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LEASES | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES Lessee The Company has mainly operating lease contracts for buildings, plant and machinery, vehicles, information technology ("IT") equipment and machinery. Leases with a term of 12 months or less are not recorded in the balance sheet. For these leases the Company recognized on a straight-line basis over the lease term, lease expense of $2 million and $2 million in the three months ended June 30, 2023 and 2022, respectively, and $3 million and $3 million in the six months ended June 30, 2023 and 2022. For the three months ended June 30, 2023 and 2022, the Company incurred operating lease expenses of $20 million and $19 million, respectively, and $39 million and $35 million in the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, the Company has recorded approximately $227 million of right-of-use assets and $231 million of related lease liability included in Other Assets and Other Liabilities, respectively. At June 30, 2023, the weighted average remaining lease term (calculated on the basis of the remaining lease term and the lease liability balance for each lease) and the weighted average discount rate for operating leases were 5.6 years and 4.0%, respectively. During the six months ended June 30, 2023 and 2022 leased assets obtained in exchange for operating lease obligations were $39 million and $73 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $37 million and $35 million as of June 30, 2023 and 2022, respectively. Lessor The Company, primarily through its Financial Services segment, leases equipment to retail customers under operating leases. Our leases typically have terms of 3 to 5 years with options available for the lessee to purchase the equipment at the lease term date. Revenue for non-lease components is accounted for separately.
LEASES | LEASES Lessee The Company has mainly operating lease contracts for buildings, plant and machinery, vehicles, information technology ("IT") equipment and machinery. Leases with a term of 12 months or less are not recorded in the balance sheet. For these leases the Company recognized on a straight-line basis over the lease term, lease expense of $2 million and $2 million in the three months ended June 30, 2023 and 2022, respectively, and $3 million and $3 million in the six months ended June 30, 2023 and 2022. For the three months ended June 30, 2023 and 2022, the Company incurred operating lease expenses of $20 million and $19 million, respectively, and $39 million and $35 million in the six months ended June 30, 2023 and 2022, respectively. At June 30, 2023, the Company has recorded approximately $227 million of right-of-use assets and $231 million of related lease liability included in Other Assets and Other Liabilities, respectively. At June 30, 2023, the weighted average remaining lease term (calculated on the basis of the remaining lease term and the lease liability balance for each lease) and the weighted average discount rate for operating leases were 5.6 years and 4.0%, respectively. During the six months ended June 30, 2023 and 2022 leased assets obtained in exchange for operating lease obligations were $39 million and $73 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $37 million and $35 million as of June 30, 2023 and 2022, respectively. Lessor The Company, primarily through its Financial Services segment, leases equipment to retail customers under operating leases. Our leases typically have terms of 3 to 5 years with options available for the lessee to purchase the equipment at the lease term date. Revenue for non-lease components is accounted for separately.

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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