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v3.23.1

LEASES (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Lease Cost | The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows (in millions):
|  |  |  |  | 2023 |  | 2022
Operating lease costs |  |  |  |  | $ | 207 |  |  | $ | 183 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of assets |  |  |  |  | 29 |  |  | 28 |
Interest on lease liabilities |  |  |  |  | 4 |  |  | 4 |
Total finance lease costs |  |  |  |  | 33 |  |  | 32 |
Variable lease costs |  |  |  |  | 72 |  |  | 68 |
Short-term lease costs |  |  |  |  | 277 |  |  | 302 |
Total lease costs(1) |  |  |  |  | $ | 589 |  |  | $ | 585 |
(1) This table excludes sublease income as it was not material to the three months ended March 31, 2023 or 2022.
Supplemental cash flow information related to leases is as follows (in millions):
| Three Months Ended March 31,
| 2023 |  | 2022
Cash paid for amounts included in measurement of obligations: |  |  |
Operating cash flows from operating leases | $ | 212 |  |  | $ | 176 |
Operating cash flows from finance leases | 1 |  |  | 1 |
Financing cash flows from finance leases | 48 |  |  | 18 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 498 |  |  | $ | 119 |
Finance leases | $ | 30 |  |  | $ | 59 |
Supplemental Balance Sheet | Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate):
| March 31, 2023 |  | December 31, 2022
Operating Leases: |  |  |
Operating lease right-of-use assets | $ | 4,089 |  |  | $ | 3,755 |
Current maturities of operating leases | $ | 668 |  |  | $ | 621 |
Non-current operating leases | 3,539 |  |  | 3,238 |
Total operating lease obligations | $ | 4,207 |  |  | $ | 3,859 |
Finance Leases: |  |  |
Property, plant and equipment, net | $ | 869 |  |  | $ | 959 |
Current maturities of long-term debt, commercial paper and finance leases | $ | 68 |  |  | $ | 92 |
Long-term debt and finance leases | 297 |  |  | 298 |
Total finance lease obligations | $ | 365 |  |  | $ | 390 |
Weighted average remaining lease term (in years): |  |  |
Operating leases | 11.2 |  | 10.8
Finance leases | 8.8 |  | 8.4
Weighted average discount rate: |  |  |
Operating leases | 2.73 | % |  | 2.32 | %
Finance leases | 3.28 | % |  | 3.17 | %
Operating Leases Maturity Schedule | Maturities of lease obligations as of March 31, 2023 were as follows (in millions):
| Finance Leases |  | Operating Leases
2023 | $ | 73 |  |  | $ | 576 |
2024 | 62 |  |  | 705 |
2025 | 48 |  |  | 632 |
2026 | 39 |  |  | 543 |
2027 | 38 |  |  | 472 |
Thereafter | 183 |  |  | 2,038 |
Total lease payments | 443 |  |  | 4,966 |
Less: Imputed interest | (78) |  |  | (759) |
Total lease obligations | 365 |  |  | 4,207 |
Less: Current obligations | (68) |  |  | (668) |
Long-term lease obligations | $ | 297 |  |  | $ | 3,539 |
Finance Leases Maturity Schedule | Maturities of lease obligations as of March 31, 2023 were as follows (in millions):
| Finance Leases |  | Operating Leases
2023 | $ | 73 |  |  | $ | 576 |
2024 | 62 |  |  | 705 |
2025 | 48 |  |  | 632 |
2026 | 39 |  |  | 543 |
2027 | 38 |  |  | 472 |
Thereafter | 183 |  |  | 2,038 |
Total lease payments | 443 |  |  | 4,966 |
Less: Imputed interest | (78) |  |  | (759) |
Total lease obligations | 365 |  |  | 4,207 |
Less: Current obligations | (68) |  |  | (668) |
Long-term lease obligations | $ | 297 |  |  | $ | 3,539 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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