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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Operating Leases
NOTE 11: LEASES
We enter into lease agreements for the use of real estate space, vehicles, IT equipment, and certain other equipment, including engines, under both operating and finance leases. The majority of our lease agreements are accounted for as operating leases. Operating lease expense was $422 million, $463 million, and $475 million for 2024, 2023, and 2022, respectively. Finance leases are not considered significant to our Consolidated Balance Sheet, Consolidated Statement of Operations, or Consolidated Statement of Cash Flows.
Leases under which we are the lessor are generally short-term leases that support our commercial aerospace customers during maintenance events. Our commercial aerospace customers have varying forms of aftermarket maintenance coverage that often provide a level of support for leased engines as part of the revenue arrangement. As such, leases where we are the lessor are not
considered significant to our Consolidated Balance Sheet, Consolidated Statement of Operations, or Consolidated Statement of Cash Flows.
In 2024 and 2023, we entered into sale and leaseback transactions for the sale of new engines and related maintenance. We subsequently leased back the engines sold for a limited timeframe, which are accounted for as operating leases. The proceeds received in 2024 and 2023 as a result of sales of new engines are classified primarily in Other operating activities, net within our Consolidated Statement of Cash Flows. The net gains as a result of these transactions were not material.
Supplemental cash flow information related to operating leases were as follows:
(dollars in millions)202420232022
Operating cash flows used in the measurement of operating lease liabilities$417 $421 $399 
Operating lease right-of-use assets obtained in exchange for operating lease obligations707 373 359 
Future lease payments related to our operating lease liabilities as of December 31, 2024 are as follows:
(dollars in millions)
2025$434 
2026385 
2027326 
2028270 
2029193 
Thereafter811 
Total undiscounted lease payments2,419 
Less imputed interest(420)
Total discounted lease payments$1,999 
Our lease liabilities recognized in our Consolidated Balance Sheet were as follows as of December 31:
(dollars in millions)20242023
Operating lease liabilities, current (included in Other accrued liabilities)$367 $348 
Operating lease liabilities, non-current1,632 1,412 
Total operating lease liabilities$1,999 $1,760 
The weighted-average remaining lease term related to our operating leases was 10 years and 9 years as of December 31, 2024 and 2023, respectively. The weighted-average discount rate related to our operating leases was 4.3% and 3.5% as of December 31, 2024 and 2023, respectively.