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Leases
 6 Months Ended
Jun. 29, 2024
Leases [Abstract]  
Leases Leases
We primarily lease certain manufacturing plants, offices, warehouses, training and service centers at various locations worldwide that are classified as either operating or finance leases. Our leases have remaining lease terms up to 25 years, which include options to extend the lease term for periods up to 20 years when it is reasonably certain the option will be exercised.
Operating lease cost totaled $18 million and $17 million in the second quarter of 2024 and 2023, respectively, and $36 million and $34 million in the first half of 2024 and 2023, respectively. Finance lease, variable and short-term lease costs were not significant.
Cash paid for operating leases totaled $36 million and $34 million in the first half of 2024 and 2023, respectively, and is classified in cash flows from operating activities. Noncash transaction related to operating leases totaled $28 million and $24 million in the first half of 2024 and 2023, respectively, reflecting new or extended leases. In the second quarter of 2024, non-cash transactions also reflected the recognition of a $72 million asset and liability related to a new finance lease. Cash paid for finance leases was not significant.
Balance sheet and other information related to our leases is as follows:
(Dollars in millions)June 29,
2024		December 30,
2023
Operating leases:
Other assets$370$371
Other current liabilities5755
Other liabilities323326
Weighted-average remaining lease term (in years)10.010.3
Weighted-average discount rate4.74%4.70%
Finance leases:
Property, plant and equipment, less accumulated amortization
  of $7 million and $8 million, respectively
$89$20
Current portion of long-term debt11
Long-term debt8822
Weighted-average remaining lease term (in years)5.414.9
Weighted-average discount rate6.45%4.55%
Leases Leases
We primarily lease certain manufacturing plants, offices, warehouses, training and service centers at various locations worldwide that are classified as either operating or finance leases. Our leases have remaining lease terms up to 25 years, which include options to extend the lease term for periods up to 20 years when it is reasonably certain the option will be exercised.
Operating lease cost totaled $18 million and $17 million in the second quarter of 2024 and 2023, respectively, and $36 million and $34 million in the first half of 2024 and 2023, respectively. Finance lease, variable and short-term lease costs were not significant.
Cash paid for operating leases totaled $36 million and $34 million in the first half of 2024 and 2023, respectively, and is classified in cash flows from operating activities. Noncash transaction related to operating leases totaled $28 million and $24 million in the first half of 2024 and 2023, respectively, reflecting new or extended leases. In the second quarter of 2024, non-cash transactions also reflected the recognition of a $72 million asset and liability related to a new finance lease. Cash paid for finance leases was not significant.
Balance sheet and other information related to our leases is as follows:
(Dollars in millions)June 29,
2024		December 30,
2023
Operating leases:
Other assets$370$371
Other current liabilities5755
Other liabilities323326
Weighted-average remaining lease term (in years)10.010.3
Weighted-average discount rate4.74%4.70%
Finance leases:
Property, plant and equipment, less accumulated amortization
  of $7 million and $8 million, respectively
$89$20
Current portion of long-term debt11
Long-term debt8822
Weighted-average remaining lease term (in years)5.414.9
Weighted-average discount rate6.45%4.55%
Maturities of our lease liabilities at June 29, 2024 are as follows:
(In millions)Operating LeasesFinance Leases
2024$37$3
2025677
2026527
2027456
20284274
Thereafter24316
Total lease payments486113
Less: interest(106)(24)
Total lease liabilities$380$89