Leases

12 Months Ended

Dec. 31, 2023

We generally enter into operating lease agreements for facilities, land and equipment. Our ROU operating lease assets were $1.1 billion at December 31, 2023. Operating lease liabilities were $1.2 billion, of which $862 million were classified as noncurrent, at December 31, 2023. New ROU operating lease assets and liabilities entered into during 2023 were $170 million. The weighted average remaining lease term and discount rate for our operating leases were approximately 7 years and 2.9% at December 31, 2023.

We recognized operating lease expense of $273 million in 2023 and $275 million in both 2022 and 2021. In addition, we made cash payments of $267 million for operating leases during 2023, which are included in cash flows from operating activities in our consolidated statement of cash flows.

Future minimum lease commitments at December 31, 2023 were as follows (in millions):


	Total		2024		2025		2026		2027		2028		Thereafter
Operating leases	$	1,306	$	339	$	223	$	172	$	136	$	109	$	327
Less: imputed interest	129
Total	$	1,177