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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases |
17. | LEASES
[a] | The Company has entered into leases primarily for real estate, manufacturing equipment and vehicles with terms that range from 1 to 10 years, excluding land use rights which generally extend over 90 years. These leases often include options to extend the term of the lease, most often for a period of 5 years. When it is reasonably certain that the option will be exercised, the impact of the option is included in the lease term for purposes of determining total future lease payments.
Costs associated with the Company’s operating lease expense were as follows:
|  | 2023 |  |  | 2022 |
Operating lease expense |  | $ | 353 |  |  | $ | 344 |
Short-term lease expense |  |  | 18 |  |  |  | 25 |
Variable lease expense |  |  | 27 |  |  |  | 26 |
Total lease expense |  | $ | 398 |  |  | $ | 395 |
Supplemental information related to the Company’s operating leases is as follows:
|  | 2023 |  |  | 2022 |
Operating cash flows – cash paid |  | $ | 366 |  |  | $ | 375 |
New right-of-use assets |  | $ | 320 |  |  | $ | 167 |
Weighted-average remaining lease term |  |  | 8 years |  |  |  | 8 years |
Weighted-average discount rate |  |  | 5.4 | % |  |  | 4.7 | %
[b] | Operating lease liabilities consist of:
Current operating liabilities |  | $ | 399 |  |  | $ | 276 |
Non-current operating lease liabilities |  |  | 1,319 |  |  |  | 1,288 |
Total lease liabilities |  | $ | 1,718 |  |  | $ | 1,564 |
[c] | Future annual payments for operating leases are as follows:
|  | 2023 [i] |
2024 |  | $ | 326 |
2025 |  |  | 291 |
2026 |  |  | 244 |
2027 |  |  | 215 |
2028 |  |  | 186 |
Thereafter |  |  | 779 |
|  |  | 2,041 |
Less: amount representing interest |  |  | 323 |
Total lease liabilities |  | $ | 1,718 |
| [i] | Excludes $143 million of future payments for leases, primarily for manufacturing facilities, commencing during 2024.
[d] | The Company’s finance leases were not material for any of the periods presented.

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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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