Leases

12 Months Ended

Dec. 31, 2023

Note 12 – Leases

Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses and offices. Total operating lease expense was $457 and $421 for the years ended December 31, 2023 and 2022, of which $76 and $75 was attributable to variable lease expenses.

For the years ended December 31, 2023 and 2022, cash payments against operating lease liabilities totaled $323 and $294 and

non-cash

transactions totaled $488 and $245 to recognize operating assets and liabilities for new leases.

Supplemental Consolidated Statement of Financial Position information related to leases consisted of the following at December 31:


	2023			2022
Operating leases:
Operating lease right-of-use assets	$	1,690		$	1,451
Current portion of lease liabilities		296			276
Non-current portion of lease liabilities		1,518			1,305

Total operating lease liabilities	$	1,814		$	1,581

Weighted average remaining lease term (years)		11			12
Weighted average discount rate		3.21	%		4.13	%

Operating lease assets are included in Other assets, net, with the related liabilities included in Accrued liabilities and Other long-term liabilities.

Maturities of operating lease liabilities for the next five years are as follows:


	Operating leases
2024	$	358
2025		317
2026		279
2027		230
2028		182
Thereafter		1,032

Total lease payments		2,398
Less imputed interest		(584	)

Total	$	1,814

As of December 31, 2023, we have entered into leases that have not yet commenced of $430, primarily for a maintenance, repair and overhaul hangar that will support military aircraft programs. These leases will commence in 2024 with lease terms of 2 years to 27 years.