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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 8. Leases The Company leases certain facilities and equipment to support its operations around the world. These leases generally require the Company to pay maintenance, insurance, taxes and other operating costs in addition to rent. Renewal options are common in longer term leases; however, it is rare that the Company intends to exercise a lease option at inception due to the cyclical nature of the Company’s business. Residual value guarantees are not typically part of the Company’s leases. Occasionally, the Company sub-leases excess facility space, generally at terms similar to the source lease. The Company reviews new agreements to determine if they include a lease and, when they do, uses its incremental borrowing rate to determine the present value of the future lease payments as most do not include implicit interest rates. Components of leases are as follows (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Current portion of lease liabilities: |  |  |  |  |  |
Operating |  | $ | 72 |  |  | $ | 70 |
Financing |  |  | 30 |  |  |  | 24 |
Total |  | $ | 102 |  |  | $ | 94 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Long-term portion of lease liability: |  |  |  |  |  |
Operating |  | $ | 301 |  |  | $ | 343 |
Financing |  |  | 243 |  |  |  | 215 |
Total |  | $ | 544 |  |  | $ | 558 |
Components of lease expense were as follows (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Lease cost |  |  |  |  |  |
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 28 |  |  | $ | 23 |
Interest on lease liabilities |  |  | 10 |  |  |  | 10 |
Operating lease cost |  |  | 90 |  |  |  | 85 |
Short-term lease cost |  |  | 69 |  |  |  | 77 |
Sub-lease income |  |  | (6 | ) |  |  | (8 | )
Total |  | $ | 191 |  |  | $ | 187 |
Supplemental information related to the Company’s leases is as follows (in millions):
|  | Years Ended |
|  | 2024 |  |  | 2023 |
Other information: |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows - finance leases |  | $ | 10 |  |  | $ | 10 |
Operating cash flows - operating leases |  |  | 90 |  |  |  | 85 |
Financing cash flows - finance leases |  |  | 28 |  |  |  | 23 |
Right-of-use assets obtained in exchange for new: |  |  |  |  |  |
Operating lease liabilities |  | $ | 65 |  |  | $ | 68 |
Finance lease liabilities |  |  | 28 |  |  |  | 27 |
Weighted average remaining lease term at December 31, 2024: |  |  |  |  |  |
Operating leases |  | 11 years |  |  | 10 years |
Finance leases |  | 16 years |  |  | 16 years |
Weighted average discount rate at December 31, 2024: |  |  |  |  |  |
Operating leases |  |  | 5.25 | % |  |  | 5.17 | %
Finance leases |  |  | 4.42 | % |  |  | 4.15 | %
Future minimum lease commitments for leases with initial or remaining terms of one year or more at December 31, 2024, are payable as follows (in millions):
|  | Operating |  |  | Finance |
2025 |  | $ | 91 |  |  | $ | 41 |
2026 |  |  | 75 |  |  |  | 36 |
2027 |  |  | 58 |  |  |  | 29 |
2028 |  |  | 47 |  |  |  | 23 |
2029 |  |  | 36 |  |  |  | 20 |
Thereafter |  |  | 175 |  |  |  | 190 |
Total lease payments |  |  | 482 |  |  |  | 339 |
Less: Interest |  |  | (109 | ) |  |  | (66 | )
Present value of lease liabilities |  | $ | 373 |  |  | $ | 273 |

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- Definition Leases disclosure. + References No definition available. + Details
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- References No definition available. + Details
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