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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES A significant portion of the Company's operating and finance lease portfolio includes corporate offices, research and development facilities, manufacturing sites, IT equipment, and automobiles. The majority of the Company's leases have remaining lease terms of one year to 20 years, some of which include options to extend the leases for five years or more. Operating lease ROU assets are included in Other assets. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Other liabilities in the Consolidated Balance Sheet. Finance lease ROU assets are included in Property, plant and equipment—net. The current portion of finance lease liabilities are included in Current maturities of long-term debt, and the non-current portion of finance lease liabilities are included in Long-term debt in the Consolidated Balance Sheet. A portion of the Company's real estate leases are generally subject to annual changes in the Consumer Price Index (CPI). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. In addition, a subset of the Company's automobile leases are considered variable. The variable lease payments for such automobile leases are based on actual mileage incurred at the stated contractual rate and recognized in the period in which the obligation for those payments are incurred.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  |
Operating lease cost | $ | 267 |  |  | $ | 239 |  |  | $ | 224 |  |  |
Variable lease cost | 7 |  |  | 4 |  |  | 8 |  |  |
Short-term lease cost | 2 |  |  | 13 |  |  | 18 |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | 93 |  |  | 74 |  |  | 72 |  |  |
Interest on lease liability | 15 |  |  | 19 |  |  | 21 |  |  |
Total finance lease cost | 108 |  |  | 93 |  |  | 93 |  |  |
Total lease cost | $ | 384 |  |  | $ | 349 |  |  | $ | 343 |  |  |
Supplemental cash flow information related to leases was as follows:
| Years Ended December 31, |  |
| 2024 |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | 257 |  |  | $ | 237 |  |  | $ | 225 |  |  |
Operating cash flows for finance leases | 15 |  |  | 19 |  |  | 21 |  |  |
Financing cash flows for finance leases | 113 |  |  | 87 |  |  | 79 |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | $ | 232 |  |  | $ | 339 |  |  | $ | 251 |  |  |
Finance leases | 83 |  |  | 42 |  |  | 61 |  |  |
Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Other assets 1 | $ | 1,025 |  |  | $ | 1,004 |
Accrued liabilities | $ | 199 |  |  | $ | 196 |
Other liabilities | 927 |  |  | 897 |
Total operating lease liabilities 2 | $ | 1,126 |  |  | $ | 1,093 |
Finance leases |  |  |
Property, plant and equipment | $ | 396 |  |  | $ | 402 |
Accumulated depreciation | (211) |  |  | (204) |
Property, plant and equipment—net | $ | 185 |  |  | $ | 198 |
Current maturities of long-term debt | $ | 69 |  |  | $ | 86 |
Long-term debt | 85 |  |  | 99 |
Total finance lease liabilities | $ | 154 |  |  | $ | 185 |
Weighted average remaining lease term |  |  |
Operating leases | 8 years |  | 9 years
Finance leases | 3 years |  | 3 years
Weighted average discount rate |  |  |
Operating leases | 3.5 | % |  | 3.0 | %
Finance leases | 5.8 | % |  | 8.5 | %
1 |  | As of December 31, 2024, Other assets excludes $16 million of right-of-use assets related to operating leases that are included in Assets held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale.
2 |  | As of December 31, 2024, Total operating lease liabilities excludes $5 million and $11 million of Accrued liabilities and Other liabilities, respectively, that are included in Liabilities held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale.
As of December 31, 2024, maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
2025 | $ | 235 |  |  | $ | 75 |
2026 | 207 |  |  | 44 |
2027 | 177 |  |  | 25 |
2028 | 149 |  |  | 14 |
2029 | 112 |  |  | 7 |
Thereafter | 422 |  |  | — |
Total lease payments | 1,302 |  |  | 165 |
Less: Interest | 160 |  |  | 11 |
Less: Lease liabilities held for sale | 16 |  |  | — |
Total maturities of lease liabilities | $ | 1,126 |  |  | $ | 154 |
LEASES | LEASES A significant portion of the Company's operating and finance lease portfolio includes corporate offices, research and development facilities, manufacturing sites, IT equipment, and automobiles. The majority of the Company's leases have remaining lease terms of one year to 20 years, some of which include options to extend the leases for five years or more. Operating lease ROU assets are included in Other assets. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Other liabilities in the Consolidated Balance Sheet. Finance lease ROU assets are included in Property, plant and equipment—net. The current portion of finance lease liabilities are included in Current maturities of long-term debt, and the non-current portion of finance lease liabilities are included in Long-term debt in the Consolidated Balance Sheet. A portion of the Company's real estate leases are generally subject to annual changes in the Consumer Price Index (CPI). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. In addition, a subset of the Company's automobile leases are considered variable. The variable lease payments for such automobile leases are based on actual mileage incurred at the stated contractual rate and recognized in the period in which the obligation for those payments are incurred.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  |
Operating lease cost | $ | 267 |  |  | $ | 239 |  |  | $ | 224 |  |  |
Variable lease cost | 7 |  |  | 4 |  |  | 8 |  |  |
Short-term lease cost | 2 |  |  | 13 |  |  | 18 |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | 93 |  |  | 74 |  |  | 72 |  |  |
Interest on lease liability | 15 |  |  | 19 |  |  | 21 |  |  |
Total finance lease cost | 108 |  |  | 93 |  |  | 93 |  |  |
Total lease cost | $ | 384 |  |  | $ | 349 |  |  | $ | 343 |  |  |
Supplemental cash flow information related to leases was as follows:
| Years Ended December 31, |  |
| 2024 |  | 2023 |  | 2022 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | 257 |  |  | $ | 237 |  |  | $ | 225 |  |  |
Operating cash flows for finance leases | 15 |  |  | 19 |  |  | 21 |  |  |
Financing cash flows for finance leases | 113 |  |  | 87 |  |  | 79 |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |
Operating leases | $ | 232 |  |  | $ | 339 |  |  | $ | 251 |  |  |
Finance leases | 83 |  |  | 42 |  |  | 61 |  |  |
Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Other assets 1 | $ | 1,025 |  |  | $ | 1,004 |
Accrued liabilities | $ | 199 |  |  | $ | 196 |
Other liabilities | 927 |  |  | 897 |
Total operating lease liabilities 2 | $ | 1,126 |  |  | $ | 1,093 |
Finance leases |  |  |
Property, plant and equipment | $ | 396 |  |  | $ | 402 |
Accumulated depreciation | (211) |  |  | (204) |
Property, plant and equipment—net | $ | 185 |  |  | $ | 198 |
Current maturities of long-term debt | $ | 69 |  |  | $ | 86 |
Long-term debt | 85 |  |  | 99 |
Total finance lease liabilities | $ | 154 |  |  | $ | 185 |
Weighted average remaining lease term |  |  |
Operating leases | 8 years |  | 9 years
Finance leases | 3 years |  | 3 years
Weighted average discount rate |  |  |
Operating leases | 3.5 | % |  | 3.0 | %
Finance leases | 5.8 | % |  | 8.5 | %
1 |  | As of December 31, 2024, Other assets excludes $16 million of right-of-use assets related to operating leases that are included in Assets held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale.
2 |  | As of December 31, 2024, Total operating lease liabilities excludes $5 million and $11 million of Accrued liabilities and Other liabilities, respectively, that are included in Liabilities held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale.
As of December 31, 2024, maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
2025 | $ | 235 |  |  | $ | 75 |
2026 | 207 |  |  | 44 |
2027 | 177 |  |  | 25 |
2028 | 149 |  |  | 14 |
2029 | 112 |  |  | 7 |
Thereafter | 422 |  |  | — |
Total lease payments | 1,302 |  |  | 165 |
Less: Interest | 160 |  |  | 11 |
Less: Lease liabilities held for sale | 16 |  |  | — |
Total maturities of lease liabilities | $ | 1,126 |  |  | $ | 154 |

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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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