The weighted-average remaining lease term and discount rate for leases recorded in the consolidated balance sheets at December 31, 2021 and 2020 are provided below: Lease Term and Discount Rate Dec 31, 2021 Dec 31, 2020 Weighted-average remaining lease term Operating leases 7.9 years 7.6 years Finance leases 11.8 years 11.6 years Weighted-average discount rate Operating leases 3.72 % 3.84 % Finance leases 4.17 % 5.41 % The following table provides the maturities of lease liabilities at December 31, 2021 : Maturities of Lease Liabilities Operating Leases Finance Leases In millions 2022 $ 346 $ 137 2023 281 162 2024 218 103 2025 181 74 2026 145 69 2027 and thereafter 570 551 Total future undiscounted lease payments $ 1,741 $ 1,096 Less: Imputed interest 278 227 Total present value of lease liabilities $ 1,463 $ 869 At December 31, 2021 , Dow had additional leases of approximately $113 million , primarily for equipment, which had not yet commenced. These leases are expected to commence in 2022 and 2025, with lease terms of up to 16 years. Dow provides guarantees related to certain leased assets, specifying the residual value that will be available to the lessor at lease termination through the sale of the assets to the lessee or third parties. The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for residual value guarantees at December 31, 2021 and 2020 . The lease agreements do not contain any material restrictive covenants. Lease Guarantees Dec 31, 2021 Dec 31, 2020 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2031 $ 280 $ — 2030 $ 818 $ 22 NOTE 18 – STOCKHOLDERS’ EQUITY Common Stock Dow Inc. Dow Inc. was incorporated in 2018 with 100 authorized and issued shares of common stock, par value $0.01 per share, owned solely by its parent company, DowDuPont. In the first quarter of 2019, in connection with the separation and distribution of DowDuPont’s materials science business, the number of authorized shares of common stock was increased to 5,000,000,000 shares, par value $0.01 per share, and Dow Inc.'s 100 shares of issued common stock were recapitalized into 748,771,240 shares of common stock. Dow Inc.'s common stock was solely owned by DowDuPont through March 31, 2019, and on April 1, 2019, Dow Inc. became an independent, publicly traded company. Dow Inc. common stock is listed on the NYSE under the symbol “DOW.” See Note 3 for additional information. 123