Leases (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Lease Cost and Additional Information

The following table provides additional information about the Company’s property leases:


For the Years Ended December 31, (In millions, except weighted average data)	2024			2023
Lease Cost:
Operating lease cost (a)	$	331		$	324
Short-term lease cost	6			5
Variable lease cost	116			122
Sub-lease income	(15)			(11)
Net lease cost	$	438		$	440
Other information:
Operating cash outflows from operating leases	$	376		$	379
Right of use assets obtained in exchange for new operating lease liabilities	$	279		$	224
Weighted average remaining lease term – real estate	7.57 years			7.98 years

Weighted average discount rate – real estate leases	3.73		%	3.35		%

(a)Excludes ROU asset impairment charges.

Schedule of Future Minimum Lease Payments

Future minimum lease payments for the Company’s operating leases at December 31, 2024 are as follows:


(In millions)	Real Estate Leases
2025	$	382
2026	355
2027	313
2028	239
2029	197
Subsequent years	700
Total future lease payments	2,186
Less: imputed interest	(271)
Total	$	1,915
Current lease liabilities	$	325
Long-term lease liabilities	1,590
Total lease liabilities	$	1,915

Note: The above table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a ROU asset or liability in the consolidated balance sheets.