Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

The following table presents information regarding operating leases where we are the lessee at September 30, 2024:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	191	$	191	8 years	4.5%
Transportation equipment		46		47	4 years	4.8%
Office and warehouse space		172		207	12 years	3.4%
Total	$	409	$	445

(1)	Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At September 30, 2024, lease liabilities of $95 million and $350 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	25	$	18	$	68	$	51
Related accretion expense on lease liability balances		4		4		12		11
Total fixed lease expense		29		22		80		62
Variable lease expense		4		3		12		9
Total long-term operating lease expense		33		25		92		71
Short-term operating leases		32		30		91		82
Total operating lease expense	$	65	$	55	$	183	$	153