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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lease-Related Assets and Liabilities | Lease-related assets and liabilities recorded on the Consolidated Balance Sheet were as follows:
(in millions) | Balance Sheet location | December 31, 2023 |  | December 31, 2022
Assets |  |  |  |
Operating | Operating lease right-of-use assets (net) | $ | 1,223 |  |  | $ | 1,394 |
Finance | Property and equipment (net of allowance for depreciation and amortization of $477 million and $634 million) | 125 |  |  | 297 |
Total lease assets |  | $ | 1,348 |  |  | $ | 1,691 |
Liabilities |  |  |  |
Current |  |  |  |
Operating | Current operating lease liabilities | $ | 208 |  |  | $ | 225 |
Finance | Current maturities of long-term debt | 29 |  |  | 42 |
Noncurrent |  |  |  |
Operating | Noncurrent operating lease liabilities | 985 |  |  | 1,118 |
Finance | Long-term debt less current maturities | 75 |  |  | 147 |
Total lease liabilities |  | $ | 1,297 |  |  | $ | 1,532 |
Components of Lease Cost | The components of lease costs, included in the Consolidated Statement of Income, were as follows:
(in millions) | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  | Year ended December 31, 2021
Operating lease cost - aircraft (a) | $ | 186 |  |  | $ | 188 |  |  | $ | 204 |
Operating lease cost - other | 89 |  |  | 84 |  |  | 81 |
Short-term lease cost | 2 |  |  | 2 |  |  | 1 |
Variable lease cost | 1,733 |  |  | 1,447 |  |  | 1,406 |
Amortization of finance lease liabilities | 44 |  |  | 106 |  |  | 112 |
Interest on finance lease liabilities | 5 |  |  | 15 |  |  | 19 |
Total net lease cost | $ | 2,059 |  |  | $ | 1,842 |  |  | $ | 1,823 |
(a) Net of sublease income of $7 million, $17 million, and $41 million for the years ended December 31, 2023, 2022, and 2021. Supplemental cash flow information related to leases, included in the Consolidated Statement of Cash Flows, was as follows:
(in millions) | Year ended December 31, 2023 |  | Year ended December 31, 2022 |  | Year ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 251 |  |  | $ | 303 |  |  | $ | 346 |
Operating cash flows for finance leases | 5 |  |  | 16 |  |  | 19 |
Financing cash flows for finance leases | 32 |  |  | 78 |  |  | 83 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | 82 |  |  | 58 |  |  | 327 |
The table below presents additional information related to the Company's leases:
Weighted average remaining lease term | December 31, 2023 |  | December 31, 2022
Operating leases | 8 years |  | 8 years
Finance leases | 5 years |  | 6 years
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.6 | %
Finance leases | 3.9 | % |  | 3.9 | %
Finance Lease Maturity | As of December 31, 2023, maturities of lease liabilities were as follows:
(in millions) | Operating leases |  | Finance leases |  |  |  |
2024 | $ | 242 |  |  | $ | 33 |  |  |  |  |
2025 | 201 |  |  | 24 |  |  |  |  |
2026 | 186 |  |  | 16 |  |  |  |  |
2027 | 179 |  |  | 16 |  |  |  |  |
2028 | 168 |  |  | 12 |  |  |  |  |
Thereafter | 431 |  |  | 13 |  |  |  |  |
Total lease payments | $ | 1,407 |  |  | $ | 114 |  |  |  |  |
Less imputed interest | (214) |  |  | (10) |  |  |  |  |
Total lease obligations | 1,193 |  |  | 104 |  |  |  |  |
Less current obligations | (208) |  |  | (29) |  |  |  |  |
Long-term lease obligations | $ | 985 |  |  | $ | 75 |  |  |  |  |
Operating Lease Maturity | As of December 31, 2023, maturities of lease liabilities were as follows:
(in millions) | Operating leases |  | Finance leases |  |  |  |
2024 | $ | 242 |  |  | $ | 33 |  |  |  |  |
2025 | 201 |  |  | 24 |  |  |  |  |
2026 | 186 |  |  | 16 |  |  |  |  |
2027 | 179 |  |  | 16 |  |  |  |  |
2028 | 168 |  |  | 12 |  |  |  |  |
Thereafter | 431 |  |  | 13 |  |  |  |  |
Total lease payments | $ | 1,407 |  |  | $ | 114 |  |  |  |  |
Less imputed interest | (214) |  |  | (10) |  |  |  |  |
Total lease obligations | 1,193 |  |  | 104 |  |  |  |  |
Less current obligations | (208) |  |  | (29) |  |  |  |  |
Long-term lease obligations | $ | 985 |  |  | $ | 75 |  |  |  |  |

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