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LEASE OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Lease Amounts Included in Statements of Consolidated Financial Position | 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 |
Summary of Lease Costs | 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.
Summary of Future Minimum Lease Payments under Noncancelable Finance and Operating Leases | 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 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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