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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | LEASES The Company has operating leases for office space, warehouses, distribution centers, research and development facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend for up to 30 years, and some leases include options to terminate within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance leases were not material as of December 31, 2023 and 2022. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets. The Consolidated Financial Statements include the following amounts related to operating leases where the Company is the lessee ($ in millions):
|  | 2023 |  | 2022 |  | 2021 |  |
Consolidated Statements of Earnings |  |  |  |  |  |  |  |
Fixed operating lease expense (a) |  | $ | 207 |  |  | $ | 199 |  |  | $ | 201 |  |  |
Variable operating lease expense |  | 67 |  |  | 60 |  |  | 46 |  |  |
Total operating lease expense |  | $ | 274 |  |  | $ | 259 |  |  | $ | 247 |  |  |
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 214 |  |  | $ | 219 |  |  | $ | 197 |  |  |
ROU assets obtained in exchange for operating lease obligations |  | 182 |  |  | 188 |  |  | 272 |  |  |
Consolidated Balance Sheets |  |  |  | December 31, 2023 |  | December 31, 2022 |  |
Lease Assets and Liabilities | Classification |  |  |  |  |  |
Operating lease ROU assets | Other long-term assets |  | $ | 1,052 |  |  | $ | 884 |  |  |
Operating lease liabilities - current | Accrued expenses and other liabilities |  | $ | 180 |  |  | $ | 167 |  |  |
Operating lease liabilities - long-term | Other long-term liabilities |  | 954 |  |  | 772 |  |  |
Total operating lease liabilities |  |  |  | $ | 1,134 |  |  | $ | 939 |  |  |
Weighted average remaining lease term |  |  |  | 9 years |  | 8 years |  |
Weighted average discount rate |  |  |  | 3.4 | % |  | 2.7 | % |  |
(a) Includes short-term leases and sublease income, both of which were immaterial. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 ($ in millions):
2024 | $ | 204 |
2025 | 184 |
2026 | 159 |
2027 | 124 |
2028 | 108 |
Thereafter | 539 |
Total operating lease payments | 1,318 |
Less: imputed interest | (184) |
Total operating lease liabilities | $ | 1,134 |
As of December 31, 2023, the Company had no additional significant operating or finance leases that had not yet commenced.

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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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