Annual report pursuant to Section 13 and 15(d)

LEASES

v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases LEASES
We have operating leases primarily for real estate, manufacturing and other equipment, aircraft and vehicles.
Balance sheet information related to operating leases is as follows (in millions):
December 31, 2023 2022
Operating lease ROU assets1
 $ 1,328  $ 1,406 
Current portion of operating lease liabilities2
 $ 361  $ 341 
Noncurrent portion of operating lease liabilities3
 1,001  1,113 
Total operating lease liabilities $ 1,362  $ 1,454 
1 Operating lease ROU assets are included in the line item other noncurrent assets in our consolidated balance sheets.
2 The current portion of operating lease liabilities is included in the line item accounts payable and accrued expenses in our consolidated balance sheets.
3 The noncurrent portion of operating lease liabilities is included in the line item other noncurrent liabilities in our consolidated balance sheets.
We had operating lease costs of $397 million for both the years ended December 31, 2023 and 2022. During 2023 and 2022, cash paid for amounts included in the measurement of operating lease liabilities was $389 million and $400 million, respectively. Operating lease ROU assets obtained in exchange for operating lease obligations were $328 million and $337 million for the years ended December 31, 2023 and 2022, respectively.
Information associated with the measurement of our operating lease liabilities as of December 31, 2023 is as follows:
Weighted-average remaining lease term 8 years
Weighted-average discount rate 3.4  %
Our leases have remaining lease terms of 1 year to 41 years, inclusive of renewal or termination options that we are reasonably certain to exercise.
The following table summarizes the maturities of our operating lease liabilities as of December 31, 2023 (in millions):
Maturities of Operating Lease Liabilities
2024 $ 395 
2025 254 
2026 197 
2027 153 
2028 111 
Thereafter 412 
Total operating lease payments 1,522 
Less: Imputed interest 160 
Total operating lease liabilities $ 1,362