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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES Leases as Lessor The components of revenue from leases were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,482 |  |  | $ | 1,483 |  |  | $ | 1,490 |
Lease income related to commercial rental (1) |  | $ | 928 |  |  | $ | 1,123 |  |  | $ | 1,286 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 75 |  |  | $ | 56 |  |  | $ | 45 |
Variable lease income excluding commercial rental (1) |  | $ | 373 |  |  | $ | 308 |  |  | $ | 323 |
________________________ (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Net investment in the lease - lease payment receivable |  | $ | 818 |  |  | $ | 723 |
Net investment in the lease - unguaranteed residual value in assets |  | 49 |  |  | 43 |
|  | 867 |  |  | 766 |
Estimated loss allowance |  | (5) |  |  | (4) |
Total |  | $ | 862 |  |  | $ | 762 |
Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions)
2025 |  | $ | 235 |
2026 |  | 221 |
2027 |  | 181 |
2028 |  | 162 |
2029 |  | 114 |
Thereafter |  | 141 |
Total undiscounted cash flows |  | 1,054 |
Present value of lease payments (recognized as lease receivables) |  | (818) |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 236 |
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions) |  |
2025 |  | $ | 1,289 |  |  |
2026 |  | 1,019 |  |  |
2027 |  | 775 |  |  |
2028 |  | 581 |  |  |
2029 |  | 408 |  |  |
Thereafter |  | 323 |  |  |
Total undiscounted cash flows |  | $ | 4,395 |  |  |
Leases as Lessee The components of lease expense were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 20 |  |  | $ | 15 |  |  | $ | 13 |
Interest on lease liabilities |  | 3 |  |  | 2 |  |  | 2 |
Operating lease cost |  | 374 |  |  | 271 |  |  | 199 |
Short-term lease and other |  | 8 |  |  | 10 |  |  | 10 |
Variable lease cost |  | 54 |  |  | 50 |  |  | 26 |
Sublease income |  | (29) |  |  | (41) |  |  | (39) |
Total lease cost |  | $ | 430 |  |  | $ | 307 |  |  | $ | 211 |
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
|  | December 31,
|  | 2024 |  | 2023
(In millions) |  | Operating |  | Finance |  | Operating |  | Finance
Noncurrent assets |  | $ | 1,055 |  |  | $ | 75 |  |  | $ | 1,016 |  |  | $ | 48 |
Current liabilities |  | $ | 302 |  |  | $ | 22 |  |  | $ | 234 |  |  | $ | 16 |
Noncurrent liabilities |  | $ | 804 |  |  | $ | 54 |  |  | $ | 800 |  |  | $ | 33 |
|  | December 31,
|  | 2024 |  | 2023
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 5 years
Finance |  | 4 years |  | 4 years
Weighted-average discount rate |  |  |  |
Operating |  | 5.4 | % |  | 5.1 | %
Finance |  | 5.1 | % |  | 5.0 | %
Maturities of operating and finance lease liabilities were as follows (in millions):
|  | Operating Leases |  | Finance Leases |  |
Years ending December 31, |  |  |  | Total
2025 |  | $ | 352 |  |  | $ | 25 |  |  | $ | 376 |
2026 |  | 289 |  |  | 21 |  |  | 310 |
2027 |  | 226 |  |  | 16 |  |  | 242 |
2028 |  | 154 |  |  | 12 |  |  | 166 |
2029 |  | 85 |  |  | 7 |  |  | 91 |
Thereafter |  | 149 |  |  | 3 |  |  | 152 |
Total lease payments |  | 1,255 |  |  | 84 |  |  | 1,339 |
Less: Imputed Interest |  | (149) |  |  | (8) |  |  | (157) |
Present value of lease liabilities |  | $ | 1,106 |  |  | $ | 76 |  |  | $ | 1,182 |
________________________ Note: Amounts may not be additive due to rounding. As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES | LEASES Leases as Lessor The components of revenue from leases were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,482 |  |  | $ | 1,483 |  |  | $ | 1,490 |
Lease income related to commercial rental (1) |  | $ | 928 |  |  | $ | 1,123 |  |  | $ | 1,286 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 75 |  |  | $ | 56 |  |  | $ | 45 |
Variable lease income excluding commercial rental (1) |  | $ | 373 |  |  | $ | 308 |  |  | $ | 323 |
________________________ (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Net investment in the lease - lease payment receivable |  | $ | 818 |  |  | $ | 723 |
Net investment in the lease - unguaranteed residual value in assets |  | 49 |  |  | 43 |
|  | 867 |  |  | 766 |
Estimated loss allowance |  | (5) |  |  | (4) |
Total |  | $ | 862 |  |  | $ | 762 |
Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions)
2025 |  | $ | 235 |
2026 |  | 221 |
2027 |  | 181 |
2028 |  | 162 |
2029 |  | 114 |
Thereafter |  | 141 |
Total undiscounted cash flows |  | 1,054 |
Present value of lease payments (recognized as lease receivables) |  | (818) |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 236 |
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions) |  |
2025 |  | $ | 1,289 |  |  |
2026 |  | 1,019 |  |  |
2027 |  | 775 |  |  |
2028 |  | 581 |  |  |
2029 |  | 408 |  |  |
Thereafter |  | 323 |  |  |
Total undiscounted cash flows |  | $ | 4,395 |  |  |
Leases as Lessee The components of lease expense were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 20 |  |  | $ | 15 |  |  | $ | 13 |
Interest on lease liabilities |  | 3 |  |  | 2 |  |  | 2 |
Operating lease cost |  | 374 |  |  | 271 |  |  | 199 |
Short-term lease and other |  | 8 |  |  | 10 |  |  | 10 |
Variable lease cost |  | 54 |  |  | 50 |  |  | 26 |
Sublease income |  | (29) |  |  | (41) |  |  | (39) |
Total lease cost |  | $ | 430 |  |  | $ | 307 |  |  | $ | 211 |
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
|  | December 31,
|  | 2024 |  | 2023
(In millions) |  | Operating |  | Finance |  | Operating |  | Finance
Noncurrent assets |  | $ | 1,055 |  |  | $ | 75 |  |  | $ | 1,016 |  |  | $ | 48 |
Current liabilities |  | $ | 302 |  |  | $ | 22 |  |  | $ | 234 |  |  | $ | 16 |
Noncurrent liabilities |  | $ | 804 |  |  | $ | 54 |  |  | $ | 800 |  |  | $ | 33 |
|  | December 31,
|  | 2024 |  | 2023
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 5 years
Finance |  | 4 years |  | 4 years
Weighted-average discount rate |  |  |  |
Operating |  | 5.4 | % |  | 5.1 | %
Finance |  | 5.1 | % |  | 5.0 | %
Maturities of operating and finance lease liabilities were as follows (in millions):
|  | Operating Leases |  | Finance Leases |  |
Years ending December 31, |  |  |  | Total
2025 |  | $ | 352 |  |  | $ | 25 |  |  | $ | 376 |
2026 |  | 289 |  |  | 21 |  |  | 310 |
2027 |  | 226 |  |  | 16 |  |  | 242 |
2028 |  | 154 |  |  | 12 |  |  | 166 |
2029 |  | 85 |  |  | 7 |  |  | 91 |
Thereafter |  | 149 |  |  | 3 |  |  | 152 |
Total lease payments |  | 1,255 |  |  | 84 |  |  | 1,339 |
Less: Imputed Interest |  | (149) |  |  | (8) |  |  | (157) |
Present value of lease liabilities |  | $ | 1,106 |  |  | $ | 76 |  |  | $ | 1,182 |
________________________ Note: Amounts may not be additive due to rounding. As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES | LEASES Leases as Lessor The components of revenue from leases were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,482 |  |  | $ | 1,483 |  |  | $ | 1,490 |
Lease income related to commercial rental (1) |  | $ | 928 |  |  | $ | 1,123 |  |  | $ | 1,286 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 75 |  |  | $ | 56 |  |  | $ | 45 |
Variable lease income excluding commercial rental (1) |  | $ | 373 |  |  | $ | 308 |  |  | $ | 323 |
________________________ (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Net investment in the lease - lease payment receivable |  | $ | 818 |  |  | $ | 723 |
Net investment in the lease - unguaranteed residual value in assets |  | 49 |  |  | 43 |
|  | 867 |  |  | 766 |
Estimated loss allowance |  | (5) |  |  | (4) |
Total |  | $ | 862 |  |  | $ | 762 |
Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions)
2025 |  | $ | 235 |
2026 |  | 221 |
2027 |  | 181 |
2028 |  | 162 |
2029 |  | 114 |
Thereafter |  | 141 |
Total undiscounted cash flows |  | 1,054 |
Present value of lease payments (recognized as lease receivables) |  | (818) |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 236 |
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions) |  |
2025 |  | $ | 1,289 |  |  |
2026 |  | 1,019 |  |  |
2027 |  | 775 |  |  |
2028 |  | 581 |  |  |
2029 |  | 408 |  |  |
Thereafter |  | 323 |  |  |
Total undiscounted cash flows |  | $ | 4,395 |  |  |
Leases as Lessee The components of lease expense were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 20 |  |  | $ | 15 |  |  | $ | 13 |
Interest on lease liabilities |  | 3 |  |  | 2 |  |  | 2 |
Operating lease cost |  | 374 |  |  | 271 |  |  | 199 |
Short-term lease and other |  | 8 |  |  | 10 |  |  | 10 |
Variable lease cost |  | 54 |  |  | 50 |  |  | 26 |
Sublease income |  | (29) |  |  | (41) |  |  | (39) |
Total lease cost |  | $ | 430 |  |  | $ | 307 |  |  | $ | 211 |
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
|  | December 31,
|  | 2024 |  | 2023
(In millions) |  | Operating |  | Finance |  | Operating |  | Finance
Noncurrent assets |  | $ | 1,055 |  |  | $ | 75 |  |  | $ | 1,016 |  |  | $ | 48 |
Current liabilities |  | $ | 302 |  |  | $ | 22 |  |  | $ | 234 |  |  | $ | 16 |
Noncurrent liabilities |  | $ | 804 |  |  | $ | 54 |  |  | $ | 800 |  |  | $ | 33 |
|  | December 31,
|  | 2024 |  | 2023
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 5 years
Finance |  | 4 years |  | 4 years
Weighted-average discount rate |  |  |  |
Operating |  | 5.4 | % |  | 5.1 | %
Finance |  | 5.1 | % |  | 5.0 | %
Maturities of operating and finance lease liabilities were as follows (in millions):
|  | Operating Leases |  | Finance Leases |  |
Years ending December 31, |  |  |  | Total
2025 |  | $ | 352 |  |  | $ | 25 |  |  | $ | 376 |
2026 |  | 289 |  |  | 21 |  |  | 310 |
2027 |  | 226 |  |  | 16 |  |  | 242 |
2028 |  | 154 |  |  | 12 |  |  | 166 |
2029 |  | 85 |  |  | 7 |  |  | 91 |
Thereafter |  | 149 |  |  | 3 |  |  | 152 |
Total lease payments |  | 1,255 |  |  | 84 |  |  | 1,339 |
Less: Imputed Interest |  | (149) |  |  | (8) |  |  | (157) |
Present value of lease liabilities |  | $ | 1,106 |  |  | $ | 76 |  |  | $ | 1,182 |
________________________ Note: Amounts may not be additive due to rounding. As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.
LEASES | LEASES Leases as Lessor The components of revenue from leases were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 1,482 |  |  | $ | 1,483 |  |  | $ | 1,490 |
Lease income related to commercial rental (1) |  | $ | 928 |  |  | $ | 1,123 |  |  | $ | 1,286 |
Sales-type leases |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 75 |  |  | $ | 56 |  |  | $ | 45 |
Variable lease income excluding commercial rental (1) |  | $ | 373 |  |  | $ | 308 |  |  | $ | 323 |
________________________ (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Net investment in the lease - lease payment receivable |  | $ | 818 |  |  | $ | 723 |
Net investment in the lease - unguaranteed residual value in assets |  | 49 |  |  | 43 |
|  | 867 |  |  | 766 |
Estimated loss allowance |  | (5) |  |  | (4) |
Total |  | $ | 862 |  |  | $ | 762 |
Maturities of sales-type lease receivables as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions)
2025 |  | $ | 235 |
2026 |  | 221 |
2027 |  | 181 |
2028 |  | 162 |
2029 |  | 114 |
Thereafter |  | 141 |
Total undiscounted cash flows |  | 1,054 |
Present value of lease payments (recognized as lease receivables) |  | (818) |
Difference between undiscounted cash flows and discounted cash flows |  | $ | 236 |
Operating lease payments expected to be received as of December 31, 2024, were as follows:
Years ending December 31, |  | (In millions) |  |
2025 |  | $ | 1,289 |  |  |
2026 |  | 1,019 |  |  |
2027 |  | 775 |  |  |
2028 |  | 581 |  |  |
2029 |  | 408 |  |  |
Thereafter |  | 323 |  |  |
Total undiscounted cash flows |  | $ | 4,395 |  |  |
Leases as Lessee The components of lease expense were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use-assets |  | $ | 20 |  |  | $ | 15 |  |  | $ | 13 |
Interest on lease liabilities |  | 3 |  |  | 2 |  |  | 2 |
Operating lease cost |  | 374 |  |  | 271 |  |  | 199 |
Short-term lease and other |  | 8 |  |  | 10 |  |  | 10 |
Variable lease cost |  | 54 |  |  | 50 |  |  | 26 |
Sublease income |  | (29) |  |  | (41) |  |  | (39) |
Total lease cost |  | $ | 430 |  |  | $ | 307 |  |  | $ | 211 |
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
|  | December 31,
|  | 2024 |  | 2023
(In millions) |  | Operating |  | Finance |  | Operating |  | Finance
Noncurrent assets |  | $ | 1,055 |  |  | $ | 75 |  |  | $ | 1,016 |  |  | $ | 48 |
Current liabilities |  | $ | 302 |  |  | $ | 22 |  |  | $ | 234 |  |  | $ | 16 |
Noncurrent liabilities |  | $ | 804 |  |  | $ | 54 |  |  | $ | 800 |  |  | $ | 33 |
|  | December 31,
|  | 2024 |  | 2023
Weighted-average remaining lease term |  |  |  |
Operating |  | 5 years |  | 5 years
Finance |  | 4 years |  | 4 years
Weighted-average discount rate |  |  |  |
Operating |  | 5.4 | % |  | 5.1 | %
Finance |  | 5.1 | % |  | 5.0 | %
Maturities of operating and finance lease liabilities were as follows (in millions):
|  | Operating Leases |  | Finance Leases |  |
Years ending December 31, |  |  |  | Total
2025 |  | $ | 352 |  |  | $ | 25 |  |  | $ | 376 |
2026 |  | 289 |  |  | 21 |  |  | 310 |
2027 |  | 226 |  |  | 16 |  |  | 242 |
2028 |  | 154 |  |  | 12 |  |  | 166 |
2029 |  | 85 |  |  | 7 |  |  | 91 |
Thereafter |  | 149 |  |  | 3 |  |  | 152 |
Total lease payments |  | 1,255 |  |  | 84 |  |  | 1,339 |
Less: Imputed Interest |  | (149) |  |  | (8) |  |  | (157) |
Present value of lease liabilities |  | $ | 1,106 |  |  | $ | 76 |  |  | $ | 1,182 |
________________________ Note: Amounts may not be additive due to rounding. As of December 31, 2024, we have entered into $22 million of additional facility operating leases that have not yet commenced. The operating leases will commence in 2025 with lease terms of generally 4 to 10 years.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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