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Operating Leases | 12 Months Ended
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Dec. 31, 2023
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] |
Operating Leases | Operating Leases Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $346 million, $317 million and $294 million in the years ended December 31, 2023, 2022 and 2021. Variable lease costs were insignificant in the years ended December 31, 2023, 2022 and 2021. At December 31, 2023 and 2022, operating lease right of use assets in Other assets were $979 million and $1.1 billion, operating lease liabilities in Accrued liabilities were $264 million and $247 million and non-current operating lease liabilities in Other liabilities were $907 million and $967 million. Operating lease right of use assets obtained in exchange for lease obligations were $225 million and $252 million in the years ended December 31, 2023 and 2022. Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $294 million, $239 million, $199 million, $156 million, $135 million and $310 million for the years 2024, 2025, 2026, 2027, 2028 and thereafter, with imputed interest of $161 million as of December 31, 2023. The weighted-average discount rate was 4.3% and 4.0% and the weighted-average remaining lease term was 6.0 years and 6.7 years at December 31, 2023 and 2022. Payments for operating leases included in Net cash provided by (used in) operating activities were $359 million, $314 million and $301 million in the years ended December 31, 2023, 2022 and 2021. Lease agreements that have not yet commenced were $597 million at December 31, 2023. Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial.
| December 31, 2023 |  | December 31, 2022
Equipment on operating leases | $ | 37,921 |  |  | $ | 40,919 |
Less: accumulated depreciation | (7,338) |  |  | (8,218) |
Equipment on operating leases, net | $ | 30,582 |  |  | $ | 32,701 |
At December 31, 2023, the estimated residual value of our leased assets at the end of the lease term was $22.7 billion. Depreciation expense related to Equipment on operating leases, net was $4.9 billion, $4.8 billion and $6.1 billion in the years ended December 31, 2023, 2022 and 2021. The following table summarizes lease payments due to GM Financial on leases to retail customers:
| Years Ending December 31,
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Lease receipts under operating leases | $ | 4,817 |  |  | $ | 3,117 |  |  | $ | 1,265 |  |  | $ | 132 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 9,334 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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- References No definition available. + Details
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