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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 23 years, some of which include options to extend the leases for up to 20 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it reasonably certain that the Company would exercise those options.

The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term.
The components of lease expense consist of the following (in millions):
Years Ended December 31,
Classification20242023
Operating lease cost(a)
Direct operating$158 $132 
Finance lease cost:
Amortization of ROU assetsDepreciation and amortization16 14 
Interest on lease liabilitiesInterest expense, net3 2 
Sublease incomeEquipment rental revenue(77)(61)
Net lease cost$100 $87 
(a) Includes short-term leases of $62 million and $52 million for the year ended December 31, 2024 and 2023, respectively, and variable lease costs of $6 million and $3 million for the year ended December 31, 2024 and 2023, respectively.

Balance sheet information related to leases consists of the following (in millions):
ClassificationDecember 31, 2024December 31, 2023
Assets
Operating lease ROU assetsRight-of-use assets$852 $665 
Finance lease ROU assets
Property and equipment, net(a)
74 74 
Total leased assets$926 $739 
Liabilities
Current:
OperatingCurrent maturities of operating lease liabilities$39 $37 
FinanceCurrent maturities of long-term debt and financing obligations17 15 
Non-current:
OperatingOperating lease liabilities842 646 
FinanceLong-term debt, net60 61 
Total lease liabilities$958 $759 
(a) Finance lease right-of-use assets are recorded net of accumulated amortization of $52 million and $37 million for the years ended December 31, 2024 and 2023, respectively.

Years Ended December 31,
20242023
Weighted average remaining lease term:
Operating leases17.116.8
Finance leases5.15.4
Weighted average discount rate:
Operating leases4.31 %3.95 %
Finance leases4.29 %4.01 %
Cash flow information related to leases consists of the following (in millions):
Years Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51 $49 
Operating cash flows from finance leases3 2 
Financing cash flows from finance leases16 12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases300 291 
Finance leases17 24 

Maturities of lease liabilities are as follows (in millions):
Operating LeasesFinance Leases
2025$76 $20 
202682 18 
202778 14 
202875 13 
202972 11 
Thereafter942 11 
Total lease payments1,325 87 
Less: Interest(444)(10)
Present value of lease liabilities$881 $77 
Leases Leases
The Company leases real estate, office equipment and service vehicles. The Company's leases have remaining lease terms of up to 23 years, some of which include options to extend the leases for up to 20 years. The Company determines the lease term used to record each lease by including the initial lease term and, in the case where there are options to extend, will include the option to extend if it has determined that it reasonably certain that the Company would exercise those options.

The Company also leases certain equipment that it rents to its customers where the payments vary based upon the amount of time the equipment is on rent. There are no fixed payments on these leases and, therefore, no lease liability or ROU assets have been recorded. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term.
The components of lease expense consist of the following (in millions):
Years Ended December 31,
Classification20242023
Operating lease cost(a)
Direct operating$158 $132 
Finance lease cost:
Amortization of ROU assetsDepreciation and amortization16 14 
Interest on lease liabilitiesInterest expense, net3 2 
Sublease incomeEquipment rental revenue(77)(61)
Net lease cost$100 $87 
(a) Includes short-term leases of $62 million and $52 million for the year ended December 31, 2024 and 2023, respectively, and variable lease costs of $6 million and $3 million for the year ended December 31, 2024 and 2023, respectively.

Balance sheet information related to leases consists of the following (in millions):
ClassificationDecember 31, 2024December 31, 2023
Assets
Operating lease ROU assetsRight-of-use assets$852 $665 
Finance lease ROU assets
Property and equipment, net(a)
74 74 
Total leased assets$926 $739 
Liabilities
Current:
OperatingCurrent maturities of operating lease liabilities$39 $37 
FinanceCurrent maturities of long-term debt and financing obligations17 15 
Non-current:
OperatingOperating lease liabilities842 646 
FinanceLong-term debt, net60 61 
Total lease liabilities$958 $759 
(a) Finance lease right-of-use assets are recorded net of accumulated amortization of $52 million and $37 million for the years ended December 31, 2024 and 2023, respectively.

Years Ended December 31,
20242023
Weighted average remaining lease term:
Operating leases17.116.8
Finance leases5.15.4
Weighted average discount rate:
Operating leases4.31 %3.95 %
Finance leases4.29 %4.01 %
Cash flow information related to leases consists of the following (in millions):
Years Ended December 31,
20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51 $49 
Operating cash flows from finance leases3 2 
Financing cash flows from finance leases16 12 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases300 291 
Finance leases17 24 

Maturities of lease liabilities are as follows (in millions):
Operating LeasesFinance Leases
2025$76 $20 
202682 18 
202778 14 
202875 13 
202972 11 
Thereafter942 11 
Total lease payments1,325 87 
Less: Interest(444)(10)
Present value of lease liabilities$881 $77