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Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS (Tables)

v3.22.4
LEASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract] Ìý
Summary of Lease Costs
Lease costs are presented below:
Year Ended December 31,
(In millions) 2022 2021
Operating leases $ 64Ìý $ 70Ìý
Finance leases:
Amortization of right-of-use assets 103Ìý 94Ìý
Interest on lease liabilities 8Ìý 9Ìý
Short-term leases 160Ìý 66Ìý
Total $ 335Ìý $ 239Ìý
Other information related to leases was as follows:
Year Ended December 31,
(In millions) 2022 2021
Cash paid for amounts included in measurement of lease liabilities:
Operating leases within cash flows from operating activities $ 62 $ 70
Finance leases within cash flows from operating activities $ 8 $ 9
Finance leases within cash flows from financing activities $ 96 $ 94
Right-of-use assets obtained in exchange for new finance lease liabilities1
$ 55 $ 50
Weighted-average remaining lease term - operating leases (in years) 9 8
Weighted-average remaining lease term - finance leases (in years) 5 5
Weighted-average discount rate - operating leases 8Ìý % 7Ìý %
Weighted-average discount rate - finance leases 5Ìý % 4Ìý %
1 Right-of-use assets obtained in acquisitions are not included in this figure.
Summary of Future Minimum Lease Payments under Noncellable Finance and Operating Leases
Future minimum lease payments under noncancellable finance and operating leases as of DecemberÌý31, 2022 were as follows:
(In millions) Finance Leases Operating Leases
2023 $ 101Ìý $ 56Ìý
2024 36Ìý 48Ìý
2025 32Ìý 40Ìý
2026 24Ìý 35Ìý
2027 13Ìý 30Ìý
Thereafter 63Ìý 123Ìý
Total future minimum lease payments 269Ìý 332Ìý
Less: imputed interest 54Ìý 94Ìý
Total lease payments 215Ìý 238Ìý
Less: current portion of lease liabilities 93Ìý 43Ìý
Long-term lease liabilities $ 122Ìý $ 195Ìý