Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.23.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Lease Cost The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows (in millions):
Three Months Ended
 September 30,		 Nine Months Ended
 September 30,
2023 2022 2023 2022
Operating lease costs $ 219  $ 179  $ 645  $ 546 
Finance lease costs:
Amortization of assets 31  28  88  84 
Interest on lease liabilities 4  3  13  10 
Total finance lease costs 35  31  101  94 
Variable lease costs 63  62  203  194 
Short-term lease costs 243  319  746  944 
Total lease costs(1)
$ 560  $ 591  $ 1,695  $ 1,778 
(1) This table excludes sublease income as it was not material for the three and nine months ended September 30, 2023 or 2022.
Supplemental cash flow information related to leases is as follows (in millions):
Nine Months Ended
 September 30,
2023 2022
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases $ 627  $ 523 
Operating cash flows from finance leases 10  3 
Financing cash flows from finance leases 101  123 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 1,013  $ 588 
Finance leases $ 136  $ 98 
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):
September 30,
2023		 December 31,
2022
Operating Leases:
Operating lease right-of-use assets $ 4,162  $ 3,755 
Current maturities of operating leases $ 664  $ 621 
Non-current operating leases 3,651  3,238 
Total operating lease obligations $ 4,315  $ 3,859 
Finance Leases:
Property, plant and equipment, net $ 810  $ 959 
Current maturities of long-term debt, commercial paper and finance leases $ 86  $ 92 
Long-term debt and finance leases 339  298 
Total finance lease obligations $ 425  $ 390 
Weighted average remaining lease term (in years):
Operating leases 11.0 10.8
Finance leases 8.1 8.4
Weighted average discount rate:
Operating leases 3.04  % 2.32  %
Finance leases 3.72  % 3.17  %
Operating Leases Maturity Schedule Maturities of lease obligations as of September 30, 2023 were as follows (in millions):
Finance Leases Operating Leases
2023 $ 32  $ 180 
2024 97  789 
2025 74  713 
2026 51  612 
2027 44  532 
Thereafter 212  2,323 
Total lease payments 510  5,149 
Less: Imputed interest (85) (834)
Total lease obligations 425  4,315 
Less: Current obligations (86) (664)
Long-term lease obligations $ 339  $ 3,651 
Finance Leases Maturity Schedule Maturities of lease obligations as of September 30, 2023 were as follows (in millions):
Finance Leases Operating Leases
2023 $ 32  $ 180 
2024 97  789 
2025 74  713 
2026 51  612 
2027 44  532 
Thereafter 212  2,323 
Total lease payments 510  5,149 
Less: Imputed interest (85) (834)
Total lease obligations 425  4,315 
Less: Current obligations (86) (664)
Long-term lease obligations $ 339  $ 3,651