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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Lessee activity - The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated:
Leases | Location in our Consolidated Balance Sheets |  | Dec. 31, 2024 |  | Dec. 31, 2023 |  |
|  |  | (Millions of dollars)
Operating leases assets | Other assets |  | $ | 220 |  |  | $ | 104 |  |  |
Operating leases liabilities |  |  |  |  |  |  |
Current | Other current liabilities |  | $ | 62 |  |  | $ | 23 |  |  |
Noncurrent | Other deferred credits |  | 154 |  |  | 74 |  |  |
Total operating lease liabilities |  |  | $ | 216 |  |  | $ | 97 |  |  |
The weighted average remaining lease term for our operating leases was 9.1 years and 6.3 years at Dec. 31, 2024 and 2023, respectively. The weighted average discount rate for our operating leases was 5.51% and 5.78% at Dec. 31, 2024 and 2023, respectively. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of Dec. 31, 2024:
|  |  |  | Operating Leases
|  |  | (Millions of dollars)
2025 |  |  |  | $ | 72 |
2026 |  |  |  | 52 |
2027 |  |  |  | 30 |
2028 |  |  |  | 25 |
2029 |  |  |  | 21 |
2030 and beyond |  |  |  | 75 |
Total lease payments |  |  |  | 275 |
Less: Interest |  |  |  | 59 |
Present value of lease liabilities |  |  |  | $ | 216 |
Our lease costs and supplemental cash flow information related to our leases for the periods ended Dec. 31, 2024 and 2023, are not material.
LEASES | LEASES Lessee activity - The following table sets forth information about our operating lease assets and liabilities included in our Consolidated Balance Sheets as of the dates indicated:
Leases | Location in our Consolidated Balance Sheets |  | Dec. 31, 2024 |  | Dec. 31, 2023 |  |
|  |  | (Millions of dollars)
Operating leases assets | Other assets |  | $ | 220 |  |  | $ | 104 |  |  |
Operating leases liabilities |  |  |  |  |  |  |
Current | Other current liabilities |  | $ | 62 |  |  | $ | 23 |  |  |
Noncurrent | Other deferred credits |  | 154 |  |  | 74 |  |  |
Total operating lease liabilities |  |  | $ | 216 |  |  | $ | 97 |  |  |
The weighted average remaining lease term for our operating leases was 9.1 years and 6.3 years at Dec. 31, 2024 and 2023, respectively. The weighted average discount rate for our operating leases was 5.51% and 5.78% at Dec. 31, 2024 and 2023, respectively. Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of Dec. 31, 2024:
|  |  |  | Operating Leases
|  |  | (Millions of dollars)
2025 |  |  |  | $ | 72 |
2026 |  |  |  | 52 |
2027 |  |  |  | 30 |
2028 |  |  |  | 25 |
2029 |  |  |  | 21 |
2030 and beyond |  |  |  | 75 |
Total lease payments |  |  |  | 275 |
Less: Interest |  |  |  | 59 |
Present value of lease liabilities |  |  |  | $ | 216 |
Our lease costs and supplemental cash flow information related to our leases for the periods ended Dec. 31, 2024 and 2023, are not material.

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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