v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Cost
The components of lease cost for the years ended December 31, 2022, 2021 and 2020 were:
(in millions)202220212020
Operating lease cost$124 $114 $115 
Finance lease cost
Amortization of right-of-use assets6 7 5 
Interest on lease liabilities5 5 5 
Variable lease cost62 52 54 
Lease cost$197 $178 $179 
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2022, 2021 and 2020:
(in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$141 $124 $127 
Operating cash flows from finance leases5 5 4 
Financing cash flows from finance leases4 4 4 
Right-of-use operating lease assets obtained in exchange for lease obligations74 71 67 
Right-of-use finance lease assets obtained in exchange for lease obligations3 4 8 
Lease term and discount rates as of December 31, 2022 and 2021 were:
December 31, 2022December 31, 2021
Weighted-average remaining lease term (years)
Operating leases78
Finance leases1112
Weighted-average discount rate
Operating leases2.7 %1.8 %
Finance leases9.4 %9.3 %
Supplemental Balance Sheet Information Related To Leases Supplemental balance sheet information related to leases as of December 31, 2022 and 2021 include:
(in millions)20222021
Operating leases
Operating lease right-of-use assets$550 $630 
Accrued expenses and other current liabilities$121 $128 
Operating lease liabilities456 522 
Total operating lease liabilities$577 $650 
Finance leases
Property, plant and equipment, at cost$84 $86 
Accumulated depreciation(35)(31)
Property, plant and equipment, net$49 $55 
Current maturities of long-term debt and finance lease obligations$2 $2 
Long-term debt and finance lease obligations62 68 
Total finance lease liabilities$64 $70 
Maturities of Operating Lease Liabilities Maturities of operating and finance lease liabilities as of December 31, 2022 were:
(in millions)Finance LeasesOperating Leases
2023$9 $127 
20249 110 
20259 88 
20269 70 
20278 60 
Thereafter61 174 
Total minimum lease payments105 629 
Less: imputed interest(41)(52)
Present value of lease liabilities$64 $577 
Maturities of Finance Lease Liabilities Maturities of operating and finance lease liabilities as of December 31, 2022 were:
(in millions)Finance LeasesOperating Leases
2023$9 $127 
20249 110 
20259 88 
20269 70 
20278 60 
Thereafter61 174 
Total minimum lease payments105 629 
Less: imputed interest(41)(52)
Present value of lease liabilities$64 $577 
Components of Lease Revenue The components of lease revenue for the years ended December 31, 2022, 2021 and 2020 were:
(in millions)202220212020
Sales-type lease revenue$15 $27 $38 
Operating lease revenue514 136 84 
Variable lease revenue54 79 80 
Total lease revenue$583 $242 $202 
Components of Net Investment In Sales-Type Leases
The components of our net investment in sales-type leases as of December 31, 2022 and 2021 were:
(in millions)20222021
Minimum lease payments$87 $111 
Unguaranteed residual values1 4 
Net investment in leases $88 $115 
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets:
(in millions)December 31, 2022December 31, 2021
Accounts receivable, net$35 $40 
Other non-current assets53 75 
Total$88 $115 
Maturities of Sales-Type Leases Maturities of sales-type and operating leases as of December 31, 2022 were:
(in millions)Sales-type LeasesOperating Leases
2023$39 $80 
202427 72 
202517 71 
20264 54 
20271 3 
Thereafter— — 
Total minimum lease payments88 $280 
Less: imputed interest(1)
Present value of minimum lease payments$87 
Maturities of Operating Leases Maturities of sales-type and operating leases as of December 31, 2022 were:
(in millions)Sales-type LeasesOperating Leases
2023$39 $80 
202427 72 
202517 71 
20264 54 
20271 3 
Thereafter— — 
Total minimum lease payments88 $280 
Less: imputed interest(1)
Present value of minimum lease payments$87