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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES The Company leases certain properties, buildings and equipment (including branches, warehouses, DCs and office space) under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists mainly of operating leases that expire at various dates through 2037. Information related to operating leases is as follows (in millions of dollars):
|  | As of December 31,
|  | 2023 |  | 2022
Right-of-use assets |  |  |  |
Operating lease right-of-use |  | $ | 429 |  |  | $ | 367 |
Operating lease liabilities |  |  |  |
Operating lease liability |  | 71 |  |  | 68 |
Long-term operating lease liability |  | 381 |  |  | 318 |
Total operating lease liabilities |  | $ | 452 |  |  | $ | 386 |
|  | As of December 31,
|  | 2023 |  | 2022
Weighted average remaining lease term |  | 7 years |  | 7 years
Weighted average incremental borrowing rate |  | 2.19 | % |  | 1.46 | %
Cash paid for operating leases |  | $ | 88 |  |  | $ | 76 |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 161 |  |  | $ | 96 |
Rent expense was $102 million, $93 million and $74 million for 2023, 2022 and 2021, respectively. These amounts are net of sublease income of $2 million for 2023, 2022 and 2021. The remaining maturity of existing lease liabilities as of December 31, 2023 are as follows (in millions of dollars):
Year |  | Operating Leases
2024 |  | $ | 87 |
2025 |  | 87 |
2026 |  | 76 |
2027 |  | 66 |
2028 |  | 57 |
Thereafter |  | 119 |
Total lease payments |  | 492 |
Less interest |  | (40) |
Present value of lease liabilities |  | $ | 452 |
As of December 31, 2023 and 2022, the Company's finance leases and service contracts with lease arrangements wer e not material. Finance leases are reported in Property, buildings and equipment – net, and as a short and long-term finance lease liability in Accrued expenses and Other non-current liabilities.

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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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