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LEASING | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASING | 12. LEASING The following table presents our lease balances as of December 31:
In millions | Location in the Consolidated Balance Sheet |  | December 31, 2024 | December 31, 2023 |
Assets |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 229 |  | $ | 231 |  |
Finance lease assets | Property, plant and equipment, net |  | 81 |  | 71 |  |
Accumulated Amortization of Finance lease assets | Property, plant and equipment, net |  | (70) |  | (57) |  |
Total leased assets |  |  | $ | 240 |  | $ | 245 |  |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Other current liabilities |  | $ | 40 |  | $ | 40 |  |
Finance lease liabilities | Other current liabilities |  | 11 |  | 8 |  |
Noncurrent |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 248 |  | 251 |  |
Finance lease liabilities | Other liabilities |  | 3 |  | 7 |  |
Total lease liabilities |  |  | $ | 302 |  | $ | 306 |  |
The following table presents our lease costs for operating and finance leases:
In millions | For the year ended December 31, 2024 | For the year ended December 31, 2023 | For the year ended December 31, 2022
Operating lease cost | $ | 63 |  | $ | 72 |  | $ | 76 |
Finance lease cost |  |  |
Amortization of leased assets | 13 |  | 13 |  | 13 |
Interest on lease liabilities | 1 |  | 1 |  | 1 |
Short-Term lease cost | — |  | — |  | 3 |
Variable lease cost | 26 |  | 27 |  | 23 |
Sublease income | (5) |  | (3) |  | — |
Total lease cost | $ | 98 |  | $ | 110 |  | $ | 116 |
The following table presents the supplemental cash flow information:
In millions | For the year ended December 31, 2024 | For the year ended December 31, 2023 | For the year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 66 |  | $ | 76 |  | $ | 82 |
Operating cash flows from finance leases | $ | 1 |  | $ | 1 |  | $ | 1 |
Financing cash flows from finance leases | $ | 14 |  | $ | 14 |  | $ | 13 |
Lease Assets Obtained in Exchange for Lease Obligations |  |  |
Operating Leases | $ | 29 |  | $ | 16 |  | $ | 4 |
Finance Leases | $ | 2 |  | $ | (1) |  | $ | — |
The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2024:
In millions |  | Operating Leases |  | Finance Leases
2025 |  | $ | 56 |  |  | $ | 11 |
2026 |  | 48 |  |  | 2 |
2027 |  | 47 |  |  | 1 |
2028 |  | 43 |  |  | — |
2029 |  | 39 |  |  | — |
Thereafter |  | 131 |  |  | — |
Total lease payments |  | 364 |  |  | 14 |
Less: Amount representing interest |  | 76 |  |  | — |
Present value of lease liabilities |  | $ | 288 |  |  | $ | 14 |
As of December 31, 2024, all material operating leases had commenced. The following table presents the weighted average remaining lease term and interest rates:
|  | December 31, 2024 | December 31, 2023 |
Weighted average lease term: |  |  |  |
Operating leases |  | 7.6 years | 8.3 years |
Finance leases |  | 1.5 years | 2.2 years |
Weighted average interest rates: |  |  |  |
Operating leases |  | 6.17 | % | 6.12 | % |
Finance leases |  | 3.91 | % | 3.38 | % |
LEASING | 12. LEASING The following table presents our lease balances as of December 31:
In millions | Location in the Consolidated Balance Sheet |  | December 31, 2024 | December 31, 2023 |
Assets |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 229 |  | $ | 231 |  |
Finance lease assets | Property, plant and equipment, net |  | 81 |  | 71 |  |
Accumulated Amortization of Finance lease assets | Property, plant and equipment, net |  | (70) |  | (57) |  |
Total leased assets |  |  | $ | 240 |  | $ | 245 |  |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Other current liabilities |  | $ | 40 |  | $ | 40 |  |
Finance lease liabilities | Other current liabilities |  | 11 |  | 8 |  |
Noncurrent |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | 248 |  | 251 |  |
Finance lease liabilities | Other liabilities |  | 3 |  | 7 |  |
Total lease liabilities |  |  | $ | 302 |  | $ | 306 |  |
The following table presents our lease costs for operating and finance leases:
In millions | For the year ended December 31, 2024 | For the year ended December 31, 2023 | For the year ended December 31, 2022
Operating lease cost | $ | 63 |  | $ | 72 |  | $ | 76 |
Finance lease cost |  |  |
Amortization of leased assets | 13 |  | 13 |  | 13 |
Interest on lease liabilities | 1 |  | 1 |  | 1 |
Short-Term lease cost | — |  | — |  | 3 |
Variable lease cost | 26 |  | 27 |  | 23 |
Sublease income | (5) |  | (3) |  | — |
Total lease cost | $ | 98 |  | $ | 110 |  | $ | 116 |
The following table presents the supplemental cash flow information:
In millions | For the year ended December 31, 2024 | For the year ended December 31, 2023 | For the year ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 66 |  | $ | 76 |  | $ | 82 |
Operating cash flows from finance leases | $ | 1 |  | $ | 1 |  | $ | 1 |
Financing cash flows from finance leases | $ | 14 |  | $ | 14 |  | $ | 13 |
Lease Assets Obtained in Exchange for Lease Obligations |  |  |
Operating Leases | $ | 29 |  | $ | 16 |  | $ | 4 |
Finance Leases | $ | 2 |  | $ | (1) |  | $ | — |
The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Consolidated Balance Sheet as of December 31, 2024:
In millions |  | Operating Leases |  | Finance Leases
2025 |  | $ | 56 |  |  | $ | 11 |
2026 |  | 48 |  |  | 2 |
2027 |  | 47 |  |  | 1 |
2028 |  | 43 |  |  | — |
2029 |  | 39 |  |  | — |
Thereafter |  | 131 |  |  | — |
Total lease payments |  | 364 |  |  | 14 |
Less: Amount representing interest |  | 76 |  |  | — |
Present value of lease liabilities |  | $ | 288 |  |  | $ | 14 |
As of December 31, 2024, all material operating leases had commenced. The following table presents the weighted average remaining lease term and interest rates:
|  | December 31, 2024 | December 31, 2023 |
Weighted average lease term: |  |  |  |
Operating leases |  | 7.6 years | 8.3 years |
Finance leases |  | 1.5 years | 2.2 years |
Weighted average interest rates: |  |  |  |
Operating leases |  | 6.17 | % | 6.12 | % |
Finance leases |  | 3.91 | % | 3.38 | % |

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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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