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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Schedule of Assets and Liabilities | 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 |
Schedule of Operating Lease Information |
|  | 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 |
Schedule of Maturities of Operating Lease Liabilities | 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 |

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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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