Leases

6 Months Ended

Jun. 30, 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)	June 30, 2026	December 31, 2025
Operating lease right-of-use assets, net	$601	$615
Finance lease right-of-use assets, net	431	413
Total lease assets, net	$1,032	$1,028
Current portion of operating lease liabilities	$132	$136
Current portion of finance lease liabilities	120	114
Noncurrent portion of operating lease liabilities	497	500
Noncurrent portion of finance lease liabilities	338	321
Total lease liabilities	$1,087	$1,071

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		For the six months
	ended June 30,		ended June 30,
(In millions)	2026	2025	2026	2025
Operating lease expense	$44	$49	$88	$90
Finance lease expense:
Amortization of leased assets	34	19	65	44
Interest on lease liabilities	5	5	11	9
Short term lease cost	16	15	30	27
Variable lease cost	1	—	2	1
Total lease expense	$100	$88	$196	$171