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9. LEASES

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We primarily lease manufacturing and research facilities, administrative offices, land, tanks, railcars and equipment. Leases with an initial term of 12 months or less are not recognized on the balance sheets; we recognize lease expense for these leases on a straight-line basis over the lease term. Our leases have remaining lives from one month to 34Ìýyears. Certain lease agreements include one or more options to renew, at our discretion, with renewal terms that can extend the lease term by approximately one year to 30 years or more. Renewal and termination options that we are reasonably certain to exercise have been included in the calculation of the lease right-of-use assets and lease liabilities. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

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The components of operating lease expense, cash flows and supplemental noncash information from continuing operations are as follows (dollars in millions):

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The weighted-average lease term and discount rate for our operating leases from continuing operations are as follows:

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The undiscounted future cash flows of operating lease liabilities from continuing operations as of December 31, 2023 are as follows (dollars in millions):

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As of December 31, 2023, we have additional leases, primarily for leases of a research facility and tanks, that have not yet commenced of approximately $65Ìýmillion. These leases will commenceÌýin 2024Ìýwith lease terms of up to 20Ìýyears.

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