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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES NOTE 12 - LEASES
Various buildings and equipment are leased from third parties under both finance and operating lease agreements.
Right-of-use assets have been included in the same line item of property, plant and equipment as that in which a
corresponding owned asset would be presented. The following table presents the classification of leasing assets and liabilities
within our Consolidated Balance Sheets:
At December 31,
(in millions of U.S. dollar)
Consolidated Balance Sheets
2024
2023
Assets
Operating lease right-of-use assets
Property, plant and equipment
107
121
Finance lease assets (A)
Property, plant and equipment
33
41
Total lease assets
140
162
Liabilities
Current:
Operating lease liabilities
Trade payables and other
17
18
Finance lease liabilities
Short-term debt
5
7
Non-current:
Operating lease liabilities
Trade payables and other
95
107
Finance lease liabilities
Long-term debt
25
27
Total lease liabilities
142
159
(A) Finance lease assets are recorded net of accumulated depreciation and impairment of $65 million and $70 million as of December 31,
2024 and 2023, respectively.
The following table presents the classification of lease related expenses as reported with our Consolidated Income
Statement:
At December 31,
(in millions of U.S. dollar)
Consolidated Income Statement
2024
2023
2022
Operating lease costs (B)
Cost of sales (excluding depreciation
and amortization)
(23)
(24)
(24)
Selling and administrative expenses
(3)
(2)
(2)
Depreciation related to finance lease
Depreciation and amortization
(7)
(13)
(14)
(B)    Operating lease costs exclude short-term lease and variable lease costs for $22 million, $20 million and $15 million as of December 31,
2024, 2023 and 2022 respectively.
The following table presents the classification of lease related cash-flows as reported with our Consolidated Statement of
Cash Flows:
At December 31,
(in millions of U.S. dollar)
2024
2023
2022
Financing cash flows from finance leases
(8)
(19)
(18)
Operating cash flows from operating leases
(25)
(26)
(26)
Property, plant and equipment acquired through finance leases amounted to $5 million, $6 million and $0 million for the
years ended December 31, 2024, 2023 and 2022, respectively. These leases and financings are excluded from the Consolidated
Statement of Cash Flow as they are non-cash investing transactions.
The following table presents supplemental information on our finance and operating leases as of December 31, 2024 and 
2023:
At December 31,
2024
2023
Weighted-average remaining lease term
Operating leases
7.5 years
8.3 years
Finance leases
6.1 years
7.2 years
Weighted-average discount rate
Operating leases
6.56%
6.62%
Finance leases
4.22%
3.50%
Future minimum lease payments as of December 31, 2024, for our operating and finance leases having an initial or
remaining non-cancelable lease term in excess of one year are as follows:
At December 31, 2024
(in millions of U.S. dollar)
Operating Leases
Finance Leases
Years ending
2025
23
7
2026
21
6
2027
19
6
2028
17
5
2029
14
4
Thereafter
47
6
Total non-cancelable minimum lease payments
141
34
Less: interest
(29)
(4)
Present value of lease liabilities
112
30
LEASES NOTE 12 - LEASES
Various buildings and equipment are leased from third parties under both finance and operating lease agreements.
Right-of-use assets have been included in the same line item of property, plant and equipment as that in which a
corresponding owned asset would be presented. The following table presents the classification of leasing assets and liabilities
within our Consolidated Balance Sheets:
At December 31,
(in millions of U.S. dollar)
Consolidated Balance Sheets
2024
2023
Assets
Operating lease right-of-use assets
Property, plant and equipment
107
121
Finance lease assets (A)
Property, plant and equipment
33
41
Total lease assets
140
162
Liabilities
Current:
Operating lease liabilities
Trade payables and other
17
18
Finance lease liabilities
Short-term debt
5
7
Non-current:
Operating lease liabilities
Trade payables and other
95
107
Finance lease liabilities
Long-term debt
25
27
Total lease liabilities
142
159
(A) Finance lease assets are recorded net of accumulated depreciation and impairment of $65 million and $70 million as of December 31,
2024 and 2023, respectively.
The following table presents the classification of lease related expenses as reported with our Consolidated Income
Statement:
At December 31,
(in millions of U.S. dollar)
Consolidated Income Statement
2024
2023
2022
Operating lease costs (B)
Cost of sales (excluding depreciation
and amortization)
(23)
(24)
(24)
Selling and administrative expenses
(3)
(2)
(2)
Depreciation related to finance lease
Depreciation and amortization
(7)
(13)
(14)
(B)    Operating lease costs exclude short-term lease and variable lease costs for $22 million, $20 million and $15 million as of December 31,
2024, 2023 and 2022 respectively.
The following table presents the classification of lease related cash-flows as reported with our Consolidated Statement of
Cash Flows:
At December 31,
(in millions of U.S. dollar)
2024
2023
2022
Financing cash flows from finance leases
(8)
(19)
(18)
Operating cash flows from operating leases
(25)
(26)
(26)
Property, plant and equipment acquired through finance leases amounted to $5 million, $6 million and $0 million for the
years ended December 31, 2024, 2023 and 2022, respectively. These leases and financings are excluded from the Consolidated
Statement of Cash Flow as they are non-cash investing transactions.
The following table presents supplemental information on our finance and operating leases as of December 31, 2024 and 
2023:
At December 31,
2024
2023
Weighted-average remaining lease term
Operating leases
7.5 years
8.3 years
Finance leases
6.1 years
7.2 years
Weighted-average discount rate
Operating leases
6.56%
6.62%
Finance leases
4.22%
3.50%
Future minimum lease payments as of December 31, 2024, for our operating and finance leases having an initial or
remaining non-cancelable lease term in excess of one year are as follows:
At December 31, 2024
(in millions of U.S. dollar)
Operating Leases
Finance Leases
Years ending
2025
23
7
2026
21
6
2027
19
6
2028
17
5
2029
14
4
Thereafter
47
6
Total non-cancelable minimum lease payments
141
34
Less: interest
(29)
(4)
Present value of lease liabilities
112
30