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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 12. Leases In the normal course of its business, the Company enters into various leases as the lessee, primarily related to property. The Company also leases plant and machinery, vehicles and equipment. Lease liabilities at December 31 were:
in $ millions | 2023 | 2022
Current: |  |
Operating lease liabilities | 255 | 238
Finance lease liabilities | 31 | 22
Noncurrent: |  |
Operating lease liabilities | 1,125 | 1,000
Finance lease liabilities | 86 | 59
Total lease liabilities | 1,497 | 1,319
The current portion of finance lease liabilities is included within Other current liabilities and the noncurrent portion of finance lease liabilities is included within Other noncurrent liabilities in the Consolidated Balance Sheets. The maturity analysis for the discounted and undiscounted lease liability arising from the Company’s leasing activities at December 31, 2023 was:
in $ millions | Operating leases | Finance leases
2024 | 261 | 31
2025 | 221 | 27
2026 | 180 | 23
2027 | 144 | 15
2028 | 122 | 10
Thereafter | 810 | 57
Total minimum lease payments | 1,738 | 163
Less: lease payments representing interest | (358) | (46)
Present value of future minimum lease payments | 1,380 | 117
Less: current portion of lease liabilities | (255) | (31)
Noncurrent portion of lease liabilities | 1,125 | 86
The projections are based on the foreign exchange rates applied at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio. The components of lease expense for the years ended December 31 were:
in $ millions | 2023 | 2022 | 2021
Finance leases |  |  |
Amortization of right-of-use-assets | 19 | 20 | 22
Interest on lease liabilities | 3 | 3 | 3
Operating leases | 293 | 255 | 265
Short-term leases | 329 | 273 | 239
Variable leases | 85 | 94 | 97
Total lease expense (i) | 729 | 645 | 626
(i) Income from subleasing transactions were not material for the Company. The weighted average remaining lease term and discount rates at December 31 were:
| 2023 | 2022
Weighted average remaining lease term (years) |  |
Operating leases | 12 | 12
Finance leases | 13 | 15
Weighted average discount rate (%) |  |
Operating leases | 3.63 | % | 3.44 | %
Finance leases | 4.07 | % | 3.85 | %
The supplemental cash flow information for the years ended December 31 were:
in $ millions | 2023 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | (276) | (269) | (299)
Financing cash flows from finance leases | (26) | (28) | (29)
Non cash investing and financing activities |  |  |
Leased assets obtained in exchange for new operating lease liabilities | 232 | 130 | 180
Leased assets obtained in exchange for new finance lease liabilities | 51 | 24 | 30
Leases | 12. Leases In the normal course of its business, the Company enters into various leases as the lessee, primarily related to property. The Company also leases plant and machinery, vehicles and equipment. Lease liabilities at December 31 were:
in $ millions | 2023 | 2022
Current: |  |
Operating lease liabilities | 255 | 238
Finance lease liabilities | 31 | 22
Noncurrent: |  |
Operating lease liabilities | 1,125 | 1,000
Finance lease liabilities | 86 | 59
Total lease liabilities | 1,497 | 1,319
The current portion of finance lease liabilities is included within Other current liabilities and the noncurrent portion of finance lease liabilities is included within Other noncurrent liabilities in the Consolidated Balance Sheets. The maturity analysis for the discounted and undiscounted lease liability arising from the Company’s leasing activities at December 31, 2023 was:
in $ millions | Operating leases | Finance leases
2024 | 261 | 31
2025 | 221 | 27
2026 | 180 | 23
2027 | 144 | 15
2028 | 122 | 10
Thereafter | 810 | 57
Total minimum lease payments | 1,738 | 163
Less: lease payments representing interest | (358) | (46)
Present value of future minimum lease payments | 1,380 | 117
Less: current portion of lease liabilities | (255) | (31)
Noncurrent portion of lease liabilities | 1,125 | 86
The projections are based on the foreign exchange rates applied at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio. The components of lease expense for the years ended December 31 were:
in $ millions | 2023 | 2022 | 2021
Finance leases |  |  |
Amortization of right-of-use-assets | 19 | 20 | 22
Interest on lease liabilities | 3 | 3 | 3
Operating leases | 293 | 255 | 265
Short-term leases | 329 | 273 | 239
Variable leases | 85 | 94 | 97
Total lease expense (i) | 729 | 645 | 626
(i) Income from subleasing transactions were not material for the Company. The weighted average remaining lease term and discount rates at December 31 were:
| 2023 | 2022
Weighted average remaining lease term (years) |  |
Operating leases | 12 | 12
Finance leases | 13 | 15
Weighted average discount rate (%) |  |
Operating leases | 3.63 | % | 3.44 | %
Finance leases | 4.07 | % | 3.85 | %
The supplemental cash flow information for the years ended December 31 were:
in $ millions | 2023 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | (276) | (269) | (299)
Financing cash flows from finance leases | (26) | (28) | (29)
Non cash investing and financing activities |  |  |
Leased assets obtained in exchange for new operating lease liabilities | 232 | 130 | 180
Leased assets obtained in exchange for new finance lease liabilities | 51 | 24 | 30

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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