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LEASE OBLIGATIONS | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease Obligations | NOTE 12 - LEASE OBLIGATIONS Our operating leases consist primarily of leases for land, office space, rail cars and storage tanks. Our finance leases consist primarily of mining equipment and rail cars. When an implicit discount rate is not readily determinable under our leases, we use our incremental borrowing rate as the discount rate to determine the present value of the lease payments. Our incremental borrowing rate is the rate of interest that we would have to borrow on a collateralized basis over a similar term and amount in a similar economic environment to pay our lease obligations. We determine the incremental borrowing rates for our leases by adjusting the local risk-free interest rate with a credit risk premium corresponding to our credit rating. From time to time, we may enter into arrangements for the construction or purchase of an asset and then enter into a financing arrangement to lease the asset. We recognize leased assets and liabilities under these arrangements when we obtain control of the asset. The following table summarizes the lease amounts included in our Statements of Consolidated Financial Position as of December 31, 2024 and 2023:
|  |  |  | Year Ended December 31,
(In millions) |  | Balance Sheet Location |  | 2024 |  | 2023
Assets: |  |  |  |  |  |
Finance |  | Property, plant and equipment, net |  | $ | 505 |  |  | $ | 306 |
Operating |  | Other non-current assets |  | 351 |  |  | 228 |
Current liabilities |  |  |  |  |  |
Finance |  | Other current liabilities |  | $ | 63 |  |  | $ | 49 |
Operating |  | Other current liabilities |  | 50 |  |  | 41 |
Non-current liabilities |  |  |  |  |  |
Finance |  | Other non-current liabilities |  | $ | 319 |  |  | $ | 166 |
Operating |  | Other non-current liabilities |  | 275 |  |  | 197 |
Lease costs are presented below:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Operating leases | $ | 64 |  |  | $ | 59 |  |  | $ | 64 |
Finance leases: |  |  |  |  |
Amortization of right-of-use assets | 38 |  |  | 92 |  |  | 103 |
Interest on lease liabilities | 15 |  |  | 11 |  |  | 8 |
Short-term leases | 174 |  |  | 171 |  |  | 160 |
Total | $ | 291 |  |  | $ | 333 |  |  | $ | 335 |
Lease terms and discount rates are shown below:
| December 31,
| 2024
Weighted average lease term (in years): |
Operating leases | 11
Finance leases | 9
Weighted average discount rate: |
Operating leases | 7 | %
Finance leases | 6 | %
Other information related to leases was as follows:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |
Operating leases within cash flows from operating activities | $ | 62 |  | $ | 57 |  | $ | 62
Finance leases within cash flows from operating activities | 14 |  | 11 |  | 8
Finance leases within cash flows from financing activities | 49 |  | 92 |  | 96
Right-of-use assets obtained in exchange for new finance lease liabilities 1 | 97 |  | 93 |  | 55
Right-of-use assets obtained in exchange for new operating lease liabilities 1 | 87 |  | 42 |  | 31
1 Right-of-use assets obtained as a result of the Stelco Acquisition are not included.
The following is a summary of future minimum lease payments under noncancellable finance and operating leases as of December 31, 2024:
(In millions) | Finance Leases |  | Operating Leases
2025 | $ | 81 |  |  | $ | 68 |
2026 | 71 |  |  | 61 |
2027 | 58 |  |  | 57 |
2028 | 56 |  |  | 47 |
2029 | 52 |  |  | 38 |
Thereafter | 193 |  |  | 188 |
Total future minimum lease payments | 511 |  |  | 459 |
Less: imputed interest | 129 |  |  | 134 |
Total lease payments | 382 |  |  | 325 |
Less: current portion of lease liabilities | 63 |  |  | 50 |
Long-term lease liabilities | $ | 319 |  |  | $ | 275 |
The current and long-term portions of our finance and operating lease liabilities are included in Other current liabilities and Other non-current liabilities, respectively.

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