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Leases

3 Months Ended

Mar. 31, 2025

7. 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):


	March 31,		December 31,
	2025		2024
Current portion of lease liabilities:
Operating	$	71	$	72
Financing		31		30
Total	$	102	$	102

	March 31,		December 31,
	2025		2024
Long-term portion of lease liabilities:
Operating	$	293	$	301
Financing		241		243
Total	$	534	$	544