Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease, cost

Lease expense consisted of the following:

	Years Ended December 31,
	2023		2022	2021
	(Dollars in millions)
Operating and short-term lease cost	$	384	348	368
Finance lease cost:
Amortization of right-of-use assets	23		25	24
Interest on lease liability	10		11	12
Total finance lease cost	33		36	36
Total lease cost	$	417	384	404

Supplemental unaudited consolidated cash flow statement information related to leases:

	Years Ended December 31,
	2023		2022
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	384	346
Operating cash flows for finance leases	10		11
Financing cash flows for finance leases	23		84
Supplemental lease cash flow disclosures:
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	104	381
Right-of-use assets obtained in exchange for new finance lease liabilities	8		70

Assets and liabilities

Supplemental consolidated balance sheet information and other information related to leases:

		Years Ended December 31,
Leases	Classification on the Balance Sheet	2023			2022
		(Dollars in millions)
Assets
Operating lease assets	Other, net(1)	$	1,056		1,168
Finance lease assets	Property, plant and equipment, net of accumulated depreciation	191			241
Total leased assets		$	1,247		1,409
Liabilities
Current
Operating	Current operating lease liabilities(2)	$	288		326
Finance	Current maturities of long-term debt	14			14
Noncurrent
Operating	Operating lease liabilities(3)	845			922
Finance	Long-term debt	190			210
Total lease liabilities		$	1,337		1,472
Weighted-average remaining lease term (years)
Operating leases		7.1			6.7
Finance leases		10.0			10.9
Weighted-average discount rate
Operating leases		6.63		%	5.23	%
Finance leases		4.97		%	4.97	%

_______________________________________________________________________________

(1) Includes affiliate operating lease assets of $311 million and $391 million as of December 31, 2023 and 2022, respectively.

(2) Includes current portion of affiliate operating lease liabilities of $129 million and $125 million as of December 31, 2023 and 2022, respectively.

(3) Includes noncurrent portion of affiliate operating lease liabilities of $201 million and $286 million as of December 31, 2023 and 2022, respectively.

Lessee, operating lease, liability, maturity

As of December 31, 2023, maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(Dollars in millions)
2024	$	348	24
2025	258		25
2026	197		25
2027	124		26
2028	86		26
Thereafter	454		135
Total lease payments	1,467		261
Less: interest	(334)		(57)
Total	1,133		204
Less: current portion	(288)		(14)
Long-term portion	$	845	190

Finance lease, liability, maturity

As of December 31, 2023, maturities of lease liabilities were as follows:

	Operating Leases		Finance Leases
	(Dollars in millions)
2024	$	348	24
2025	258		25
2026	197		25
2027	124		26
2028	86		26
Thereafter	454		135
Total lease payments	1,467		261
Less: interest	(334)		(57)
Total	1,133		204
Less: current portion	(288)		(14)
Long-term portion	$	845	190