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LEASES | 9 Months Ended
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Sep. 30, 2023
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 right-of-use assets are classified as noncurrent and included within the caption "Other noncurrent assets" on the Condensed Consolidated Balance Sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. The Company does not separate lease and non-lease components. 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. Operating lease expense was $16 million and $48 million for the three and nine months ended September 30, 2023, respectively, and $15 million and $44 million for the three and nine months ended September 30, 2022, respectively. New operating leases of $7 million and $27 million were added during the three and nine months ended September 30, 2023, respectively, and $34 million and $58 million for the three and nine months ended September 30, 2022, respectively. Wabtec does not have material financing leases, short-term or variable leases or sublease income. Scheduled payments of lease liabilities are as follows:
In millions | Operating Leases
Remaining 2023 | $ | 17 |
2024 | 58 |
2025 | 51 |
2026 | 45 |
2027 | 35 |
Thereafter | 137 |
Total lease payments | 343 |
Less: Present value discount | (26) |
Present value of lease liabilities | $ | 317 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:
| September 30, 2023 |  | December 31, 2022
Weighted-average remaining lease term (years) | 7.9 |  | 8.3
Weighted-average discount rate | 2.4 | % |  | 2.3 | %

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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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