v3.25.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has significant operating and finance leases, including buildings and installations, land, machinery and equipment, furniture and fixtures, land fleet equipment, marine fleet equipment, and rail fleet equipment located primarily in the United States and Canada. Balance sheet information related to leases was as follows:
|  | As of December 31,
(In millions) |  | 2025 |  | 2024
Operating lease right-of-use assets, net |  | $608 |  | $547
Finance lease right-of-use assets, net |  | 420 |  | 312
Total lease assets, net |  | $1,028 |  | $859
Current portion of operating lease liabilities |  | $136 |  | $149
Current portion of finance lease liabilities |  | 111 |  | 65
Noncurrent portion of operating lease liabilities |  | 500 |  | 386
Noncurrent portion of finance lease liabilities |  | 327 |  | 312
Total lease liabilities |  | $1,074 |  | $912
Finance lease right-of-use assets, net are included as a component of Property, plant and equipment, net on the consolidated balance sheets. The current portion of finance lease liabilities are included within Other current liabilities, and the noncurrent portion of finance lease liabilities are included within Other noncurrent liabilities on the consolidated balance sheets. The maturity analysis for the lease liabilities arising from the Company’s leasing activities as of December 31, 2025 was as follows:
(In millions) |  | Operating Leases |  | Finance Leases
2026 |  | $164 |  | $136
2027 |  | 137 |  | 114
2028 |  | 104 |  | 89
2029 |  | 86 |  | 53
2030 |  | 60 |  | 30
Thereafter |  | 246 |  | 107
Total minimum lease payments |  | 797 |  | 529
Less: Lease payments representing interest |  | (161) |  | (91)
Present value of future minimum lease payments |  | 636 |  | 438
Less: Current portion of lease liabilities |  | (136) |  | (111)
Noncurrent portion of lease liabilities |  | $500 |  | $327
The following table summarizes the components of lease expense recorded in the consolidated statements of operations:
|  | For the years ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Operating lease expense |  | $172 |  | $159 |  | $153
Finance lease expense: |  |  |  |  |  |
Depreciation or amortization of leased assets |  | 99 |  | 86 |  | 66
Interest on lease liabilities |  | 19 |  | 16 |  | 11
Short term lease cost |  | 58 |  | 56 |  | 59
Variable lease cost |  | 4 |  | 3 |  | 5
Total lease expense |  | $352 |  | $320 |  | $294
Lease terms and discount rates were as follows:
|  | As of December 31,
|  | 2025 |  | 2024
Weighted-average remaining lease terms (years) |  |  |  |
Operating leases |  | 8.2 |  | 7.8
Finance leases |  | 7.0 |  | 5.5
Weighted-average discount rate (%) |  |  |  |
Operating leases |  | 5.02% |  | 5.00%
Finance leases |  | 5.27% |  | 5.43%
Leases | Leases The Company has significant operating and finance leases, including buildings and installations, land, machinery and equipment, furniture and fixtures, land fleet equipment, marine fleet equipment, and rail fleet equipment located primarily in the United States and Canada. Balance sheet information related to leases was as follows:
|  | As of December 31,
(In millions) |  | 2025 |  | 2024
Operating lease right-of-use assets, net |  | $608 |  | $547
Finance lease right-of-use assets, net |  | 420 |  | 312
Total lease assets, net |  | $1,028 |  | $859
Current portion of operating lease liabilities |  | $136 |  | $149
Current portion of finance lease liabilities |  | 111 |  | 65
Noncurrent portion of operating lease liabilities |  | 500 |  | 386
Noncurrent portion of finance lease liabilities |  | 327 |  | 312
Total lease liabilities |  | $1,074 |  | $912
Finance lease right-of-use assets, net are included as a component of Property, plant and equipment, net on the consolidated balance sheets. The current portion of finance lease liabilities are included within Other current liabilities, and the noncurrent portion of finance lease liabilities are included within Other noncurrent liabilities on the consolidated balance sheets. The maturity analysis for the lease liabilities arising from the Company’s leasing activities as of December 31, 2025 was as follows:
(In millions) |  | Operating Leases |  | Finance Leases
2026 |  | $164 |  | $136
2027 |  | 137 |  | 114
2028 |  | 104 |  | 89
2029 |  | 86 |  | 53
2030 |  | 60 |  | 30
Thereafter |  | 246 |  | 107
Total minimum lease payments |  | 797 |  | 529
Less: Lease payments representing interest |  | (161) |  | (91)
Present value of future minimum lease payments |  | 636 |  | 438
Less: Current portion of lease liabilities |  | (136) |  | (111)
Noncurrent portion of lease liabilities |  | $500 |  | $327
The following table summarizes the components of lease expense recorded in the consolidated statements of operations:
|  | For the years ended December 31,
(In millions) |  | 2025 |  | 2024 |  | 2023
Operating lease expense |  | $172 |  | $159 |  | $153
Finance lease expense: |  |  |  |  |  |
Depreciation or amortization of leased assets |  | 99 |  | 86 |  | 66
Interest on lease liabilities |  | 19 |  | 16 |  | 11
Short term lease cost |  | 58 |  | 56 |  | 59
Variable lease cost |  | 4 |  | 3 |  | 5
Total lease expense |  | $352 |  | $320 |  | $294
Lease terms and discount rates were as follows:
|  | As of December 31,
|  | 2025 |  | 2024
Weighted-average remaining lease terms (years) |  |  |  |
Operating leases |  | 8.2 |  | 7.8
Finance leases |  | 7.0 |  | 5.5
Weighted-average discount rate (%) |  |  |  |
Operating leases |  | 5.02% |  | 5.00%
Finance leases |  | 5.27% |  | 5.43%

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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