Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The components of lease expense are as follows:

	Year Ended December 31,			Statement of Operations Classification
	2023	2022	2021
	(In $ millions)
Lease Cost
Operating lease cost	99	66	40	Cost of sales / Selling, general and administrative expenses
Short-term lease cost	19	19	18	Cost of sales / Selling, general and administrative expenses
Variable lease cost	13	15	12	Cost of sales / Selling, general and administrative expenses
Finance lease cost
Amortization of leased assets	21	19	19	Cost of sales
Interest on lease liabilities	10	11	13	Interest expense
Sublease income	—	2	—	Other income (expense), net
Total net lease cost	162	132	102

Supplemental consolidated balance sheet information related to leases is as follows:

	As of December 31,		Balance Sheet Classification
	2023	2022
	(In $ millions)
Leases
Assets
Operating lease assets	422	413	Operating lease ROU assets
Finance lease assets	154	176	Property, plant and equipment, net
Total leased assets	576	589
Liabilities
Current
Operating	89	83	Current Other liabilities
Finance	24	25	Short-term borrowings and current installments of long-term debt
Noncurrent
Operating	325	364	Operating lease liabilities
Finance	124	147	Long-term debt
Total lease liabilities	562	619

	As of December 31,
	2023		2022
Weighted-Average Remaining Lease Term (years)
Operating leases	8.6		9.0
Finance leases	7.8		8.3
Weighted-Average Discount Rate
Operating leases	3.5	%	3.0	%
Finance leases	6.2	%	6.4	%

Supplemental consolidated cash flow information related to leases is as follows:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	92	52	37
Operating cash flows from finance leases	10	11	13
Financing cash flows from finance leases	24	25	29
ROU assets obtained in exchange for finance lease liabilities (Note 20)	2	28	—
ROU assets obtained in exchange for operating lease liabilities	58	93	52

Maturities of lease liabilities are as follows:

	As of December 31, 2023
	Operating Leases	Finance Leases
	(In $ millions)
2024	102	32
2025	87	28
2026	68	26
2027	36	21
2028	28	18
Later years	148	75
Total lease payments	469	200
Less amounts representing interest	(55)	(52)
Total lease obligations	414	148

Leases

Leases

The components of lease expense are as follows:

	Year Ended December 31,			Statement of Operations Classification
	2023	2022	2021
	(In $ millions)
Lease Cost
Operating lease cost	99	66	40	Cost of sales / Selling, general and administrative expenses
Short-term lease cost	19	19	18	Cost of sales / Selling, general and administrative expenses
Variable lease cost	13	15	12	Cost of sales / Selling, general and administrative expenses
Finance lease cost
Amortization of leased assets	21	19	19	Cost of sales
Interest on lease liabilities	10	11	13	Interest expense
Sublease income	—	2	—	Other income (expense), net
Total net lease cost	162	132	102

Supplemental consolidated balance sheet information related to leases is as follows:

	As of December 31,		Balance Sheet Classification
	2023	2022
	(In $ millions)
Leases
Assets
Operating lease assets	422	413	Operating lease ROU assets
Finance lease assets	154	176	Property, plant and equipment, net
Total leased assets	576	589
Liabilities
Current
Operating	89	83	Current Other liabilities
Finance	24	25	Short-term borrowings and current installments of long-term debt
Noncurrent
Operating	325	364	Operating lease liabilities
Finance	124	147	Long-term debt
Total lease liabilities	562	619

	As of December 31,
	2023		2022
Weighted-Average Remaining Lease Term (years)
Operating leases	8.6		9.0
Finance leases	7.8		8.3
Weighted-Average Discount Rate
Operating leases	3.5	%	3.0	%
Finance leases	6.2	%	6.4	%

Supplemental consolidated cash flow information related to leases is as follows:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	92	52	37
Operating cash flows from finance leases	10	11	13
Financing cash flows from finance leases	24	25	29
ROU assets obtained in exchange for finance lease liabilities (Note 20)	2	28	—
ROU assets obtained in exchange for operating lease liabilities	58	93	52

Maturities of lease liabilities are as follows:

	As of December 31, 2023
	Operating Leases	Finance Leases
	(In $ millions)
2024	102	32
2025	87	28
2026	68	26
2027	36	21
2028	28	18
Later years	148	75
Total lease payments	469	200
Less amounts representing interest	(55)	(52)
Total lease obligations	414	148