v3.25.4

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

12. Leases

The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

The Company uses an estimated incremental borrowing rate at the lease commencement date to determine the present value of lease payments when the implicit rate is not readily determinable in the lease. The Company’s incremental borrowing rate reflects a fully secured rate based on recent debt issuances, the credit rating of the Company, changes in currency and repayment timing of the lease, as well as publicly available data for instruments with similar characteristics when calculating incremental borrowing rates.

Certain lease agreements include terms with options to extend the lease, however, none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company’s lease agreements include lease payments that are largely fixed and do not contain material residual value guarantees or variable lease payments and no lease transactions with related parties. For the years ended December 31, 2025 and 2024, the Company’s lease costs associated with leases with terms less than 12 months or variable lease costs were immaterial. Certain leases include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations.

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The Company leases warehouses, office buildings, equipment and certain land and buildings under both operating and finance lease arrangements. Information related to these leases is as follows:

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​	​	​	​	​	​	​	​	​	​
​	​	​	Year ended December 31,
​	​ ​ ​	​ ​ ​	2025	​	​	2024	​ ​ ​	​	2023
Lease cost	​	​	​	​	​	​	​	​	​
Finance lease cost:	​	​	​	​	​	​	​	​	​
Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)	​	$	35	​	$	21	​	$	15
Interest on lease liabilities (included in Interest expense, net)	​	​	11	​	​	12	​	​	10
Operating lease cost (included in Cost of goods sold and Selling and administrative expense)	​	​	65	​	​	64	​	​	63
Total lease cost	​	$	111	​	$	97	​	$	88

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​	​	​	​	​	​	​	​	​	​
​	​	​	Year ended December 31,
​	​	​	2025	​	​	2024	​	​	2023
Other information	​	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	63	​	$	62	​	$	60
Operating cash flows from finance leases	​	​	11	​	​	12	​	​	10
Financing cash flows from finance leases	​	​	35	​	​	21	​	​	15
Right-of-use assets obtained in exchange for new operating lease liabilities	​	​	31	​	​	41	​	​	46

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​	​	​	​	​	​	​
​	​	​
​	​	December 31,
​	​	​	2025	​	​	2024
Supplemental balance sheet information	​		​	​	​	​
Operating leases:	​	​	​	​	​	​
Operating lease right-of-use assets (included in Other assets)	​	$	186	​	$	201
​	​	​	​	​	​	​
Current operating lease liabilities (included in Other current liabilities)	​	​	45	​	​	41
Noncurrent operating lease liabilities (included in Other long-term liabilities)	​	​	151	​	​	169
Total operating lease liabilities	​	$	196	​	$	210
​	​	​	​	​	​	​
Finance leases:	​	​	​	​	​	​
Property, plant and equipment	​	$	254	​	$	261
Accumulated amortization	​	​	(83)	​	​	(60)
Property, plant and equipment, net	​	​	171	​	​	201
​	​	​	​	​	​	​
Current finance lease liabilities (included in Long-term debt due within one year)	​	​	38	​	​	32
Noncurrent finance lease liabilities (included in Long-term debt)	​	​	136	​	​	163
Total finance lease liabilities	​	$	174	​	$	195
​	​	​	​	​	​	​
Weighted-average remaining lease term (in years):	​	​	​	​	​	​
Operating leases	​	​	5.3	​	​	6.5
Finance leases	​	​	5.8	​	​	6.2
Weighted-average discount rate:	​	​	​	​	​	​
Operating leases	​	​	6.59%	​	​	6.72%
Finance leases	​	​	5.60%	​	​	5.75%

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​	​	​	​	​	​	​
Maturity of lease liabilities	​	​	Operating leases	​	​	Finance leases
2026	​	$	56	​	$	46
2027	​	​	48	​	​	42
2028	​	​	36	​	​	39
2029	​	​	31	​	​	33
2030	​	​	24	​	​	24
2031 and thereafter	​	​	36	​	​	15
Total lease payments	​	​	231	​	​	199
Less: imputed interest	​	​	(35)	​	​	(25)
Total lease obligations	​	$	196	​	$	174
​	​	​	​	​	​	​
Minimum payments related to leases not yet commenced as of December 31, 2025	​	$	—	​	$	—

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