Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

The Company enters into leases for land, office space, warehouses and equipment. A number of the leases include one or more options to renew the lease terms, purchase the leased property or terminate the lease. The exercise of these options is at the Company’s discretion and is therefore recognized on the balance sheet when it is reasonably certain the Company will exercise such options. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date.

Substantially all of the Company’s leases are considered operating leases. Finance leases were not material as of December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the Company’s right-of use assets and liabilities for operating leases were as follows:

	2024		2023
Other assets	$	529	$	491
Other accruals	107		95
Other liabilities	456		420
Total operating lease liabilities	$	563	$	515

Lease liabilities for operating leases as of December 31, 2024 were as follows:

2025	$	126
2026	108
2027	101
2028	80
2029	58
Thereafter	182
Total lease commitments	$	655
Less: Interest	(92)
Present value of lease liabilities	$	563

The components of the Company’s operating lease cost for the twelve months ended December 31, 2024 and 2023 were as follows:

	2024		2023
Operating lease cost	$	144	$	136
Short-term lease cost	3		3
Variable lease cost	19		20
Sublease Income	(2)		(2)
Total lease cost	$	164	$	157

Short-term lease cost represents the Company’s cost with respect to leases with a duration of 12 months or less and is not reflected on the Company’s Consolidated Balance Sheets. Variable lease costs are comprised of costs, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance, that are not included in the lease liability and are recognized in the period in which they are incurred.

Supplemental cash flow information related to operating leases for the twelve months ended December 31, 2024 and 2023 was as follows:

▪Payments against amounts included in the measurement of lease liabilities: $132 and $171, respectively

▪Lease assets obtained in exchange for lease liabilities: $141 and $139, respectively.

As of December 31, 2024 and 2023, the weighted-average remaining lease term for operating leases was 7 and 8 years, respectively, and the weighted-average discount rate for operating leases was 4.4% and 4.5%, respectively.

There were no material operating leases that the Company had entered into or that were yet to commence as of December 31, 2024.