Leases

3 Months Ended

Mar. 31, 2026

Note 11. Leases

The Company has significant operating and finance leases, including buildings and installations, land,

machinery and equipment, furniture and fixtures, land fleet equipment, marine fleet equipment, and rail fleet

equipment located primarily in the United States and Canada.

Balance sheet information related to leases was as follows:


	As of	As of
(In millions)	March 31, 2026	December 31, 2025
Operating lease right-of-use assets, net	$604	$608
Finance lease right-of-use assets, net	401	420
Total lease assets, net	$1,005	$1,028
Current portion of operating lease liabilities	$131	$136
Current portion of finance lease liabilities	117	111
Noncurrent portion of operating lease liabilities	492	500
Noncurrent portion of finance lease liabilities	312	327
Total lease liabilities	$1,052	$1,074

Finance lease right-of-use assets, net are included as a component of Property, plant and equipment, net on

the condensed consolidated balance sheets. The current portion of finance lease liabilities are included within

Other current liabilities, and the noncurrent portion of finance lease liabilities are included within Other

noncurrent liabilities on the condensed consolidated balance sheets.

The following table summarizes the components of lease expense recorded in the unaudited condensed

consolidated statements of operations:


	For the three months ended March 31,
(In millions)	2026	2025
Operating lease expense	$44	$41
Finance lease expense:
Amortization of leased assets	31	25
Interest on lease liabilities	5	4
Short term lease cost	14	12
Variable lease cost	1	1
Total lease expense	$95	$83