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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases operating Leases
Operating and finance lease assets relate to buildings (corporate offices, research and development and manufacturing facilities and datacenters), land, machinery and installations and other equipment (vehicles and certain office equipment). These leases, except for land leases, have remaining lease terms of 1 to 11 years (land leases 5 to 66 years), some of which may include options to extend the leases for up to 6 years, and some of which may include options to terminate the leases within 1 year. As of December 31, 2023, assets recorded under finance leases amounted to $82 million and accumulated depreciation associated with finance leases was $21 million (December 31, 2022: $82 million and $18 million, respectively). Finance lease liabilities amounted to $19 million as of December 31, 2023 (December 31, 2022: $21 million).
The components of operating lease expense were as follows
202320222021
Operating lease cost68 66 66 
Other information related to operating leases was as follows:
Supplemental cash flows information:
Operating cash flows from operating leases66 66 64 
Right-of-use assets obtained in exchange for lease obligations55 91 67 
Weighted average remaining lease term6 years6 years6 years
Weighted average discount rate4 %4 %2 %
Future minimum lease payments for operating leases as of December 31, 2023 were as follows:
As of
December 31, 2023
202464 
202558 
202653 
202732 
202826 
Thereafter66 
Total future minimum lease payments299 
Less: imputed interest40 
Total259 
Rent expense amounted to $11 million in 2023 compared to $11 million in 2022 and $10 million in 2021 (containing services related to leased assets as well as short-term leases).

Lease liabilities related to operating leases are split between current and non-current:
As of December 31,
20232022
Other current liabilities55 55 
Other non-current liabilities204 202 
Total259 257 
Operating lease right-of-use assets are $250 million as of December 31, 2023 (December 31, 2022: $250 million) and are included in other non-current assets in the consolidated balance sheet.
Leases finance Leases
Operating and finance lease assets relate to buildings (corporate offices, research and development and manufacturing facilities and datacenters), land, machinery and installations and other equipment (vehicles and certain office equipment). These leases, except for land leases, have remaining lease terms of 1 to 11 years (land leases 5 to 66 years), some of which may include options to extend the leases for up to 6 years, and some of which may include options to terminate the leases within 1 year. As of December 31, 2023, assets recorded under finance leases amounted to $82 million and accumulated depreciation associated with finance leases was $21 million (December 31, 2022: $82 million and $18 million, respectively). Finance lease liabilities amounted to $19 million as of December 31, 2023 (December 31, 2022: $21 million).
The components of operating lease expense were as follows
202320222021
Operating lease cost68 66 66 
Other information related to operating leases was as follows:
Supplemental cash flows information:
Operating cash flows from operating leases66 66 64 
Right-of-use assets obtained in exchange for lease obligations55 91 67 
Weighted average remaining lease term6 years6 years6 years
Weighted average discount rate4 %4 %2 %
Future minimum lease payments for operating leases as of December 31, 2023 were as follows:
As of
December 31, 2023
202464 
202558 
202653 
202732 
202826 
Thereafter66 
Total future minimum lease payments299 
Less: imputed interest40 
Total259 
Rent expense amounted to $11 million in 2023 compared to $11 million in 2022 and $10 million in 2021 (containing services related to leased assets as well as short-term leases).

Lease liabilities related to operating leases are split between current and non-current:
As of December 31,
20232022
Other current liabilities55 55 
Other non-current liabilities204 202 
Total259 257 
Operating lease right-of-use assets are $250 million as of December 31, 2023 (December 31, 2022: $250 million) and are included in other non-current assets in the consolidated balance sheet.