Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Leases, Balance Sheet Location

The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):

		December 31,
	Consolidated Balance Sheets Location	2024		2023
Right-of-use assets—Operating	Operating lease assets	$	2,684	$	2,641
Right-of-use assets—Financing	Property, plant and equipment, net of accumulated depreciation	478		469
Total right-of-use assets		$	3,162	$	3,110
Current operating lease liabilities	Current operating lease liabilities	$	592	$	655
Current finance lease liabilities	Other current liabilities	44		35
Non-current operating lease liabilities	Operating lease liabilities	2,090		1,971
Non-current finance lease liabilities	Other non-current liabilities	486		467
Total lease liabilities		$	3,212	$	3,128

Schedule of Lease Cost, Income Statement Location

The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions):

	Consolidated Statements of Operations Location	Year Ended December 31,
		2024		2023		2022
Operating lease cost (a)	Operating costs and expenses (1)	$	839	$	783	$	828
Finance lease cost:
Amortization of right-of-use assets	Depreciation, amortization and accretion expense	53		50		12
Interest on lease liabilities	Interest expense, net of capitalized interest	35		35		14
Total lease cost		$	927	$	868	$	854
(a) Included in operating lease cost:
Short-term lease costs		$	16	$	33	$	122
Variable lease costs		14		17		18

(1)Presented in the appropriate line item within operating costs and expenses, consistent with the nature of our use of the asset under lease.

Schedule of Maturity of Lease Liabilities

Future annual minimum lease payments for operating and finance leases as of December 31, 2024 are as follows (in millions): 

Years Ending December 31,	Operating Leases		Finance Leases
2025	$	708	$	78
2026	584		80
2027	489		82
2028	321		84
2029	232		84
Thereafter	899		322
Total lease payments (1)	3,233		730
Less: Interest	(551)		(200)
Present value of lease liabilities	$	2,682	$	530

(1)Does not include approximately $3.3 billion of legally binding minimum payments for leases executed as of December 31, 2024 that will commence in future periods, consisting primarily of vessel charters, with fixed minimum lease terms of up to 15 years.

Lease, Other Quantitative Information

The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:

	December 31, 2024		December 31, 2023
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.0	8.8	6.3	9.7
Weighted-average discount rate (1)	5.0%	7.4%	4.7%	7.7%

(1)The weighted average discount rate is impacted by certain finance leases that commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):

	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	803	$	720	$	713
Operating cash flows from finance leases	35		35		14
Financing cash flows from finance leases	35		28		7
Right-of-use assets obtained in exchange for operating lease liabilities (1)	713		646		1,220
Right-of-use assets obtained in exchange for finance lease liabilities (2)	61		8		473

(1)Net of $33 million reclassified from operating leases to finance leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

(2)Net of $15 million reclassified from finance leases to operating leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

Schedule of Sublease Income

The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

	Year Ended December 31,
	2024		2023		2022
Fixed income	$	283	$	446	$	371
Variable income	39		57		79
Total sublease income	$	322	$	503	$	450