Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lease expense consisted of the following:


	Years Ended December 31,
	2023		2022	2021
	(Dollars in millions)
Operating and short-term lease cost	$	459	451	535
Finance lease cost:
Amortization of right-of-use assets	32		37	37
Interest on lease liability	12		15	16
Total finance lease cost	44		52	53
Total lease cost	$	503	503	588

Supplemental consolidated cash flow statement information related to leases is included below:


	Years Ended December 31,
	2023		2022
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	461	462
Operating cash flows for finance leases	12		15
Financing cash flows for finance leases	25		89
Supplemental lease cash flow disclosures:
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	143	381
Right-of-use assets obtained in exchange for new finance lease liabilities	10		94

Supplemental consolidated balance sheet information and other information related to leases is included below:


		As of December 31,
Leases (Dollars in millions)	Classification on the Balance Sheet	2023			2022
Assets
Operating lease assets	Other, net	$	1,230		1,340
Finance lease assets	Property, plant and equipment, net of accumulated depreciation	260			317
Total leased assets		$	1,490		1,657

Liabilities
Current
Operating	Current operating lease liabilities	$	268		344
Finance	Current maturities of long-term debt	16			16
Noncurrent
Operating	Other	1,040			1,088
Finance	Long-term debt	215			234
Total lease liabilities		$	1,539		1,682

Weighted-average remaining lease term (years)
Operating leases		8.2			7.7
Finance leases		11.3			12.0
Weighted-average discount rate
Operating leases		7.59		%	5.98	%
Finance leases		4.98		%	4.96	%

As of December 31, 2023, maturities of lease liabilities were as follows:

As of December 31, 2023, maturities of lease liabilities were as follows: