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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | (5) Leases Balance Sheet Summary as of March 31, 2025 and December 31, 2024 The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Equipment, real estate and other | $ | 31 |  |  | $ | 35 |  |  | $ | 33 |  |  | $ | 36 |
Pipelines and storage | 23 |  |  | 14 |  |  | 25 |  |  | 14 |
Railcars | 16 |  |  | — |  |  | 17 |  |  | — |
Lease liability |  |  |  |  |  |  |
Equipment, real estate and other | $ | 30 |  |  | $ | 34 |  |  | $ | 30 |  |  | $ | 33 |
Pipelines and storage | 24 |  |  | 23 |  |  | 25 |  |  | 25 |
Railcars | 15 |  |  | — |  |  | 16 |  |  | — |
Lease Expense Summary for the Three Months Ended March 31, 2025 and 2024 We recognize operating lease expense within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other, and finance lease expense within Depreciation and amortization, on a straight-line basis over the lease term. For the three months ended March 31, 2025 and 2024, we recognized lease expense comprised of the following components:
| Three Months Ended March 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Operating lease expense | $ | 6 |  |  | $ | 4 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |
Amortization of ROU asset | 2 |  |  | 1 |  |  |  |  |
Interest expense on lease liability | 1 |  |  | 1 |  |  |  |  |
Short-term lease expense | 3 |  |  | 3 |  |  |  |  |
Leases | (5) Leases Balance Sheet Summary as of March 31, 2025 and December 31, 2024 The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Equipment, real estate and other | $ | 31 |  |  | $ | 35 |  |  | $ | 33 |  |  | $ | 36 |
Pipelines and storage | 23 |  |  | 14 |  |  | 25 |  |  | 14 |
Railcars | 16 |  |  | — |  |  | 17 |  |  | — |
Lease liability |  |  |  |  |  |  |
Equipment, real estate and other | $ | 30 |  |  | $ | 34 |  |  | $ | 30 |  |  | $ | 33 |
Pipelines and storage | 24 |  |  | 23 |  |  | 25 |  |  | 25 |
Railcars | 15 |  |  | — |  |  | 16 |  |  | — |
Lease Expense Summary for the Three Months Ended March 31, 2025 and 2024 We recognize operating lease expense within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other, and finance lease expense within Depreciation and amortization, on a straight-line basis over the lease term. For the three months ended March 31, 2025 and 2024, we recognized lease expense comprised of the following components:
| Three Months Ended March 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Operating lease expense | $ | 6 |  |  | $ | 4 |  |  |  |  |
Finance lease expense: |  |  |  |  |  |  |
Amortization of ROU asset | 2 |  |  | 1 |  |  |  |  |
Interest expense on lease liability | 1 |  |  | 1 |  |  |  |  |
Short-term lease expense | 3 |  |  | 3 |  |  |  |  |

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- References No definition available. + Details
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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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