LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Cost

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows (in millions):

	2024		2023
Operating lease costs	$	231	$	207
Finance lease costs:
Amortization of assets	35		29
Interest on lease liabilities	5		4
Total finance lease costs	40		33
Variable lease costs	76		72
Short-term lease costs	199		277
Total lease costs(1)	$	546	$	589
(1) This table excludes sublease income as it was not material for the three months ended March 31, 2024 or 2023.

Supplemental cash flow information related to leases is as follows (in millions):

	Three Months Ended  March 31,
	2024		2023
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases	$	227	$	212
Operating cash flows from finance leases	3		1
Financing cash flows from finance leases	26		48
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	151	$	498
Finance leases	$	14	$	30

Supplemental Balance Sheet

Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate):

	March 31, 2024			December 31, 2023
Operating Leases:
Operating lease right-of-use assets	$	4,223		$	4,308
Current maturities of operating leases	$	694		$	709
Non-current operating leases	3,690			3,756
Total operating lease obligations	$	4,384		$	4,465
Finance Leases:
Property, plant and equipment, net	$	727		$	856
Current maturities of long-term debt, commercial paper and finance leases	$	108		$	104
Long-term debt and finance leases	352			368
Total finance lease obligations	$	460		$	472
Weighted average remaining lease term (in years):
Operating leases	10.7			10.8
Finance leases	7.2			7.4
Weighted average discount rate:
Operating leases	3.30		%	3.20		%
Finance leases	3.91		%	3.88		%

Operating Leases Maturity Schedule

Maturities of lease obligations as of March 31, 2024 were as follows (in millions):

	Finance Leases		Operating Leases
2024	$	101	$	609
2025	102		807
2026	77		697
2027	47		596
2028	41		449
Thereafter	173		2,102
Total lease payments	541		5,260
Less: Imputed interest	(81)		(876)
Total lease obligations	460		4,384
Less: Current obligations	(108)		(694)
Long-term lease obligations	$	352	$	3,690

Finance Leases Maturity Schedule

Maturities of lease obligations as of March 31, 2024 were as follows (in millions):

	Finance Leases		Operating Leases
2024	$	101	$	609
2025	102		807
2026	77		697
2027	47		596
2028	41		449
Thereafter	173		2,102
Total lease payments	541		5,260
Less: Imputed interest	(81)		(876)
Total lease obligations	460		4,384
Less: Current obligations	(108)		(694)
Long-term lease obligations	$	352	$	3,690