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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Leases, Balance Sheet Location | The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):
|  |  | December 31,
| Consolidated Balance Sheets Location |  | 2024 |  | 2023
Right-of-use assets—Operating | Operating lease assets |  | $ | 2,684 |  |  | $ | 2,641 |
Right-of-use assets—Financing | Property, plant and equipment, net of accumulated depreciation |  | 478 |  |  | 469 |
Total right-of-use assets |  |  | $ | 3,162 |  |  | $ | 3,110 |
Current operating lease liabilities | Current operating lease liabilities |  | $ | 592 |  |  | $ | 655 |
Current finance lease liabilities | Other current liabilities |  | 44 |  |  | 35 |
Non-current operating lease liabilities | Operating lease liabilities |  | 2,090 |  |  | 1,971 |
Non-current finance lease liabilities | Other non-current liabilities |  | 486 |  |  | 467 |
Total lease liabilities |  |  | $ | 3,212 |  |  | $ | 3,128 |
Schedule of Lease Cost, Income Statement Location | The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions):
| Consolidated Statements of Operations Location |  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Operating lease cost (a) | Operating costs and expenses (1) |  |  |  |  |  | $ | 839 |  |  | $ | 783 |  |  | $ | 828 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | Depreciation, amortization and accretion expense |  |  |  |  |  | 53 |  |  | 50 |  |  | 12 |
Interest on lease liabilities | Interest expense, net of capitalized interest |  |  |  |  |  | 35 |  |  | 35 |  |  | 14 |
Total lease cost |  |  |  |  |  |  | $ | 927 |  |  | $ | 868 |  |  | $ | 854 |
(a) Included in operating lease cost: |  |  |  |  |  |  |  |  |  |  |
Short-term lease costs |  |  |  |  |  |  | $ | 16 |  |  | $ | 33 |  |  | $ | 122 |
Variable lease costs |  |  |  |  |  |  | 14 |  |  | 17 |  |  | 18 |
(1)Presented in the appropriate line item within operating costs and expenses, consistent with the nature of our use of the asset under lease.
Schedule of Maturity of Lease Liabilities | Future annual minimum lease payments for operating and finance leases as of December 31, 2024 are as follows (in millions):
Years Ending December 31, | Operating Leases |  | Finance Leases
2025 | $ | 708 |  |  | $ | 78 |
2026 | 584 |  |  | 80 |
2027 | 489 |  |  | 82 |
2028 | 321 |  |  | 84 |
2029 | 232 |  |  | 84 |
Thereafter | 899 |  |  | 322 |
Total lease payments (1) | 3,233 |  |  | 730 |
Less: Interest | (551) |  |  | (200) |
Present value of lease liabilities | $ | 2,682 |  |  | $ | 530 |
(1)Does not include approximately $3.3 billion of legally binding minimum payments for leases executed as of December 31, 2024 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.
Lease, Other Quantitative Information | The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:
| December 31, 2024 |  | December 31, 2023
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (in years) | 7.0 |  | 8.8 |  | 6.3 |  | 9.7
Weighted-average discount rate (1) | 5.0% |  | 7.4% |  | 4.7% |  | 7.7%
(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets. The following table includes other quantitative information for our operating and finance leases (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 803 |  |  | $ | 720 |  |  | $ | 713 |
Operating cash flows from finance leases | 35 |  |  | 35 |  |  | 14 |
Financing cash flows from finance leases | 35 |  |  | 28 |  |  | 7 |
Right-of-use assets obtained in exchange for operating lease liabilities (1) | 713 |  |  | 646 |  |  | 1,220 |
Right-of-use assets obtained in exchange for finance lease liabilities (2) | 61 |  |  | 8 |  |  | 473 |
(1)Net of $33 million reclassified from operating leases to finance leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases. (2)Net of $15 million reclassified from finance leases to operating leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.
Schedule of Sublease Income | The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2024 |  | 2023 |  | 2022
Fixed income |  |  |  |  |  | $ | 283 |  |  | $ | 446 |  |  | $ | 371 |
Variable income |  |  |  |  |  | 39 |  |  | 57 |  |  | 79 |
Total sublease income |  |  |  |  |  | $ | 322 |  |  | $ | 503 |  |  | $ | 450 |

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