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LEASE OBLIGATIONS | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lease Obligations | NOTE 12 - LEASE OBLIGATIONS Our operating leases consist primarily of leases for land, office space, rail cars and storage tanks. Our finance leases consist primarily of mining equipment and rail cars. When an implicit discount rate is not readily determinable under our leases, we use our incremental borrowing rate as the discount rate to determine the present value of the lease payments. Our incremental borrowing rate is the rate of interest that we would have to borrow on a collateralized basis over a similar term and amount in a similar economic environment to pay our lease obligations. We determine the incremental borrowing rates for our leases by adjusting the local risk-free interest rate with a credit risk premium corresponding to our credit rating. From time to time, we may enter into arrangements for the construction or purchase of an asset and then enter into a financing arrangement to lease the asset. We recognize leased assets and liabilities under these arrangements when we obtain control of the asset. Lease costs are presented below:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  |
Operating leases | $ | 59 |  |  | $ | 64 |  |  |
Finance leases: |  |  |  |  |
Amortization of right-of-use assets | 92 |  |  | 103 |  |  |
Interest on lease liabilities | 11 |  |  | 8 |  |  |
Short-term leases | 171 |  |  | 160 |  |  |
Total | $ | 333 |  |  | $ | 335 |  |  |
Lease terms and discount rates are shown below:
| December 31,
(In millions) | 2023
Weighted average lease term (in years): |
Operating leases | 8
Finance leases | 7
Weighted average discount rate: |
Operating leases | 8 | %
Finance leases | 6 | %
Other information related to leases was as follows:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |
Operating leases within cash flows from operating activities | $ | 57 |  | $ | 62 |  | $ | 70
Finance leases within cash flows from operating activities | 11 |  | 8 |  | 9
Finance leases within cash flows from financing activities | 92 |  | 96 |  | 94
Right-of-use assets obtained in exchange for new finance lease liabilities | 93 |  | 55 |  | 50
Future minimum lease payments under noncancellable finance and operating leases as of December 31, 2023 were as follows:
(In millions) | Finance Leases |  | Operating Leases
2024 | $ | 53 |  |  | $ | 56 |
2025 | 49 |  |  | 49 |
2026 | 39 |  |  | 42 |
2027 | 27 |  |  | 38 |
2028 | 25 |  |  | 29 |
Thereafter | 74 |  |  | 117 |
Total future minimum lease payments | 267 |  |  | 331 |
Less: imputed interest | 52 |  |  | 93 |
Total lease payments | 215 |  |  | 238 |
Less: current portion of lease liabilities | 49 |  |  | 41 |
Long-term lease liabilities | $ | 166 |  |  | $ | 197 |
The current and long-term portions of our finance and operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively.

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- Definition Lessee, Financing and Operating Leases Disclosure + References No definition available. + Details
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