Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.25.0.1
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