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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Our operating leases consist primarily of properties and equipment for our administrative, manufacturing and R&D activities. Some of our leases include options to extend the terms for up to 15 years and some include options to terminate the lease within one year after the lease commencement date. As of December 31, 2024 and 2023, we did not have material finance leases. Operating lease expense, including variable costs and short-term leases, was $163 million, $165 million and $162 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following table summarizes balance sheet and other information related to our operating leases:
|  |  |  | December 31,
(in millions, except weighted average amounts) |  | Classification |  | 2024 |  | 2023
Right-of-use assets, net |  | Other long-term assets |  | $ | 515 |  |  | $ | 581 |
Lease liabilities – current |  | Other current liabilities |  | $ | 113 |  |  | $ | 125 |
Lease liabilities – noncurrent |  | Other long-term obligations |  | $ | 498 |  |  | $ | 546 |
Weighted average remaining lease term |  |  |  | 8.0 years |  | 7.5 years
Weighted average discount rate |  |  |  | 3.37 | % |  | 3.22 | %
The following table summarizes other supplemental information related to our operating leases:
|  | Year Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 141 |  |  | $ | 88 |  |  | $ | 98 |
Right-of-use assets obtained in exchange for lease liabilities(1) |  | $ | 86 |  |  | $ | 214 |  |  | $ | 97 |
_______________________________ (1) These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows. The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of December 31, 2024:
(in millions) |  | Amount
2025 |  | $ | 132 |
2026 |  | 109 |
2027 |  | 88 |
2028 |  | 77 |
2029 |  | 64 |
Thereafter |  | 228 |
Total undiscounted lease payments |  | 698 |
Less: imputed interest |  | 87 |
Total discounted lease payments |  | $ | 611 |

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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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