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LEASES | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASES | LEASES The Company leases certain, property, buildings and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components. Operating lease expense for the years ended December 31, 2021, 2020, and 2019 were $59 million, $57 million, and $54 million, respectively. New operating leases of $80 million and $68 million were added during the years ended December 31, 2021 and 2020, respectively. Wabtec does not have material financing leases, short-term or variable leases or sublease income. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%. Scheduled payments of Operating lease liabilities are as follows:
In millions | Operating Leases
2022 | $ | 60 |
2023 | 52 |
2024 | 47 |
2025 | 40 |
2026 | 33 |
Thereafter | 113 |
Total lease payments | 345 |
Less: Present value discount | (27) |
Present value lease liabilities | $ | 318 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:
| December 31, 2021 |  | December 31, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 8.2 |  | 7.4
Weighted-average discount rate |  |  |
Operating leases | 2.3 | % |  | 2.7 | %

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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