Note 15. Leases The components of lease expense included in Income (Loss) before Income Taxes for the years ended December 31, 2023, 2022 and 2021 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Operating Lease Expense |
|
$ |
302 |
|
|
$ |
300 |
|
|
$ |
295 |
|
Finance Lease Expense: |
|
|
|
|
|
|
|
|
|
Amortization of ROU assets |
|
|
12 |
|
|
|
10 |
|
|
|
9 |
|
Interest on lease liabilities |
|
|
20 |
|
|
|
20 |
|
|
|
21 |
|
Short Term Lease Expense |
|
|
11 |
|
|
|
17 |
|
|
|
11 |
|
Variable Lease Expense |
|
|
3 |
|
|
|
5 |
|
|
|
8 |
|
Sublease Income |
|
|
(10 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
Total Lease Expense |
|
$ |
338 |
|
|
$ |
341 |
|
|
$ |
333 |
|
Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |
|
|
|
|
|
|
|
|
|
Operating Cash Flows for Operating Leases |
|
$ |
278 |
|
|
$ |
276 |
|
|
$ |
278 |
|
Operating Cash Flows for Finance Leases |
|
|
20 |
|
|
|
20 |
|
|
|
21 |
|
Financing Cash Flows for Finance Leases |
|
|
8 |
|
|
|
6 |
|
|
|
6 |
|
ROU Assets Obtained in Exchange for Lease Obligations |
|
|
|
|
|
|
|
|
|
Operating Leases |
|
|
218 |
|
|
|
250 |
|
|
|
378 |
|
Finance Leases |
|
|
17 |
|
|
|
20 |
|
|
|
14 |
|
Supplemental balance sheet information related to leases as of December 31, 2023 and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except lease term and discount rate) |
|
|
|
2023 |
|
|
2022 |
|
Operating Leases |
|
|
|
|
|
|
|
|
Operating Lease ROU Assets |
|
|
|
$ |
985 |
|
|
$ |
976 |
|
|
|
|
|
|
|
|
|
|
Operating Lease Liabilities due Within One Year |
|
|
|
$ |
200 |
|
|
$ |
199 |
|
Operating Lease Liabilities |
|
|
|
|
825 |
|
|
|
821 |
|
Total Operating Lease Liabilities |
|
|
|
$ |
1,025 |
|
|
$ |
1,020 |
|
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
|
|
|
|
|
|
Property, Plant and Equipment, at cost |
|
|
|
$ |
288 |
|
|
$ |
269 |
|
Accumulated Depreciation |
|
|
|
|
(80 |
) |
|
|
(69 |
) |
Property, Plant and Equipment, net |
|
|
|
$ |
208 |
|
|
$ |
200 |
|
|
|
|
|
|
|
|
|
|
Long Term Debt and Finance Leases due Within One Year |
|
|
|
$ |
10 |
|
|
$ |
8 |
|
Long Term Debt and Finance Leases |
|
|
|
|
258 |
|
|
|
247 |
|
Total Finance Lease Liabilities |
|
|
|
$ |
268 |
|
|
$ |
255 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term (years) |
|
|
|
|
|
|
|
|
Operating Leases |
|
|
|
|
7.0 |
|
|
|
7.4 |
|
Finance Leases |
|
|
|
|
27.3 |
|
|
|
29.2 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Discount Rate |
|
|
|
|
|
|
|
|
Operating Leases |
|
|
|
|
7.24 |
% |
|
|
6.82 |
% |
Finance Leases |
|
|
|
|
8.17 |
% |
|
|
8.26 |
% |
Future maturities of our lease liabilities, excluding subleases, as of December 31, 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
|
|
Operating Leases |
|
|
Finance Leases |
|
2024 |
|
|
|
$ |
260 |
|
|
$ |
29 |
|
2025 |
|
|
|
|
221 |
|
|
|
28 |
|
2026 |
|
|
|
|
183 |
|
|
|
28 |
|
2027 |
|
|
|
|
147 |
|
|
|
27 |
|
2028 |
|
|
|
|
110 |
|
|
|
26 |
|
Thereafter |
|
|
|
|
413 |
|
|
|
617 |
|
Total Lease Payments |
|
|
|
|
1,334 |
|
|
|
755 |
|
Less: Imputed Interest |
|
|
|
|
309 |
|
|
|
487 |
|
Total |
|
|
|
$ |
1,025 |
|
|
$ |
268 |
|
As of December 31, 2023, we have additional operating and finance leases that have not yet commenced for which the present value of lease payments over the respective lease terms totals $162 million. Accordingly, these leases are not recorded on the Consolidated Balance Sheets at December 31, 2023. These leases will commence in 2024 and 2025 with lease terms of 1 year to 40 years.
|