Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

(12)Leases

We are party to contracts where we lease property from others under contracts classified as operating leases. We primarily lease buildings, offices and operating facilities. Operating lease right-of-use assets are included in other assets and operating lease liabilities are included in accounts payable, accruals and other liabilities. Information related to our operating leases follows (dollars in millions).

	Right-of-use assets		Lease liabilities		Weighted average remaining term in years		Weighted average discount rate used to measure liabilities
December 31, 2023	$	5,277	$	5,299		7.0		4.2	%
December 31, 2022		4,975		4,939		7.0		3.7	%

A summary of our remaining future operating lease payments reconciled to lease liabilities as of December 31, 2023 and December 31, 2022 follows (in millions).

	Year 1		Year 2		Year 3		Year 4		Year 5		Thereafter		Total lease payments		Amount representing interest			Lease liabilities
December 31:
2023	$	1,422	$	1,172	$	815	$	666	$	463	$	1,680	$	6,218	$	(919	)	$	5,299
2022		1,283		1,073		822		560		449		1,464		5,651		(712	)		4,939

Components of operating lease expense for each of the three years ending December 31, 2023, are summarized as follows (in millions).

	2023		2022		2021
Operating lease expense	$	1,535	$	1,361	$	1,426
Short-term lease expense		219		233		154
Variable lease expense		216		217		223
	$	1,970	$	1,811	$	1,803