Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS (Tables)

v3.24.0.1
LEASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Lease Costs
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
Summary of Future Minimum Lease Payments under Noncancelable Finance and Operating Leases
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