LEASES

12 Months Ended

Dec. 31, 2024

Our operating leases consist primarily of properties and equipment for our administrative, manufacturing and R&D activities. Some of our leases include options to extend the terms for up to 15 years and some include options to terminate the lease within one year after the lease commencement date. As of December 31, 2024 and 2023, we did not have material finance leases. Operating lease expense, including variable costs and short-term leases, was $163 million, $165 million and $162 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following table summarizes balance sheet and other information related to our operating leases:


		December 31,
(in millions, except weighted average amounts)	Classification	2024			2023
Right-of-use assets, net	Other long-term assets	$	515		$	581
Lease liabilities – current	Other current liabilities	$	113		$	125
Lease liabilities – noncurrent	Other long-term obligations	$	498		$	546
Weighted average remaining lease term		8.0 years			7.5 years
Weighted average discount rate		3.37		%	3.22		%

The following table summarizes other supplemental information related to our operating leases:


	Year Ended December 31,
(in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	141	$	88	$	98
Right-of-use assets obtained in exchange for lease liabilities(1)	$	86	$	214	$	97

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(1) These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows.

The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of December 31, 2024:


(in millions)	Amount
2025	$	132
2026	109
2027	88
2028	77
2029	64
Thereafter	228
Total undiscounted lease payments	698
Less: imputed interest	87
Total discounted lease payments	$	611