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LEASES | 12 Months Ended
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Dec. 31, 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 Company does not separate lease and non-lease components. Operating lease expense for the years ended December 31, 2023, 2022, and 2021 was $64 million, $60 million, and $59 million, respectively. During 2023 and 2022, new operating leases of $37 million and $80 million, respectively, were added during the 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 millions | Operating Leases
2024 | $ | 61 |
2025 | 54 |
2026 | 48 |
2027 | 37 |
2028 | 27 |
Thereafter | 114 |
Total lease payments | 341 |
Less: Present value discount | (28) |
Present value lease liabilities | $ | 313 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:
| December 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term (years) | 7.8 |  | 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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