	2023			2022
Operating Leases:
Operating lease right-of-use assets	$	4,308		$	3,755
Current maturities of operating leases	$	709		$	621
Non-current operating leases	3,756			3,238
Total operating lease obligations	$	4,465		$	3,859
Finance Leases:
Property, plant and equipment, net	$	856		$	959
Current maturities of long-term debt, commercial paper and finance leases	$	104		$	92
Long-term debt and finance leases	368			298
Total finance lease obligations	$	472		$	390
Weighted average remaining lease term (in years):
Operating leases	10.8			10.8
Finance leases	7.4			8.4
Weighted average discount rate:
Operating leases	3.20		%	2.32		%
Finance leases	3.88		%	3.17		%

Finance Leases Maturity Schedule

Future payments for lease obligations as of December 31, 2023 are as follows (in millions):

	Finance Leases		Operating Leases
2024	$	119	$	819
2025	96		764
2026	70		657
2027	45		561
2028	40		415
Thereafter	185		2,106
Total lease payments	555		5,322
Less: Imputed interest	(83)		(857)
Total lease obligations	472		4,465
Less: Current obligations	(104)		(709)
Long-term lease obligations	$	368	$	3,756

Operating Leases Maturity Schedule

Future payments for lease obligations as of December 31, 2023 are as follows (in millions):

	Finance Leases		Operating Leases
2024	$	119	$	819
2025	96		764
2026	70		657
2027	45		561
2028	40		415
Thereafter	185		2,106
Total lease payments	555		5,322
Less: Imputed interest	(83)		(857)
Total lease obligations	472		4,465
Less: Current obligations	(104)		(709)
Long-term lease obligations	$	368	$	3,756