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LEASES | 3 Months Ended
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Mar. 31, 2024
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 for each of the three month periods ended March 31, 2024 and 2023. New operating leases of $14 million were added during each of the three month periods ended March 31, 2024 and 2023. 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 2024 | $ | 45 |
2025 | 54 |
2026 | 48 |
2027 | 37 |
2028 | 28 |
Thereafter | 107 |
Total lease payments | 319 |
Less: Present value discount | (28) |
Present value of lease liabilities | $ | 291 |
The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:
| March 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (years) | 7.5 |  | 7.8
Weighted-average discount rate | 2.6 | % |  | 2.4 | %

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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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