Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Cost
The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):
2023 2022 2021
Operating lease costs $ 860  $ 736  $ 729 
Finance lease costs:
Amortization of assets $ 119  $ 112  $ 97 
Interest on lease liabilities 18  14  14 
Total finance lease costs 137  126  111 
Variable lease costs 279  270  246 
Short-term lease costs 1,166  1,499  1,510 
Total lease costs(1)
$ 2,442  $ 2,631  $ 2,596 
(1)    This table excludes sublease income for all periods presented as it was not material.
Supplemental cash flow information related to leases for the years ended December 31, 2023 and 2022 is as follows (in millions):
2023 2022
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases $ 835  $ 705 
Operating cash flows from finance leases 17  14 
Financing cash flows from finance leases 126  149 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 1,278  $ 879 
Finance leases $ 209  $ 122 
Supplemental Balance Sheet
Supplemental information related to leases and location within our consolidated balance sheets as of December 31, 2023 and 2022 are as follows (in millions, except lease term and discount rate):
2023 2022
Operating Leases:
Operating lease right-of-use assets $ 4,308  $ 3,755 
Current maturities of operating leases $ 709  $ 621 
Non-current operating leases 3,756  3,238 
Total operating lease obligations $ 4,465  $ 3,859 
Finance Leases:
Property, plant and equipment, net $ 856  $ 959 
Current maturities of long-term debt, commercial paper and finance leases $ 104  $ 92 
Long-term debt and finance leases 368  298 
Total finance lease obligations $ 472  $ 390 
Weighted average remaining lease term (in years):
Operating leases 10.8 10.8
Finance leases 7.4 8.4
Weighted average discount rate:
Operating leases 3.20  % 2.32  %
Finance leases 3.88  % 3.17  %
Finance Leases Maturity Schedule
Future payments for lease obligations as of December 31, 2023 are as follows (in millions):
Finance Leases Operating Leases
2024 $ 119  $ 819 
2025 96  764 
2026 70  657 
2027 45  561 
2028 40  415 
Thereafter 185  2,106 
Total lease payments 555  5,322 
Less: Imputed interest (83) (857)
Total lease obligations 472  4,465 
Less: Current obligations (104) (709)
Long-term lease obligations $ 368  $ 3,756 
Operating Leases Maturity Schedule
Future payments for lease obligations as of December 31, 2023 are as follows (in millions):
Finance Leases Operating Leases
2024 $ 119  $ 819 
2025 96  764 
2026 70  657 
2027 45  561 
2028 40  415 
Thereafter 185  2,106 
Total lease payments 555  5,322 
Less: Imputed interest (83) (857)
Total lease obligations 472  4,465 
Less: Current obligations (104) (709)
Long-term lease obligations $ 368  $ 3,756