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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] Ìý
Summary of Lease Costs
Lease costs are presented below:
Year Ended December 31,
(In millions) 2023 2022
Operating leases $ 59Ìý $ 64Ìý
Finance leases:
Amortization of right-of-use assets 92Ìý 103Ìý
Interest on lease liabilities 11Ìý 8Ìý
Short-term leases 171Ìý 160Ìý
Total $ 333Ìý $ 335Ìý
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 8Ìý %
Finance leases 6Ìý %
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 DecemberÌý31, 2023 were as follows:
(In millions) Finance Leases Operating Leases
2024 $ 53Ìý $ 56Ìý
2025 49Ìý 49Ìý
2026 39Ìý 42Ìý
2027 27Ìý 38Ìý
2028 25Ìý 29Ìý
Thereafter 74Ìý 117Ìý
Total future minimum lease payments 267Ìý 331Ìý
Less: imputed interest 52Ìý 93Ìý
Total lease payments 215Ìý 238Ìý
Less: current portion of lease liabilities 49Ìý 41Ìý
Long-term lease liabilities $ 166Ìý $ 197Ìý