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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Components of Lease Cost | The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were:
(in millions) | 2023 |  | 2022 |  | 2021
Operating lease cost | $ | 127 |  |  | $ | 124 |  |  | $ | 112 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | 6 |  |  | 6 |  |  | 6 |
Interest on lease liabilities | 5 |  |  | 5 |  |  | 5 |
Variable lease cost | 63 |  |  | 62 |  |  | 52 |
Lease cost | $ | 201 |  |  | $ | 197 |  |  | $ | 175 |
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021:
(in millions) | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 154 |  |  | $ | 141 |  |  | $ | 123 |
Operating cash flows from finance leases | 5 |  |  | 5 |  |  | 5 |
Financing cash flows from finance leases | 4 |  |  | 4 |  |  | 4 |
Right-of-use operating lease assets obtained in exchange for lease obligations | 90 |  |  | 73 |  |  | 71 |
Right-of-use finance lease assets obtained in exchange for lease obligations | 15 |  |  | 3 |  |  | 4 |
Lease term and discount rates as of December 31, 2023 and 2022 were:
| December 31, 2023 |  | December 31, 2022
Weighted-average remaining lease term (years) |  |  |
Operating leases | 7 |  | 7
Finance leases | 10 |  | 11
Weighted-average discount rate |  |  |
Operating leases | 3.0 | % |  | 2.7 | %
Finance leases | 9.1 | % |  | 9.5 | %
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 include:
(in millions) | 2023 |  | 2022
Operating leases |  |  |
Operating lease right-of-use assets | $ | 524 |  |  | $ | 541 |
Accrued expenses and other current liabilities | $ | 128 |  |  | $ | 120 |
Operating lease liabilities | 438 |  |  | 447 |
Total operating lease liabilities | $ | 566 |  |  | $ | 567 |
Finance leases |  |  |
Property, plant and equipment, at cost | $ | 91 |  |  | $ | 82 |
Accumulated depreciation | (39) |  |  | (34) |
Property, plant and equipment, net | $ | 52 |  |  | $ | 48 |
Current maturities of long-term debt and finance lease obligations | $ | 3 |  |  | $ | 2 |
Long-term debt and finance lease obligations | 66 |  |  | 62 |
Total finance lease liabilities | $ | 69 |  |  | $ | 64 |
Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were:
(in millions) | Finance Leases | Operating Leases
2024 | $ | 11 |  | $ | 143 |
2025 | 11 |  | 115 |
2026 | 11 |  | 94 |
2027 | 10 |  | 76 |
2028 | 10 |  | 55 |
Thereafter | 63 |  | 139 |
Total minimum lease payments | 116 |  | 622 |
Less: imputed interest | (47) |  | (56) |
Present value of lease liabilities | $ | 69 |  | $ | 566 |
Maturities of Finance Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2023 were:
(in millions) | Finance Leases | Operating Leases
2024 | $ | 11 |  | $ | 143 |
2025 | 11 |  | 115 |
2026 | 11 |  | 94 |
2027 | 10 |  | 76 |
2028 | 10 |  | 55 |
Thereafter | 63 |  | 139 |
Total minimum lease payments | 116 |  | 622 |
Less: imputed interest | (47) |  | (56) |
Present value of lease liabilities | $ | 69 |  | $ | 566 |
Components of Lease Revenue | The components of lease revenue for the years ended December 31, 2023, 2022 and 2021 were:
(in millions) | 2023 |  | 2022 |  | 2021
Sales-type lease revenue | $ | 10 |  |  | $ | 15 |  |  | $ | 27 |
Operating lease revenue | 518 |  |  | 513 |  |  | 135 |
Variable lease revenue | 53 |  |  | 54 |  |  | 79 |
Total lease revenue | $ | 581 |  |  | $ | 582 |  |  | $ | 241 |
Components of Net Investment In Sales-Type Leases | The components of our net investment in sales-type leases as of December 31, 2023 and 2022 were:
(in millions) | 2023 |  | 2022
Minimum lease payments | $ | 71 |  |  | $ | 87 |
Unguaranteed residual values | — |  |  | 1 |
Net investment in leases | $ | 71 |  |  | $ | 88 |
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets as of December 31, 2023 and 2022:
(in millions) | 2023 |  | 2022
Accounts receivable, net | $ | 31 |  |  | $ | 35 |
Other non-current assets | 40 |  |  | 53 |
Total | $ | 71 |  |  | $ | 88 |
Maturities of Sales-Type Leases | Maturities of sales-type and operating leases as of December 31, 2023 were:
(in millions) | Sales-type Leases 1 | Operating Leases
2024 | $ | 34 |  | $ | 80 |
2025 | 18 |  | 75 |
2026 | 9 |  | 55 |
2027 | 4 |  | 39 |
2028 | 3 |  | 11 |
Thereafter | 3 |  | — |
Total minimum lease payments | $ | 71 |  | $ | 260 |
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2023
Maturities of Operating Leases | Maturities of sales-type and operating leases as of December 31, 2023 were:
(in millions) | Sales-type Leases 1 | Operating Leases
2024 | $ | 34 |  | $ | 80 |
2025 | 18 |  | 75 |
2026 | 9 |  | 55 |
2027 | 4 |  | 39 |
2028 | 3 |  | 11 |
Thereafter | 3 |  | — |
Total minimum lease payments | $ | 71 |  | $ | 260 |
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2023

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