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Lease Commitments | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease Commitments | Lease Commitments The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):
As of December 31 |  | 2024 | 2023 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets | $ | 711 |  | $ | 650 |  |  |  |  |  |  |  |  |  |  |
Finance lease assets | Other non-current assets | 9 |  | 26 |  |  |  |  |  |  |  |  |  |  |
Total lease assets |  | $ | 720 |  | $ | 676 |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Other current liabilities | $ | 176 |  | $ | 159 |  |  |  |  |  |  |  |  |  |  |
Finance | Other current liabilities | 15 |  | 23 |  |  |  |  |  |  |  |  |  |  |
Non-current lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Non-current operating lease liabilities | 685 |  | 641 |  |  |  |  |  |  |  |  |  |  |
Finance | Other non-current liabilities | — |  | 10 |  |  |  |  |  |  |  |  |  |  |
Total lease liabilities |  | $ | 876 |  | $ | 833 |  |  |  |  |  |  |  |  |  |  |
The components of lease costs are as follows (in millions):
| Years Ended December 31
| 2024 | 2023
Operating lease cost | $ | 225 |  | $ | 183 |
Finance lease costs |  |
Amortization of leased assets | 9 |  | 19 |
Interest on lease liabilities | — |  | — |
Variable lease cost | 39 |  | 44 |
Short-term lease cost (1) | 15 |  | 8 |
Sublease income | (5) |  | (13) |
Net lease cost | $ | 283 |  | $ | 241 |
(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less. Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:
As of December 31 | 2024 | 2023 |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |  |  |  |
Operating leases | 6.0 | 6.3 |  |  |  |  |  |  |  |  |
Finance leases | 0.5 | 1.5 |  |  |  |  |  |  |  |  |
Weighted average discount rate |  |  |  |  |  |  |  |  |  |  |
Operating leases | 4.2 | % | 3.6 | % |  |  |  |  |  |  |  |  |
Finance leases | 1.0 | % | 1.0 | % |  |  |  |  |  |  |  |  |
Other cash and non-cash related activities are as follows (in millions):
| Years Ended December 31 |  |  |  |  |  |  |  |  |  |
| 2024 | 2023 |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | 193 |  | $ | 206 |  |  |  |  |  |  |  |  |  |  |
Financing cash flows for finance leases | $ | 18 |  | $ | 19 |  |  |  |  |  |  |  |  |  |  |
Non-cash related activities |  |  |  |  |  |  |  |  |  |  |  |
ROU assets obtained in exchange for new operating lease liabilities | $ | 116 |  | $ | 112 |  |  |  |  |  |  |  |  |  |  |
Operating lease ROU asset expense (1) | $ | 186 |  | $ | 141 |  |  |  |  |  |  |  |  |  |  |
Changes in Non-current operating lease liabilities (1) | $ | 44 |  | $ | (52) |  |  |  |  |  |  |  |  |  |  |
(1)The Company has presented non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities within Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows. Maturity analysis of operating and finance leases as of December 31, 2024 are as follows (in millions):
| Operating Leases |  | Finance Leases |  | Total |  |
2025 | $ | 199 |  |  | $ | 15 |  |  | $ | 214 |  |  |  |  |
2026 | 188 |  |  | — |  |  | 188 |  |  |  |  |
2027 | 161 |  |  | — |  |  | 161 |  |  |  |  |
2028 | 132 |  |  | — |  |  | 132 |  |  |  |  |
2029 | 93 |  |  | — |  |  | 93 |  |  |  |  |
Thereafter | 186 |  |  | — |  |  | 186 |  |  |  |  |
Total undiscounted future minimum lease payments | 959 |  |  | 15 |  |  | 974 |  |  |  |  |
Less: Imputed interest | (98) |  |  | — |  |  | (98) |  |  |  |  |
Present value of lease liabilities | $ | 861 |  |  | $ | 15 |  |  | $ | 876 |  |  |  |  |
Lease Commitments | Lease Commitments The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):
As of December 31 |  | 2024 | 2023 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease assets | Operating lease right-of-use assets | $ | 711 |  | $ | 650 |  |  |  |  |  |  |  |  |  |  |
Finance lease assets | Other non-current assets | 9 |  | 26 |  |  |  |  |  |  |  |  |  |  |
Total lease assets |  | $ | 720 |  | $ | 676 |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Other current liabilities | $ | 176 |  | $ | 159 |  |  |  |  |  |  |  |  |  |  |
Finance | Other current liabilities | 15 |  | 23 |  |  |  |  |  |  |  |  |  |  |
Non-current lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Non-current operating lease liabilities | 685 |  | 641 |  |  |  |  |  |  |  |  |  |  |
Finance | Other non-current liabilities | — |  | 10 |  |  |  |  |  |  |  |  |  |  |
Total lease liabilities |  | $ | 876 |  | $ | 833 |  |  |  |  |  |  |  |  |  |  |
The components of lease costs are as follows (in millions):
| Years Ended December 31
| 2024 | 2023
Operating lease cost | $ | 225 |  | $ | 183 |
Finance lease costs |  |
Amortization of leased assets | 9 |  | 19 |
Interest on lease liabilities | — |  | — |
Variable lease cost | 39 |  | 44 |
Short-term lease cost (1) | 15 |  | 8 |
Sublease income | (5) |  | (13) |
Net lease cost | $ | 283 |  | $ | 241 |
(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less. Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:
As of December 31 | 2024 | 2023 |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  |  |  |  |  |  |  |  |  |
Operating leases | 6.0 | 6.3 |  |  |  |  |  |  |  |  |
Finance leases | 0.5 | 1.5 |  |  |  |  |  |  |  |  |
Weighted average discount rate |  |  |  |  |  |  |  |  |  |  |
Operating leases | 4.2 | % | 3.6 | % |  |  |  |  |  |  |  |  |
Finance leases | 1.0 | % | 1.0 | % |  |  |  |  |  |  |  |  |
Other cash and non-cash related activities are as follows (in millions):
| Years Ended December 31 |  |  |  |  |  |  |  |  |  |
| 2024 | 2023 |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | 193 |  | $ | 206 |  |  |  |  |  |  |  |  |  |  |
Financing cash flows for finance leases | $ | 18 |  | $ | 19 |  |  |  |  |  |  |  |  |  |  |
Non-cash related activities |  |  |  |  |  |  |  |  |  |  |  |
ROU assets obtained in exchange for new operating lease liabilities | $ | 116 |  | $ | 112 |  |  |  |  |  |  |  |  |  |  |
Operating lease ROU asset expense (1) | $ | 186 |  | $ | 141 |  |  |  |  |  |  |  |  |  |  |
Changes in Non-current operating lease liabilities (1) | $ | 44 |  | $ | (52) |  |  |  |  |  |  |  |  |  |  |
(1)The Company has presented non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities within Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows. Maturity analysis of operating and finance leases as of December 31, 2024 are as follows (in millions):
| Operating Leases |  | Finance Leases |  | Total |  |
2025 | $ | 199 |  |  | $ | 15 |  |  | $ | 214 |  |  |  |  |
2026 | 188 |  |  | — |  |  | 188 |  |  |  |  |
2027 | 161 |  |  | — |  |  | 161 |  |  |  |  |
2028 | 132 |  |  | — |  |  | 132 |  |  |  |  |
2029 | 93 |  |  | — |  |  | 93 |  |  |  |  |
Thereafter | 186 |  |  | — |  |  | 186 |  |  |  |  |
Total undiscounted future minimum lease payments | 959 |  |  | 15 |  |  | 974 |  |  |  |  |
Less: Imputed interest | (98) |  |  | — |  |  | (98) |  |  |  |  |
Present value of lease liabilities | $ | 861 |  |  | $ | 15 |  |  | $ | 876 |  |  |  |  |

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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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