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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Right of Use Asset and Lease Liability Balances for Operating and Finance Leases | The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Equipment, real estate and other | $ | 33 |  |  | $ | 36 |  |  | $ | 29 |  |  | $ | 14 |
Pipeline and storage | 25 |  |  | 14 |  |  | 12 |  |  | 17 |
Railcars | 17 |  |  | — |  |  | 12 |  |  | — |
Lease liability |  |  |  |  |  |  |
Equipment, real estate and other | $ | 30 |  |  | $ | 33 |  |  | $ | 25 |  |  | $ | 16 |
Pipelines and storage | 25 |  |  | 25 |  |  | 12 |  |  | 28 |
Railcars | 16 |  |  | — |  |  | 12 |  |  | — |
Summary of Lease Expense, Terms, and Discount Rates | For the years ended December 31, 2024, 2023, and 2022, we recognized lease expense comprised of the following components:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 19 |  |  | $ | 18 |  |  | $ | 16 |
Finance lease expense: |  |  |  |  |
Amortization of ROU asset | 5 |  |  | 6 |  |  | 6 |
Interest expense on lease liability | 4 |  |  | 4 |  |  | 5 |
Short-term lease expense | 12 |  |  | 11 |  |  | 11 |
The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term | 5.4 years |  | 8.3 years |  | 5.4 years |  | 5.3 years
Weighted-average discount rate | 7.9 | % |  | 10.2 | % |  | 6.7 | % |  | 9.0 | %
Summary of Remaining Minimum Lease Payments for Operating Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2024:
(in millions) | Operating Leases |  | Finance Leases
Year Ended December 31, |  |  |
2025 | $ | 21 |  |  | $ | 14 |
2026 | 19 |  |  | 14 |
2027 | 15 |  |  | 13 |
2028 | 10 |  |  | 11 |
2029 | 8 |  |  | 8 |
Thereafter | 15 |  |  | 29 |
Total lease payments | 88 |  |  | 89 |
Less: imputed interest | (17) |  |  | (31) |
Total lease liability | $ | 71 |  |  | $ | 58 |
Summary of Remaining Minimum Lease Payments for Finance Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2024:
(in millions) | Operating Leases |  | Finance Leases
Year Ended December 31, |  |  |
2025 | $ | 21 |  |  | $ | 14 |
2026 | 19 |  |  | 14 |
2027 | 15 |  |  | 13 |
2028 | 10 |  |  | 11 |
2029 | 8 |  |  | 8 |
Thereafter | 15 |  |  | 29 |
Total lease payments | 88 |  |  | 89 |
Less: imputed interest | (17) |  |  | (31) |
Total lease liability | $ | 71 |  |  | $ | 58 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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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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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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