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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | LEASES The net present value of finance and operating lease right-of-use assets and liabilities were as follows:
|  |  |  | Year Ended December 31,
(in millions, except percentages) |  | Location in the Consolidated Balance Sheets |  | 2023 |  | 2022
Assets |  |  |  |  |  |
Finance leases |  | Property, plant, and equipment, net |  | $ | 1 |  |  | $ | 1 |
Operating leases |  | Operating lease right-of-use assets, net |  | 178 |  |  | 200 |
Total right-of-use assets |  |  |  | $ | 179 |  |  | $ | 201 |
Liabilities |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Finance leases |  | Notes payable and current portion of long-term debt |  | $ | — |  |  | $ | 1 |
Operating leases |  | Accrued liabilities |  | 56 |  |  | 54 |
Noncurrent liabilities |  |  |  |  |  |
Finance leases |  | Long-term debt |  | 1 |  |  | 1 |
Operating leases |  | Operating lease liabilities |  | 125 |  |  | 149 |
Total lease liabilities |  |  |  | $ | 182 |  |  | $ | 205 |
Supplemental information: |  |  |  |
Weighted-average discount rate |  |  |  |
Finance leases |  |  |  | 4.2 | % |  | 3.5 | %
Operating leases |  |  |  | 3.9 | % |  | 3.5 | %
Weighted-average remaining lease term in years |  |  |  |
Finance leases |  |  |  | 5.2 |  | 4.1
Operating leases |  |  |  | 4.5 |  | 5.1
The lease cost recognized in the Consolidated Statements of Operations were as follows:
|  |  | Year Ended December 31,
(in millions) |  |  | 2023 |  | 2022
Operating lease cost |  |  | $ | 67 |  |  | $ | 68 |
Short-term lease cost |  |  | — |  |  | 1 |
Variable lease cost |  |  | 15 |  |  | 12 |
Total lease cost |  |  | $ | 82 |  |  | $ | 81 |
The contractual maturity dates of the remaining lease liabilities as of December 31, 2023 were as follows:
(in millions) |  | Finance Leases |  | Operating Leases |  | Total
2024 |  | $ | — |  |  | $ | 62 |  |  | $ | 62 |
2025 |  | 1 |  |  | 45 |  |  | 46 |
2026 |  | — |  |  | 32 |  |  | 32 |
2027 |  | — |  |  | 21 |  |  | 21 |
2028 |  | — |  |  | 16 |  |  | 16 |
2029 and beyond |  | — |  |  | 23 |  |  | 23 |
Total lease payments |  | $ | 1 |  |  | $ | 199 |  |  | $ | 200 |
Less imputed interest |  | — |  |  | 18 |  |  | 18 |
Present value of lease liabilities |  | $ | 1 |  |  | $ | 181 |  |  | $ | 182 |
The supplemental cash flow information for leases were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows paid for operating leases |  | $ | 68 |  |  | $ | 66 |  |  | $ | 65 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |
Finance leases |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Operating leases |  | 36 |  |  | 57 |  |  | 79 |
Leases | LEASES The net present value of finance and operating lease right-of-use assets and liabilities were as follows:
|  |  |  | Year Ended December 31,
(in millions, except percentages) |  | Location in the Consolidated Balance Sheets |  | 2023 |  | 2022
Assets |  |  |  |  |  |
Finance leases |  | Property, plant, and equipment, net |  | $ | 1 |  |  | $ | 1 |
Operating leases |  | Operating lease right-of-use assets, net |  | 178 |  |  | 200 |
Total right-of-use assets |  |  |  | $ | 179 |  |  | $ | 201 |
Liabilities |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Finance leases |  | Notes payable and current portion of long-term debt |  | $ | — |  |  | $ | 1 |
Operating leases |  | Accrued liabilities |  | 56 |  |  | 54 |
Noncurrent liabilities |  |  |  |  |  |
Finance leases |  | Long-term debt |  | 1 |  |  | 1 |
Operating leases |  | Operating lease liabilities |  | 125 |  |  | 149 |
Total lease liabilities |  |  |  | $ | 182 |  |  | $ | 205 |
Supplemental information: |  |  |  |
Weighted-average discount rate |  |  |  |
Finance leases |  |  |  | 4.2 | % |  | 3.5 | %
Operating leases |  |  |  | 3.9 | % |  | 3.5 | %
Weighted-average remaining lease term in years |  |  |  |
Finance leases |  |  |  | 5.2 |  | 4.1
Operating leases |  |  |  | 4.5 |  | 5.1
The lease cost recognized in the Consolidated Statements of Operations were as follows:
|  |  | Year Ended December 31,
(in millions) |  |  | 2023 |  | 2022
Operating lease cost |  |  | $ | 67 |  |  | $ | 68 |
Short-term lease cost |  |  | — |  |  | 1 |
Variable lease cost |  |  | 15 |  |  | 12 |
Total lease cost |  |  | $ | 82 |  |  | $ | 81 |
The contractual maturity dates of the remaining lease liabilities as of December 31, 2023 were as follows:
(in millions) |  | Finance Leases |  | Operating Leases |  | Total
2024 |  | $ | — |  |  | $ | 62 |  |  | $ | 62 |
2025 |  | 1 |  |  | 45 |  |  | 46 |
2026 |  | — |  |  | 32 |  |  | 32 |
2027 |  | — |  |  | 21 |  |  | 21 |
2028 |  | — |  |  | 16 |  |  | 16 |
2029 and beyond |  | — |  |  | 23 |  |  | 23 |
Total lease payments |  | $ | 1 |  |  | $ | 199 |  |  | $ | 200 |
Less imputed interest |  | — |  |  | 18 |  |  | 18 |
Present value of lease liabilities |  | $ | 1 |  |  | $ | 181 |  |  | $ | 182 |
The supplemental cash flow information for leases were as follows:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows paid for operating leases |  | $ | 68 |  |  | $ | 66 |  |  | $ | 65 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |
Finance leases |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Operating leases |  | 36 |  |  | 57 |  |  | 79 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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