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LEASES (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows:
March 31, 2024December 31, 2023
(In millions)
Operating Leases
Operating lease right-of-use assets$872 $899 
Operating lease liabilities$816 $838 
Finance Leases
Property and equipment, at cost$190 $183 
Accumulated depreciation(60)(50)
Property and equipment, net$130 $133 
Loans payable and other financial liabilities$128 $131 
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 March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Weighted average remaining lease term
Operating leases7 Years8 Years
Finance leases3 Years3 Years
Weighted average discount rate (1)
Operating leases9 %9 %
Finance leases38 %34 %
(1) Includes discount rates of leases in local currency and U.S. dollar.
Components of Lease Expense
The components of lease expense were as follows:
Three Months Ended
March 31,
20242023
(In millions)
Operating lease cost$48 $42 
Finance lease cost:
Depreciation of property and equipment$10 $5 
Interest on lease liabilities4 2 
Total finance lease cost $14 $7 
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 March 31, 2024Operating LeasesFinance Leases
(In millions)
One year or less$189 $52 
One year to two years175 47 
Two years to three years143 39 
Three years to four years128 21 
Four years to five years119 6 
Thereafter368 — 
Total lease payments1,122 165 
Less imputed interest(306)(37)
Total$816 $128