v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Costs and Other Lessee Information
The following table presents components of lease cost, including both amounts recognized in income and amounts capitalized (in millions):

Year Ended December 31,
Lease Cost202520242023
Operating lease cost$37 $44 $48 
Short-term lease cost13 13 13 
Other (1)
19 16 8 
Total lease cost$69 $73 $69 
(1)Includes finance lease costs, variable lease costs and sublease income.

The following table presents information related to cash flows arising from lease transactions (in millions):

Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$40 $41 $44 
Operating cash flows for finance leases$9 $7 $6 
Financing cash flows for finance leases$23 $15 $10 
Non-cash change in lease liabilities arising from obtaining new right-of-use assets or modifications:
Operating leases$30 $50 $12 
Finance leases
$7 $23 $27 

Information related to the weighted-average remaining lease term and discount rate is presented in the table below:

December 31,
20252024
Weighted-average remaining lease term (in years):
Operating leases2120
Finance leases87
Weighted-average discount rate:
Operating leases5.5 %5.5 %
Finance leases11.1 %10.7 %
Schedule of Assets and Liabilities, Lessee
The following table presents the amount and location of our operating and finance lease right-of-use assets and liabilities on our Consolidated Balance Sheets (in millions):

December 31,
LeasesBalance Sheet Location20252024
Assets
Operating lease right-of-use assetsLong-term operating lease right-of-use assets, net$198 $189 
Finance lease right-of-use assets (1)
Property and equipment$90 $103 
Accumulated depreciation(27)(28)
Property and equipment, net$63 $75 
Total lease right-of-use assets$261 $264 
Liabilities
Operating lease liabilities
CurrentOther current liabilities$27 $30 
NoncurrentLong-term operating lease liabilities202 192 
Total operating lease liabilities$229 $222 
Finance lease liabilities (1)
CurrentShort-term debt$9 $14 
NoncurrentOther long-term debt, net63 70 
Total finance lease liabilities$72 $84 
Total lease liabilities$301 $306 
(1)Includes right-of-use assets of $23 million and $26 million and lease liabilities of $32 million and $33 million as of December 31, 2025 and 2024, respectively, associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.
Schedule of Finance Lease Maturity
The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of December 31, 2025 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):

Operating
Finance (2)
Future minimum lease payments (1):
2026$31 $15 
202729 15 
202826 17 
202922 12 
203019 9 
Thereafter303 43 
Total430 111 
Less: Present value discount(201)(39)
Lease liabilities$229 $72 
(1)Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet.
(2)Includes payments of approximately $6 million for each of the years ending 2026 through 2030 and approximately $33 million thereafter associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.
Schedule of Operating Lease Maturity
The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of December 31, 2025 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):

Operating
Finance (2)
Future minimum lease payments (1):
2026$31 $15 
202729 15 
202826 17 
202922 12 
203019 9 
Thereafter303 43 
Total430 111 
Less: Present value discount(201)(39)
Lease liabilities$229 $72 
(1)Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet.
(2)Includes payments of approximately $6 million for each of the years ending 2026 through 2030 and approximately $33 million thereafter associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.
Schedule of Lessor Operating Lease Revenue
The following table presents our lease revenue for the periods indicated (in millions):

Year Ended December 31,
202520242023
Operating lease revenue (1)
$8 $10 $16 
(1)These amounts are included in “Services revenues” on our Consolidated Statements of Operations.
Schedule of Lessor Future Revenues Maturity The following table presents the undiscounted cash flows expected to be received related to these agreements (in millions):
20262027202820292030Thereafter
Future minimum lease revenue$6 $2 $2 $2 $2 $1