LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Lease-related assets and liabilities recorded on the Consolidated Balance Sheet were as follows:


(in millions)	Balance Sheet location	December 31, 2023		December 31, 2022
Assets
Operating	Operating lease right-of-use assets (net)	$	1,223	$	1,394
Finance	Property and equipment (net of allowance for depreciation and amortization of $477 million and $634 million)	125		297
Total lease assets		$	1,348	$	1,691

Liabilities
Current
Operating	Current operating lease liabilities	$	208	$	225
Finance	Current maturities of long-term debt	29		42
Noncurrent
Operating	Noncurrent operating lease liabilities	985		1,118
Finance	Long-term debt less current maturities	75		147
Total lease liabilities		$	1,297	$	1,532

The components of lease costs, included in the Consolidated Statement of Income, were as follows:


(in millions)	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Operating lease cost - aircraft (a)	$	186	$	188	$	204
Operating lease cost - other	89		84		81
Short-term lease cost	2		2		1
Variable lease cost	1,733		1,447		1,406
Amortization of finance lease liabilities	44		106		112
Interest on finance lease liabilities	5		15		19
Total net lease cost	$	2,059	$	1,842	$	1,823

(a) Net of sublease income of $7 million, $17 million, and $41 million for the years ended December 31, 2023, 2022, and 2021.

Supplemental cash flow information related to leases, included in the Consolidated Statement of Cash Flows, was as follows:


(in millions)	Year ended December 31, 2023		Year ended December 31, 2022		Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	251	$	303	$	346
Operating cash flows for finance leases	5		16		19
Financing cash flows for finance leases	32		78		83
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	82		58		327

The table below presents additional information related to the Company's leases:



Weighted average remaining lease term	December 31, 2023		December 31, 2022
Operating leases	8 years		8 years
Finance leases	5 years		6 years

Weighted average discount rate
Operating leases	4.0	%	3.6	%
Finance leases	3.9	%	3.9	%

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

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