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LEASES

12 Months Ended

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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- References

No definition available.

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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

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X

- 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

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