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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 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 16 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,
| 2023 |  | 2022 |  | 2021
| (in millions)
Operating lease cost | $ | 223 |  |  | $ | 213 |  |  | $ | 228 |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets | 130 |  |  | 95 |  |  | 89 |
Interest on lease liabilities | 15 |  |  | 8 |  |  | 7 |
Short-term lease cost | 12 |  |  | 11 |  |  | 29 |
Variable lease cost | 766 |  |  | 602 |  |  | 506 |
Sublease income | (4) |  |  | (4) |  |  | (6) |
Total lease cost | $ | 1,142 |  |  | $ | 925 |  |  | $ | 853 |
Supplemental cash flow information related to leases was as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | (222) |  |  | $ | (212) |  |  | $ | (229) |
Operating cash flows from finance leases | (15) |  |  | (8) |  |  | (8) |
Financing cash flows from finance leases | (125) |  |  | (95) |  |  | (88) |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 197 |  |  | $ | 220 |  |  | $ | 186 |
Finance leases | 163 |  |  | 148 |  |  | 76 |
Supplemental balance sheet information related to leases was as follows:
| As of December 31,
| 2023 |  | 2022
| (in millions)
Operating Leases |  |  |
Operating lease ROU assets, net of amortization | $ | 683 |  |  | $ | 660 |
Other current liabilities | $ | 165 |  |  | $ | 166 |
Long-term operating lease liabilities | 537 |  |  | 514 |
Total operating lease liabilities | $ | 702 |  |  | $ | 680 |
Finance Leases |  |  |
Finance leases, net of amortization (within property, plant and equipment) | $ | 325 |  |  | $ | 287 |
Current portion of long-term debt | $ | 122 |  |  | $ | 95 |
Long-term debt | 214 |  |  | 198 |
Total finance lease liabilities | $ | 336 |  |  | $ | 293 |
Weighted Average Remaining Lease Term |  |  |
Operating leases | 6.4 years |  | 7.0 years
Finance leases | 3.6 years |  | 4.1 years
Weighted Average Discount Rate |  |  |
Operating leases | 5.1 | % |  | 4.2 | %
Finance leases | 5.0 | % |  | 4.0 | %
Maturities of lease liabilities were as follows:
| As of December 31, 2023
| Operating Leases |  | Finance Leases
| (in millions)
Year Ending December 31: |  |  |
2024 | $ | 195 |  |  | $ | 135 |
2025 | 150 |  |  | 103 |
2026 | 106 |  |  | 64 |
2027 | 86 |  |  | 32 |
2028 | 75 |  |  | 13 |
Thereafter | 223 |  |  | 22 |
Total future undiscounted lease payments | $ | 835 |  |  | $ | 369 |
less: imputed interest | (133) |  |  | (33) |
Total reported lease liability | $ | 702 |  |  | $ | 336 |
Leases | 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 16 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,
| 2023 |  | 2022 |  | 2021
| (in millions)
Operating lease cost | $ | 223 |  |  | $ | 213 |  |  | $ | 228 |
Finance lease cost: |  |  |  |  |
Amortization of ROU assets | 130 |  |  | 95 |  |  | 89 |
Interest on lease liabilities | 15 |  |  | 8 |  |  | 7 |
Short-term lease cost | 12 |  |  | 11 |  |  | 29 |
Variable lease cost | 766 |  |  | 602 |  |  | 506 |
Sublease income | (4) |  |  | (4) |  |  | (6) |
Total lease cost | $ | 1,142 |  |  | $ | 925 |  |  | $ | 853 |
Supplemental cash flow information related to leases was as follows:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | (222) |  |  | $ | (212) |  |  | $ | (229) |
Operating cash flows from finance leases | (15) |  |  | (8) |  |  | (8) |
Financing cash flows from finance leases | (125) |  |  | (95) |  |  | (88) |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 197 |  |  | $ | 220 |  |  | $ | 186 |
Finance leases | 163 |  |  | 148 |  |  | 76 |
Supplemental balance sheet information related to leases was as follows:
| As of December 31,
| 2023 |  | 2022
| (in millions)
Operating Leases |  |  |
Operating lease ROU assets, net of amortization | $ | 683 |  |  | $ | 660 |
Other current liabilities | $ | 165 |  |  | $ | 166 |
Long-term operating lease liabilities | 537 |  |  | 514 |
Total operating lease liabilities | $ | 702 |  |  | $ | 680 |
Finance Leases |  |  |
Finance leases, net of amortization (within property, plant and equipment) | $ | 325 |  |  | $ | 287 |
Current portion of long-term debt | $ | 122 |  |  | $ | 95 |
Long-term debt | 214 |  |  | 198 |
Total finance lease liabilities | $ | 336 |  |  | $ | 293 |
Weighted Average Remaining Lease Term |  |  |
Operating leases | 6.4 years |  | 7.0 years
Finance leases | 3.6 years |  | 4.1 years
Weighted Average Discount Rate |  |  |
Operating leases | 5.1 | % |  | 4.2 | %
Finance leases | 5.0 | % |  | 4.0 | %
Maturities of lease liabilities were as follows:
| As of December 31, 2023
| Operating Leases |  | Finance Leases
| (in millions)
Year Ending December 31: |  |  |
2024 | $ | 195 |  |  | $ | 135 |
2025 | 150 |  |  | 103 |
2026 | 106 |  |  | 64 |
2027 | 86 |  |  | 32 |
2028 | 75 |  |  | 13 |
Thereafter | 223 |  |  | 22 |
Total future undiscounted lease payments | $ | 835 |  |  | $ | 369 |
less: imputed interest | (133) |  |  | (33) |
Total reported lease liability | $ | 702 |  |  | $ | 336 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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