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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Components of Lease Cost | The components of lease cost for the years ended December 31, 2024, 2023 and 2022 were:
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease cost | $ | 89 |  |  | $ | 94 |  |  | $ | 93 |
Finance lease cost |  |  |  |  |
Amortization of right-of-use assets | 4 |  |  | 3 |  |  | 3 |
Interest on lease liabilities | 1 |  |  | 1 |  |  | 1 |
Variable lease cost | 54 |  |  | 45 |  |  | 44 |
Lease cost | $ | 148 |  |  | $ | 143 |  |  | $ | 141 |
The following table contains supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022:
(in millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 100 |  |  | $ | 115 |  |  | $ | 108 |
Operating cash flows from finance leases | 5 |  |  | 3 |  |  | 2 |
Financing cash flows from finance leases | 2 |  |  | 1 |  |  | 1 |
Right-of-use operating lease assets obtained in exchange for lease obligations | 64 |  |  | 66 |  |  | 59 |
Right-of-use finance lease assets obtained in exchange for lease obligations | 1 |  |  | 15 |  |  | — |
Lease term and discount rates as of December 31, 2024 and 2023 were:
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (years) |  |  |
Operating leases | 6 |  | 6
Finance leases | 8 |  | 8
Weighted-average discount rate |  |  |
Operating leases | 3.1 | % |  | 3.0 | %
Finance leases | 4.2 | % |  | 3.9 | %
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 include:
(in millions) | 2024 |  | 2023
Operating leases |  |  |
Operating lease right-of-use assets | $ | 306 |  |  | $ | 336 |
Accrued expenses and other current liabilities | $ | 80 |  |  | $ | 92 |
Operating lease liabilities | 243 |  |  | 265 |
Total operating lease liabilities | $ | 323 |  |  | $ | 357 |
Finance leases |  |  |
Property, plant and equipment, at cost | $ | 33 |  |  | $ | 33 |
Accumulated depreciation | (15) |  |  | (13) |
Property, plant and equipment, net | $ | 18 |  |  | $ | 20 |
Current maturities of long-term debt and finance lease obligations | $ | 2 |  |  | $ | 2 |
Long-term debt and finance lease obligations | 19 |  |  | 25 |
Total finance lease liabilities | $ | 21 |  |  | $ | 27 |
Maturities of Operating Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2024 were:
(in millions) | Finance Leases | Operating Leases
2025 | $ | 4 |  | $ | 93 |
2026 | 4 |  | 75 |
2027 | 4 |  | 63 |
2028 | 3 |  | 44 |
2029 | 3 |  | 24 |
Thereafter | 10 |  | 62 |
Total minimum lease payments | 28 |  | 361 |
Less: imputed interest | (7) |  | (38) |
Present value of lease liabilities | $ | 21 |  | $ | 323 |
Maturities of Finance Lease Liabilities | Maturities of operating and finance lease liabilities as of December 31, 2024 were:
(in millions) | Finance Leases | Operating Leases
2025 | $ | 4 |  | $ | 93 |
2026 | 4 |  | 75 |
2027 | 4 |  | 63 |
2028 | 3 |  | 44 |
2029 | 3 |  | 24 |
Thereafter | 10 |  | 62 |
Total minimum lease payments | 28 |  | 361 |
Less: imputed interest | (7) |  | (38) |
Present value of lease liabilities | $ | 21 |  | $ | 323 |
Components of Lease Revenue | The components of lease revenue for the years ended December 31, 2024, 2023 and 2022 were:
(in millions) | 2024 |  | 2023 |  | 2022
Sales-type lease revenue | $ | 10 |  |  | $ | 7 |  |  | $ | 8 |
Operating lease revenue | 380 |  |  | 397 |  |  | 401 |
Variable lease revenue | 28 |  |  | 21 |  |  | 17 |
Total lease revenue | $ | 418 |  |  | $ | 425 |  |  | $ | 426 |
Components of Net Investment In Sales-Type Leases | The components of our net investment in sales-type leases as of December 31, 2024 and 2023 were:
(in millions) | 2024 |  | 2023
Minimum lease payments | $ | 38 |  |  | $ | 50 |
Unguaranteed residual values | (1) |  |  | — |
Net investment in leases | $ | 37 |  |  | $ | 50 |
Our net investment in sales-type leases is classified as follows in the accompanying consolidated balance sheets as of December 31, 2024 and 2023:
(in millions) | 2024 |  | 2023
Accounts receivable, net | $ | 15 |  |  | $ | 25 |
Other non-current assets | 22 |  |  | 26 |
Total | $ | 37 |  |  | $ | 51 |
Maturities of Sales-Type Leases | Maturities of sales-type and operating leases as of December 31, 2024 were:
(in millions) | Sales-type Leases 1 | Operating Leases
2025 | $ | 20 |  | $ | 13 |
2026 | 7 |  | 9 |
2027 | 5 |  | 3 |
2028 | 4 |  | 1 |
2029 | 1 |  | 7 |
Thereafter | — |  | — |
Total minimum lease payments | $ | 37 |  | $ | 33 |
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2024
Maturities of Operating Leases | Maturities of sales-type and operating leases as of December 31, 2024 were:
(in millions) | Sales-type Leases 1 | Operating Leases
2025 | $ | 20 |  | $ | 13 |
2026 | 7 |  | 9 |
2027 | 5 |  | 3 |
2028 | 4 |  | 1 |
2029 | 1 |  | 7 |
Thereafter | — |  | — |
Total minimum lease payments | $ | 37 |  | $ | 33 |
1 Unamortized imputed interest on minimum lease payments was less than $1 million as of December 31, 2024

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