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%