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LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2023		2022
Operating Leases	(In millions)
Operating lease right-of-use assets	$	899	$	656

Operating lease liabilities	$	838	$	656

Finance Leases
Property and equipment, at cost	183		87
Accumulated depreciation	(50)		(31)
Property and equipment, net	$	133	$	56

Finance lease liabilities	$	131	$	51

Summary of Weighted Average Remaining Lease Term and Discount Rate

The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating leases and the weighted average discount rate for finance leases as of December 31, 2023:


	Year Ended December 31,
	2023		2022
Weighted average remaining lease term
Operating leases	8 Years		8 Years
Finance leases	3 Years		3 Years

Weighted average discount rate (1)
Operating leases	9	%	10	%
Finance leases	34	%	16	%

(1) Includes discount rates of leases in local currency and U.S dollar.

Summary of Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Operating lease cost	$	173	$	128	$	80

Finance lease cost:
Depreciation of property and equipment	22		18		9
Interest on lease liabilities	13		8		5
Total finance lease cost	$	35	$	26	$	14

Variable lease cost (1)	$	35	$	17	$	13

(1) Variable lease payments are expensed as incurred and include charges such as flight hours above minimum, fuel, among others.

Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(In millions)
Operating cash flows from operating leases	$	168	$	117	$	71
Financing cash flows from finance leases	33		20		17

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	314	$	317	$	229
Finance leases	99		18		37

Summary of Maturities of Lease Liabilities

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the operating and finance leases:


Period Ending December 31, 2023	Operating Leases		Finance Leases
	(In millions)
One year or less	$	190	$	52
One year to two years	184		47
Two years to three years	153		38
Three years to four years	130		27
Four years to five years	119		9
Thereafter	404		—
Total lease payments	$	1,180	$	173
Less imputed interest	(342)		(42)
Total	$	838	$	131