Lease Commitments

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Commitments

Lease Commitments

The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):

As of December 31		2024		2023
Assets
Operating lease assets	Operating lease right-of-use assets	$	711	$	650
Finance lease assets	Other non-current assets	9		26
Total lease assets		$	720	$	676
Liabilities
Current lease liabilities
Operating	Other current liabilities	$	176	$	159
Finance	Other current liabilities	15		23
Non-current lease liabilities
Operating	Non-current operating lease liabilities	685		641
Finance	Other non-current liabilities	—		10
Total lease liabilities		$	876	$	833

The components of lease costs are as follows (in millions):

	Years Ended December 31
	2024		2023
Operating lease cost	$	225	$	183
Finance lease costs
Amortization of leased assets	9		19
Interest on lease liabilities	—		—
Variable lease cost	39		44
Short-term lease cost (1)	15		8
Sublease income	(5)		(13)
Net lease cost	$	283	$	241

(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less.

Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:

As of December 31	2024		2023
Weighted average remaining lease term (years)
Operating leases	6.0		6.3
Finance leases	0.5		1.5
Weighted average discount rate
Operating leases	4.2	%	3.6	%
Finance leases	1.0	%	1.0	%

Other cash and non-cash related activities are as follows (in millions):

	Years Ended December 31
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	193	$	206
Financing cash flows for finance leases	$	18	$	19
Non-cash related activities
ROU assets obtained in exchange for new operating lease liabilities	$	116	$	112
Operating lease ROU asset expense (1)	$	186	$	141
Changes in Non-current operating lease liabilities (1)	$	44	$	(52)

(1)The Company has presented non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities within Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows.

Maturity analysis of operating and finance leases as of December 31, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2025	$	199	$	15	$	214
2026	188		—		188
2027	161		—		161
2028	132		—		132
2029	93		—		93
Thereafter	186		—		186
Total undiscounted future minimum lease payments	959		15		974
Less: Imputed interest	(98)		—		(98)
Present value of lease liabilities	$	861	$	15	$	876

Lease Commitments

Lease Commitments

The classification of operating and finance lease asset and liability balances within the Consolidated Statements of Financial Position are as follows (in millions):

As of December 31		2024		2023
Assets
Operating lease assets	Operating lease right-of-use assets	$	711	$	650
Finance lease assets	Other non-current assets	9		26
Total lease assets		$	720	$	676
Liabilities
Current lease liabilities
Operating	Other current liabilities	$	176	$	159
Finance	Other current liabilities	15		23
Non-current lease liabilities
Operating	Non-current operating lease liabilities	685		641
Finance	Other non-current liabilities	—		10
Total lease liabilities		$	876	$	833

The components of lease costs are as follows (in millions):

	Years Ended December 31
	2024		2023
Operating lease cost	$	225	$	183
Finance lease costs
Amortization of leased assets	9		19
Interest on lease liabilities	—		—
Variable lease cost	39		44
Short-term lease cost (1)	15		8
Sublease income	(5)		(13)
Net lease cost	$	283	$	241

(1) Short-term lease cost does not include expenses related to leases with a lease term of one month or less.

Weighted average remaining lease term and discount rate related to operating and finance leases are as follows:

As of December 31	2024		2023
Weighted average remaining lease term (years)
Operating leases	6.0		6.3
Finance leases	0.5		1.5
Weighted average discount rate
Operating leases	4.2	%	3.6	%
Finance leases	1.0	%	1.0	%

Other cash and non-cash related activities are as follows (in millions):

	Years Ended December 31
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	193	$	206
Financing cash flows for finance leases	$	18	$	19
Non-cash related activities
ROU assets obtained in exchange for new operating lease liabilities	$	116	$	112
Operating lease ROU asset expense (1)	$	186	$	141
Changes in Non-current operating lease liabilities (1)	$	44	$	(52)

(1)The Company has presented non-cash changes in Operating lease ROU assets and Non-current operating lease liabilities within Other assets and liabilities in Cash flows from operations within the Consolidated Statements of Cash Flows.

Maturity analysis of operating and finance leases as of December 31, 2024 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2025	$	199	$	15	$	214
2026	188		—		188
2027	161		—		161
2028	132		—		132
2029	93		—		93
Thereafter	186		—		186
Total undiscounted future minimum lease payments	959		15		974
Less: Imputed interest	(98)		—		(98)
Present value of lease liabilities	$	861	$	15	$	876