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v3.22.4

LEASES (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Components of Lease Cost | The components of lease cost for the years ended December 31, 2022, 2021 and 2020 were:
(in millions) | 2022 |  | 2021 |  | 2020
Operating lease cost | $ | 124 |  |  | $ | 114 |  |  | $ | 115 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | 6 |  |  | 7 |  |  | 5 |
Interest on lease liabilities | 5 |  |  | 5 |  |  | 5 |
Variable lease cost | 62 |  |  | 52 |  |  | 54 |
Lease cost | $ | 197 |  |  | $ | 178 |  |  | $ | 179 |
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2022, 2021 and 2020:
(in millions) | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 141 |  |  | $ | 124 |  |  | $ | 127 |
Operating cash flows from finance leases | 5 |  |  | 5 |  |  | 4 |
Financing cash flows from finance leases | 4 |  |  | 4 |  |  | 4 |
Right-of-use operating lease assets obtained in exchange for lease obligations | 74 |  |  | 71 |  |  | 67 |
Right-of-use finance lease assets obtained in exchange for lease obligations | 3 |  |  | 4 |  |  | 8 |
Lease term and discount rates as of December 31, 2022 and 2021 were:
| December 31, 2022 |  | December 31, 2021
Weighted-average remaining lease term (years) |  |  |
Operating leases | 7 |  | 8
Finance leases | 11 |  | 12
Weighted-average discount rate |  |  |
Operating leases | 2.7 | % |  | 1.8 | %
Finance leases | 9.4 | % |  | 9.3 | %
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases as of December 31, 2022 and 2021 include:
(in millions) | 2022 |  | 2021
Operating leases |  |  |
Operating lease right-of-use assets | $ | 550 |  |  | $ | 630 |
Accrued expenses and other current liabilities | $ | 121 |  |  | $ | 128 |
Operating lease liabilities | 456 |  |  | 522 |
Total operating lease liabilities | $ | 577 |  |  | $ | 650 |
Finance leases |  |  |
Property, plant and equipment, at cost | $ | 84 |  |  | $ | 86 |
Accumulated depreciation | (35) |  |  | (31) |
Property, plant and equipment, net | $ | 49 |  |  | $ | 55 |
Current maturities of long-term debt and finance lease obligations | $ | 2 |  |  | $ | 2 |
Long-term debt and finance lease obligations | 62 |  |  | 68 |
Total finance lease liabilities | $ | 64 |  |  | $ | 70 |
Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2022 were:
(in millions) | Finance Leases | Operating Leases
2023 | $ | 9 |  | $ | 127 |
2024 | 9 |  | 110 |
2025 | 9 |  | 88 |
2026 | 9 |  | 70 |
2027 | 8 |  | 60 |
Thereafter | 61 |  | 174 |
Total minimum lease payments | 105 |  | 629 |
Less: imputed interest | (41) |  | (52) |
Present value of lease liabilities | $ | 64 |  | $ | 577 |
Maturities of Finance Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2022 were:
(in millions) | Finance Leases | Operating Leases
2023 | $ | 9 |  | $ | 127 |
2024 | 9 |  | 110 |
2025 | 9 |  | 88 |
2026 | 9 |  | 70 |
2027 | 8 |  | 60 |
Thereafter | 61 |  | 174 |
Total minimum lease payments | 105 |  | 629 |
Less: imputed interest | (41) |  | (52) |
Present value of lease liabilities | $ | 64 |  | $ | 577 |
Components of Lease Revenue | The components of lease revenue for the years ended December 31, 2022, 2021 and 2020 were:
(in millions) | 2022 |  | 2021 |  | 2020
Sales-type lease revenue | $ | 15 |  |  | $ | 27 |  |  | $ | 38 |
Operating lease revenue | 514 |  |  | 136 |  |  | 84 |
Variable lease revenue | 54 |  |  | 79 |  |  | 80 |
Total lease revenue | $ | 583 |  |  | $ | 242 |  |  | $ | 202 |
Components of Net Investment In Sales-Type Leases | The components of our net investment in sales-type leases as of December 31, 2022 and 2021 were:
(in millions) | 2022 |  | 2021
Minimum lease payments | $ | 87 |  |  | $ | 111 |
Unguaranteed residual values | 1 |  |  | 4 |
Net investment in leases | $ | 88 |  |  | $ | 115 |
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets:
(in millions) | December 31, 2022 |  | December 31, 2021
Accounts receivable, net | $ | 35 |  |  | $ | 40 |
Other non-current assets | 53 |  |  | 75 |
Total | $ | 88 |  |  | $ | 115 |
Maturities of Sales-Type Leases | Maturities of sales-type and operating leases as of December 31, 2022 were:
(in millions) | Sales-type Leases | Operating Leases
2023 | $ | 39 |  | $ | 80 |
2024 | 27 |  | 72 |
2025 | 17 |  | 71 |
2026 | 4 |  | 54 |
2027 | 1 |  | 3 |
Thereafter | — |  | — |
Total minimum lease payments | 88 |  | $ | 280 |
Less: imputed interest | (1) |  |
Present value of minimum lease payments | $ | 87 |  |
Maturities of Operating Leases | Maturities of sales-type and operating leases as of December 31, 2022 were:
(in millions) | Sales-type Leases | Operating Leases
2023 | $ | 39 |  | $ | 80 |
2024 | 27 |  | 72 |
2025 | 17 |  | 71 |
2026 | 4 |  | 54 |
2027 | 1 |  | 3 |
Thereafter | — |  | — |
Total minimum lease payments | 88 |  | $ | 280 |
Less: imputed interest | (1) |  |
Present value of minimum lease payments | $ | 87 |  |

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