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LEASES
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021, and 2020 was $60 million, $59 million, and $57 million, respectively. During 2022 and 2021, new operating leases of $80 million were added during each year. 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. Wabtec does not have material financing leases, short-term or variable leases or sublease income.

Scheduled payments of operating lease liabilities are as follows:
In millionsOperating Leases
2023$61 
202453 
202546 
202639 
202729 
Thereafter129 
Total lease payments357 
Less: Present value discount(23)
Present value lease liabilities$334 
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (years)8.38.2
Weighted-average discount rate2.3 %2.3 %