v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
A summary of the lease classification on our consolidated balance sheet as of December 31, 2024 and 2023 follows:
20242023
Assets
Operating right-of-use lease assetsOther assets$232 $238 
Finance lease assetsProperty and equipment, net294 287 
Total leased assets$526 $525 
Liabilities
Current
OperatingOther accrued liabilities$55 $55 
FinanceNotes payable and current maturities of long-term debt13 13 
Long-term
OperatingOther long-term liabilities189 195 
FinanceLong-term debt, net of current maturities249 238 
Total lease liabilities$506 $501 
A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2024 and 2023 follows:
20242023
Operating lease cost
Fixed lease costCost of operations$50 $60 
Short-term lease costCost of operations105 89 
Variable lease costCost of operations26 27 
Finance lease cost
Amortization of leased assetsDepreciation, depletion and amortization17 16 
Interest on lease liabilitiesInterest expense9 9 
Variable lease costInterest expense26 22 
Total lease cost$233 $223 
During the years ended December 31, 2024 and 2023, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $46 million and $48 million, respectively.
As of December 31, 2024, maturities for operating and finance lease liabilities were as follows:
Operating LeasesFinance LeasesTotal
2025$61 $22 $83 
202652 20 72 
202742 19 61 
202834 20 54 
202927 18 45 
Thereafter53 346 399 
Total lease payments269 445 714 
Less: interest(25)(183)(208)
Present value of lease liabilities$244 $262 $506 
A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2024 and 2023 follows:
20242023
Weighted-average remaining lease term (years)
Operating leases6.16.9
Finance leases27.827.1
Weighted-average discount rate
Operating leases3.3 %2.9 %
Finance leases4.3 %4.4 %
Supplemental cash flow and other non-cash information for the years ended December 31, 2024 and 2023 follow:
20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$181 $177 
Operating cash flows from finance leases$35 $31 
Financing cash flows from finance leases$10 $12 
Leased assets obtained in exchange for new finance lease liabilities$25 $17 
Leased assets obtained in exchange for new operating lease liabilities$44 $33 
Leases LEASES
A summary of the lease classification on our consolidated balance sheet as of December 31, 2024 and 2023 follows:
20242023
Assets
Operating right-of-use lease assetsOther assets$232 $238 
Finance lease assetsProperty and equipment, net294 287 
Total leased assets$526 $525 
Liabilities
Current
OperatingOther accrued liabilities$55 $55 
FinanceNotes payable and current maturities of long-term debt13 13 
Long-term
OperatingOther long-term liabilities189 195 
FinanceLong-term debt, net of current maturities249 238 
Total lease liabilities$506 $501 
A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2024 and 2023 follows:
20242023
Operating lease cost
Fixed lease costCost of operations$50 $60 
Short-term lease costCost of operations105 89 
Variable lease costCost of operations26 27 
Finance lease cost
Amortization of leased assetsDepreciation, depletion and amortization17 16 
Interest on lease liabilitiesInterest expense9 9 
Variable lease costInterest expense26 22 
Total lease cost$233 $223 
During the years ended December 31, 2024 and 2023, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $46 million and $48 million, respectively.
As of December 31, 2024, maturities for operating and finance lease liabilities were as follows:
Operating LeasesFinance LeasesTotal
2025$61 $22 $83 
202652 20 72 
202742 19 61 
202834 20 54 
202927 18 45 
Thereafter53 346 399 
Total lease payments269 445 714 
Less: interest(25)(183)(208)
Present value of lease liabilities$244 $262 $506 
A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2024 and 2023 follows:
20242023
Weighted-average remaining lease term (years)
Operating leases6.16.9
Finance leases27.827.1
Weighted-average discount rate
Operating leases3.3 %2.9 %
Finance leases4.3 %4.4 %
Supplemental cash flow and other non-cash information for the years ended December 31, 2024 and 2023 follow:
20242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$181 $177 
Operating cash flows from finance leases$35 $31 
Financing cash flows from finance leases$10 $12 
Leased assets obtained in exchange for new finance lease liabilities$25 $17 
Leased assets obtained in exchange for new operating lease liabilities$44 $33