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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | LEASES The following table presents the carrying values of our leases and the classification on our Balance Sheet.
($ in millions) | Balance Sheet Classification |  | At December 31, 2024 |  | At December 31, 2023
Operating lease assets | Other assets |  | $ | 74 |  |  | $ | 77 |
Finance lease assets | Property and equipment, net |  | 168 |  |  | 165 |
|  |  | $ | 242 |  |  | $ | 242 |
Operating lease liabilities | Accrued liabilities |  | $ | 94 |  |  | $ | 102 |
Finance lease liabilities | Debt, net |  | 199 |  |  | 189 |
|  |  | $ | 293 |  |  | $ | 291 |
The following table presents the lease costs and the classification on our Income Statements for 2024, 2023, and 2022.
($ in millions) | Income Statement Classification |  | 2024 |  | 2023 |  | 2022
Operating lease cost | Marketing and sales expense General and administrative expense |  | $ | 19 |  |  | $ | 31 |  |  | $ | 31 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | Depreciation and amortization |  | 12 |  |  | 10 |  |  | 7 |
Interest on lease liabilities | Financing expense |  | 13 |  |  | 11 |  |  | 4 |
Variable lease cost | Marketing and sales expense |  | 2 |  |  | 3 |  |  | 3 |
|  |  | $ | 46 |  |  | $ | 55 |  |  | $ | 45 |
The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2024.
($ in millions) | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 25 |  |  | $ | 18 |  |  | $ | 43 |
2026 | 23 |  |  | 16 |  |  | 39 |
2027 | 16 |  |  | 14 |  |  | 30 |
2028 | 12 |  |  | 13 |  |  | 25 |
2029 | 10 |  |  | 13 |  |  | 23 |
Thereafter | 31 |  |  | 461 |  |  | 492 |
Total lease payments | 117 |  |  | 535 |  |  | 652 |
Less: Imputed interest | (23) |  |  | (336) |  |  | (359) |
| $ | 94 |  |  | $ | 199 |  |  | $ | 293 |
Lease Term and Discount Rate The following table presents additional information about our lease obligations.
| At December 31, 2024 |  | At December 31, 2023
Weighted-average remaining lease term |  |  |
Operating leases | 6.2 years |  | 7.6 years
Finance leases | 35.1 years |  | 36.4 years
Weighted-average discount rate |  |  |
Operating leases | 6.5% |  | 6.6%
Finance leases | 6.5% |  | 6.5%
Other Information The following table presents supplemental cash flow information for 2024, 2023, and 2022.
($ in millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in measurement of lease liabilities |  |  |  |  |
Operating cash flows for finance leases | $ | 14 |  |  | $ | 7 |  |  | $ | 5 |
Operating cash flows for operating leases | $ | 24 |  |  | $ | 33 |  |  | $ | 32 |
Financing cash flows for finance leases | $ | 6 |  |  | $ | 5 |  |  | $ | 4 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating leases | $ | 23 |  |  | $ | 31 |  |  | $ | 6 |
Finance leases | $ | 16 |  |  | $ | 88 |  |  | $ | 8 |
LEASES | LEASES The following table presents the carrying values of our leases and the classification on our Balance Sheet.
($ in millions) | Balance Sheet Classification |  | At December 31, 2024 |  | At December 31, 2023
Operating lease assets | Other assets |  | $ | 74 |  |  | $ | 77 |
Finance lease assets | Property and equipment, net |  | 168 |  |  | 165 |
|  |  | $ | 242 |  |  | $ | 242 |
Operating lease liabilities | Accrued liabilities |  | $ | 94 |  |  | $ | 102 |
Finance lease liabilities | Debt, net |  | 199 |  |  | 189 |
|  |  | $ | 293 |  |  | $ | 291 |
The following table presents the lease costs and the classification on our Income Statements for 2024, 2023, and 2022.
($ in millions) | Income Statement Classification |  | 2024 |  | 2023 |  | 2022
Operating lease cost | Marketing and sales expense General and administrative expense |  | $ | 19 |  |  | $ | 31 |  |  | $ | 31 |
Finance lease cost |  |  |  |  |  |  |
Amortization of right-of-use assets | Depreciation and amortization |  | 12 |  |  | 10 |  |  | 7 |
Interest on lease liabilities | Financing expense |  | 13 |  |  | 11 |  |  | 4 |
Variable lease cost | Marketing and sales expense |  | 2 |  |  | 3 |  |  | 3 |
|  |  | $ | 46 |  |  | $ | 55 |  |  | $ | 45 |
The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2024.
($ in millions) | Operating Leases |  | Finance Leases |  | Total
2025 | $ | 25 |  |  | $ | 18 |  |  | $ | 43 |
2026 | 23 |  |  | 16 |  |  | 39 |
2027 | 16 |  |  | 14 |  |  | 30 |
2028 | 12 |  |  | 13 |  |  | 25 |
2029 | 10 |  |  | 13 |  |  | 23 |
Thereafter | 31 |  |  | 461 |  |  | 492 |
Total lease payments | 117 |  |  | 535 |  |  | 652 |
Less: Imputed interest | (23) |  |  | (336) |  |  | (359) |
| $ | 94 |  |  | $ | 199 |  |  | $ | 293 |
Lease Term and Discount Rate The following table presents additional information about our lease obligations.
| At December 31, 2024 |  | At December 31, 2023
Weighted-average remaining lease term |  |  |
Operating leases | 6.2 years |  | 7.6 years
Finance leases | 35.1 years |  | 36.4 years
Weighted-average discount rate |  |  |
Operating leases | 6.5% |  | 6.6%
Finance leases | 6.5% |  | 6.5%
Other Information The following table presents supplemental cash flow information for 2024, 2023, and 2022.
($ in millions) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in measurement of lease liabilities |  |  |  |  |
Operating cash flows for finance leases | $ | 14 |  |  | $ | 7 |  |  | $ | 5 |
Operating cash flows for operating leases | $ | 24 |  |  | $ | 33 |  |  | $ | 32 |
Financing cash flows for finance leases | $ | 6 |  |  | $ | 5 |  |  | $ | 4 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |
Operating leases | $ | 23 |  |  | $ | 31 |  |  | $ | 6 |
Finance leases | $ | 16 |  |  | $ | 88 |  |  | $ | 8 |

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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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