Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.23.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Lease Cost The components of lease expense for the three and six months ended June 30, 2023 and 2022 were as follows (in millions):
Three Months Ended
 June 30,		 Six Months Ended
 June 30,
2023 2022 2023 2022
Operating lease costs $ 219  $ 184  $ 426  $ 367 
Finance lease costs:
Amortization of assets 28  28  57  56 
Interest on lease liabilities 5  3  9  7 
Total finance lease costs 33  31  66  63 
Variable lease costs 68  64  140  132 
Short-term lease costs 226  323  503  625 
Total lease costs(1)
$ 546  $ 602  $ 1,135  $ 1,187 
(1) This table excludes sublease income as it was not material to the three and six months ended June 30, 2023 or 2022.
Supplemental cash flow information related to leases is as follows (in millions):
Six Months Ended
 June 30,
2023 2022
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases $ 419  $ 354 
Operating cash flows from finance leases 8  2 
Financing cash flows from finance leases 79  105 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 826  $ 345 
Finance leases $ 106  $ 72 
Supplemental Balance Sheet Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate):
June 30,
2023		 December 31,
2022
Operating Leases:
Operating lease right-of-use assets $ 4,219  $ 3,755 
Current maturities of operating leases $ 673  $ 621 
Non-current operating leases 3,680  3,238 
Total operating lease obligations $ 4,353  $ 3,859 
Finance Leases:
Property, plant and equipment, net $ 843  $ 959 
Current maturities of long-term debt, commercial paper and finance leases $ 84  $ 92 
Long-term debt and finance leases 332  298 
Total finance lease obligations $ 416  $ 390 
Weighted average remaining lease term (in years):
Operating leases 11.2 10.8
Finance leases 8.4 8.4
Weighted average discount rate:
Operating leases 2.91  % 2.32  %
Finance leases 3.59  % 3.17  %
Operating Leases Maturity Schedule Maturities of lease obligations as of June 30, 2023 were as follows (in millions):
Finance Leases Operating Leases
2023 $ 54  $ 382 
2024 90  763 
2025 66  688 
2026 44  586 
2027 40  504 
Thereafter 207  2,249 
Total lease payments 501  5,172 
Less: Imputed interest (85) (819)
Total lease obligations 416  4,353 
Less: Current obligations (84) (673)
Long-term lease obligations $ 332  $ 3,680 
Finance Leases Maturity Schedule Maturities of lease obligations as of June 30, 2023 were as follows (in millions):
Finance Leases Operating Leases
2023 $ 54  $ 382 
2024 90  763 
2025 66  688 
2026 44  586 
2027 40  504 
Thereafter 207  2,249 
Total lease payments 501  5,172 
Less: Imputed interest (85) (819)
Total lease obligations 416  4,353 
Less: Current obligations (84) (673)
Long-term lease obligations $ 332  $ 3,680