Leases

12 Months Ended

Dec. 31, 2023

Note 15. Leases

The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2023, 2022 and 2021 are as follows:



(In millions)	2023			2022			2021
Operating Lease Expense	$	302		$	300		$	295
Finance Lease Expense:
Amortization of ROU assets		12			10			9
Interest on lease liabilities		20			20			21
Short Term Lease Expense		11			17			11
Variable Lease Expense		3			5			8
Sublease Income		(10	)		(11	)		(11	)
Total Lease Expense	$	338		$	341		$	333

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows:



(In millions)	2023		2022		2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows for Operating Leases	$	278	$	276	$	278
Operating Cash Flows for Finance Leases		20		20		21
Financing Cash Flows for Finance Leases		8		6		6
ROU Assets Obtained in Exchange for Lease Obligations
Operating Leases		218		250		378
Finance Leases		17		20		14

Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 is as follows:



(In millions, except lease term and discount rate)	2023			2022
Operating Leases
Operating Lease ROU Assets	$	985		$	976

Operating Lease Liabilities due Within One Year	$	200		$	199
Operating Lease Liabilities		825			821
Total Operating Lease Liabilities	$	1,025		$	1,020

Finance Leases
Property, Plant and Equipment, at cost	$	288		$	269
Accumulated Depreciation		(80	)		(69	)
Property, Plant and Equipment, net	$	208		$	200

Long Term Debt and Finance Leases due Within One Year	$	10		$	8
Long Term Debt and Finance Leases		258			247
Total Finance Lease Liabilities	$	268		$	255


Weighted Average Remaining Lease Term (years)
Operating Leases	7.0		7.4
Finance Leases	27.3		29.2

Weighted Average Discount Rate
Operating Leases	7.24	%	6.82	%
Finance Leases	8.17	%	8.26	%

Future maturities of our lease liabilities, excluding subleases, as of December 31, 2023 are as follows:



(In millions)	Operating Leases		Finance Leases
2024	$	260	$	29
2025		221		28
2026		183		28
2027		147		27
2028		110		26
Thereafter		413		617
Total Lease Payments		1,334		755
Less: Imputed Interest		309		487
Total	$	1,025	$	268

As of December 31, 2023, we have additional operating and finance leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals $162 million. Accordingly, these leases are not recorded on the Consolidated Balance Sheets at December 31, 2023. These leases will commence in 2024 and 2025 with lease terms of 1 year to 40 years.