Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

12. Leases

All Segments and Holding Company

We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing). Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are included in other assets and other liabilities, respectively, on the consolidated balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less.

Right-of-use assets and lease liabilities are as follows:

	December 31,
	2025		2024
	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	476	$	527
Lease liabilities (accrued expenses and other liabilities)		484		530
Financing Leases:
Right-of-use assets (property, plant and equipment, net)		79		72
Lease liabilities (debt)		88		83

Additional information with respect to our operating leases as of December 31, 2025 and 2024 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances.

	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2025	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	69	$	64	5.1 years	8.1%
Automotive		363		380	5.0 years	5.9%
Food Packaging		20		22	7.6 years	7.5%
Other segments and Holding Company		24		18
	$	476	$	484

	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2024	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	75	$	71	5.4 years	7.9%
Automotive		409		421	5.4 years	5.9%
Food Packaging		19		22	9.1 years	7.4%
Other segments and Holding Company		24		16
	$	527	$	530

Maturities of lease liabilities as of December 31, 2025 are as follows:

	Operating		Financing
Year	Leases		Leases
	(in millions)
2026	$	143	$	16
2027		122		14
2028		85		12
2029		65		10
2030		49		14
Thereafter		93		29
Total lease payments		557		95
Less: imputed interest		(73)		(7)
	$	484	$	88

For the year ended December 31, 2025, lease cost was comprised of operating lease cost of $180 million, amortization of financing lease right-of-use assets of $9 million and interest expense on financing lease liabilities of $7 million. For the year ended December 31, 2024, lease cost was comprised of operating lease cost of $178 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $6 million. For the year ended December 31, 2023, lease cost was comprised of operating lease cost of $177 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5

million. Our Automotive segment accounted for $137 million, $141 million and $143 million of total lease cost for the years ended December 31, 2025, 2024 and 2023, respectively.

Lessor Arrangements

Automotive

Our Automotive segment leases available and excess real estate in certain locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $35 million, $60 million and $56 million for the years ended December 31, 2025, 2024 and 2023, respectively. Our Automotive segment’s expenses from operating leases were $78 million, $97 million and $99 million for the years ended December 31, 2025, 2024 and 2023, respectively. Revenues from operating leases are included in other revenue from operations in the consolidated statements of operations and expenses from operating leases are included in other expenses from operations in the consolidated statements of operations. Our Automotive segment’s anticipated future receipts of minimum operating lease payments are $16 million for 2026 and 2027, $15 million for 2028, $14 million for each of 2029 and 2030, and an aggregate of $30 million for 2031 and thereafter.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2025 and 2024, our Real Estate segment had assets leased to others included in property, plant and equipment of $484 million and $236 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $14 million, $10 million and $17 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in other revenue from operations in the consolidated statements of operations. Our Real Estate segment’s anticipated future receipts of minimum operating lease payments are $15 million for each of 2026 and 2027, $16 million for each of 2028, 2029 and 2030, and an aggregate of $32 million for 2031 and thereafter.