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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases We have operating leases for certain property and equipment under various noncancelable agreements, the most significant of which are rail car leases and barge tow charters for the distribution of our products. The rail car leases currently have minimum terms ranging from one to eleven years and the barge tow charter commitments range from one to six years. Our rail car leases and barge tow charters commonly contain provisions for automatic renewal that can extend the lease term unless cancelled by either party. We also have operating leases for terminal and warehouse storage for our distribution system, some of which contain minimum throughput requirements. The storage agreements contain minimum terms generally ranging from one to four years and commonly contain provisions for automatic renewal thereafter unless cancelled by either party. The renewal provisions for our rail car leases, barge tow charters and terminal and warehouse storage agreements are not reasonably certain to be exercised. The components of lease costs were as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Operating lease cost | $ | 112 |  |  | $ | 113 |  |  | $ | 103 |
Short-term lease cost | 40 |  |  | 30 |  |  | 48 |
Variable lease cost | 5 |  |  | 4 |  |  | 6 |
Total lease cost | $ | 157 |  |  | $ | 147 |  |  | $ | 157 |
Supplemental cash flow information related to leases was as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Operating cash flows - cash paid for amounts included in the measurement of operating lease liabilities | $ | 98 |  |  | $ | 107 |  |  | $ | 100 |
Right-of-use (ROU) assets obtained in exchange for operating lease obligations | 107 |  |  | 103 |  |  | 106 |
Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2024 |  | 2023
| (in millions)
Operating lease ROU assets | $ | 266 |  |  | $ | 259 |
Current operating lease liabilities | $ | 86 |  |  | $ | 96 |
Operating lease liabilities | 189 |  |  | 168 |
Total operating lease liabilities | $ | 275 |  |  | $ | 264 |
Other information related to leases was as follows:
| December 31,
| 2024 |  | 2023
Operating leases |  |  |
Weighted-average remaining lease term | 5 years |  | 5 years
Weighted-average discount rate | 5.0 | % |  | 4.7 | %
As of December 31, 2024, we have entered into four additional leases that have not yet commenced, with future minimum lease payments totaling $37 million with minimum terms ranging from five to seven years. The following table reconciles the undiscounted cash flows for our operating leases to the operating lease liabilities recorded on our consolidated balance sheet as of December 31, 2024:
| Operating lease payments |  |
| (in millions)
2025 | $ | 96 |  |  |
2026 | 74 |  |  |
2027 | 51 |  |  |
2028 | 38 |  |  |
2029 | 20 |  |  |
Thereafter | 39 |  |  |
Total lease payments | 318 |  |  |
Less: imputed interest | (43) |  |  |
Present value of lease liabilities | 275 |  |  |
Less: Current operating lease liabilities | (86) |  |  |
Operating lease liabilities | $ | 189 |  |  |

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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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