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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases, Operating
Note 5. Leases

We have operating and finance leases for manufacturing and distribution facilities, vehicles, equipment and office space. Our leases have remaining lease terms of 1 to 17 years, some of which include options to extend the leases for up to 6 years.

The components of lease costs were as follows:
For the Years Ended December 31,
20222021
(in millions)
Operating lease cost$213 $228 
Finance lease cost:
Amortization of right-of-use assets95 89 
Interest on lease liabilities8 7 
Short-term lease cost11 29 
Variable lease cost602 506 
Sublease income(4)(6)
Total lease cost$925 $853 

Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
20222021
(in millions)
Cash paid for amounts included in the measurement of
   lease liabilities:
Operating cash flows from operating leases$(212)$(229)
Operating cash flows from finance leases(8)(8)
Financing cash flows from finance leases(95)(88)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$220 $186 
Finance leases148 76 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
20222021
(in millions)
Operating Leases:
Operating lease right-of-use assets, net of amortization$660 $613 
Other current liabilities$166 $174 
Long-term operating lease liabilities514 459 
Total operating lease liabilities$680 $633 
Finance Leases:
Finance leases, net of amortization (within property, plant and equipment)$287 $233 
Current portion of long-term debt$95 $82 
Long-term debt198 157 
Total finance lease liabilities$293 $239 
Weighted Average Remaining Lease Term
Operating leases7.0 years6.6 years
Finance leases4.1 years3.9 years
Weighted Average Discount Rate
Operating leases4.2 %3.3 %
Finance leases4.0 %2.9 %

Maturities of lease liabilities were as follows:
As of December 31, 2022
Operating LeasesFinance Leases
(in millions)
Year Ending December 31:
2023$195 $105 
2024142 85 
2025105 61 
202670 38 
202752 14 
Thereafter244 18 
Total future undiscounted lease payments$808 $321 
Less imputed interest(128)(28)
Total reported lease liability$680 $293 

On October 5, 2021, the Company closed an asset sale-leaseback transaction on a property in New Jersey. The Company received proceeds of approximately $142 million, net of selling costs for the property, which had a carrying value of $51 million, and resulted in an approximately $91 million gain on the sale transaction. The leaseback is accounted for as an operating lease. The leaseback is expected to end in 2023 and has three 90-day renewal options.
Leases, Finance
Note 5. Leases

We have operating and finance leases for manufacturing and distribution facilities, vehicles, equipment and office space. Our leases have remaining lease terms of 1 to 17 years, some of which include options to extend the leases for up to 6 years.

The components of lease costs were as follows:
For the Years Ended December 31,
20222021
(in millions)
Operating lease cost$213 $228 
Finance lease cost:
Amortization of right-of-use assets95 89 
Interest on lease liabilities8 7 
Short-term lease cost11 29 
Variable lease cost602 506 
Sublease income(4)(6)
Total lease cost$925 $853 

Supplemental cash flow information related to leases was as follows:
For the Years Ended December 31,
20222021
(in millions)
Cash paid for amounts included in the measurement of
   lease liabilities:
Operating cash flows from operating leases$(212)$(229)
Operating cash flows from finance leases(8)(8)
Financing cash flows from finance leases(95)(88)
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$220 $186 
Finance leases148 76 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
20222021
(in millions)
Operating Leases:
Operating lease right-of-use assets, net of amortization$660 $613 
Other current liabilities$166 $174 
Long-term operating lease liabilities514 459 
Total operating lease liabilities$680 $633 
Finance Leases:
Finance leases, net of amortization (within property, plant and equipment)$287 $233 
Current portion of long-term debt$95 $82 
Long-term debt198 157 
Total finance lease liabilities$293 $239 
Weighted Average Remaining Lease Term
Operating leases7.0 years6.6 years
Finance leases4.1 years3.9 years
Weighted Average Discount Rate
Operating leases4.2 %3.3 %
Finance leases4.0 %2.9 %

Maturities of lease liabilities were as follows:
As of December 31, 2022
Operating LeasesFinance Leases
(in millions)
Year Ending December 31:
2023$195 $105 
2024142 85 
2025105 61 
202670 38 
202752 14 
Thereafter244 18 
Total future undiscounted lease payments$808 $321 
Less imputed interest(128)(28)
Total reported lease liability$680 $293 

On October 5, 2021, the Company closed an asset sale-leaseback transaction on a property in New Jersey. The Company received proceeds of approximately $142 million, net of selling costs for the property, which had a carrying value of $51 million, and resulted in an approximately $91 million gain on the sale transaction. The leaseback is accounted for as an operating lease. The leaseback is expected to end in 2023 and has three 90-day renewal options.