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Annual report [Section 13 and 15(d), not S-K Item 405]

LEASE OBLIGATIONS (Tables)

v3.25.0.1
LEASE OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract] Ìý
Summary of Lease Amounts Included in Statements of Consolidated Financial Position
The following table summarizes the lease amounts included in our Statements of Consolidated Financial Position as of DecemberÌý31, 2024 and 2023:
Year Ended December 31,
(In millions) Balance Sheet Location 2024 2023
Assets:
Finance Property, plant and equipment, net $ 505Ìý $ 306Ìý
Operating Other non-current assets 351Ìý 228Ìý
Current liabilities
Finance Other current liabilities $ 63Ìý $ 49Ìý
Operating Other current liabilities 50Ìý 41Ìý
Non-current liabilities
Finance Other non-current liabilities $ 319Ìý $ 166Ìý
Operating Other non-current liabilities 275Ìý 197Ìý
Summary of Lease Costs
Lease costs are presented below:
Year Ended December 31,
(In millions) 2024 2023 2022
Operating leases $ 64Ìý $ 59Ìý $ 64Ìý
Finance leases:
Amortization of right-of-use assets 38Ìý 92Ìý 103Ìý
Interest on lease liabilities 15Ìý 11Ìý 8Ìý
Short-term leases 174Ìý 171Ìý 160Ìý
Total $ 291Ìý $ 333Ìý $ 335Ìý
ÌýÌýÌýÌý
Lease terms and discount rates are shown below:
December 31,
2024
Weighted average lease term (in years):
Operating leases 11
Finance leases 9
Weighted average discount rate:
Operating leases 7Ìý %
Finance leases 6Ìý %
Other information related to leases was as follows:
Year Ended December 31,
(In millions) 2024 2023 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating leases within cash flows from operating activities $ 62 $ 57 $ 62
Finance leases within cash flows from operating activities 14 11 8
Finance leases within cash flows from financing activities 49 92 96
Right-of-use assets obtained in exchange for new finance lease liabilities1
97 93 55
Right-of-use assets obtained in exchange for new operating lease liabilities1
87 42 31
1Right-of-use assets obtained as a result of the Stelco Acquisition are not included.
Summary of Future Minimum Lease Payments under Noncancelable Finance and Operating Leases
The following is a summary of future minimum lease payments under noncancellable finance and operating leases as of DecemberÌý31, 2024:
(In millions) Finance Leases Operating Leases
2025 $ 81Ìý $ 68Ìý
2026 71Ìý 61Ìý
2027 58Ìý 57Ìý
2028 56Ìý 47Ìý
2029 52Ìý 38Ìý
Thereafter 193Ìý 188Ìý
Total future minimum lease payments 511Ìý 459Ìý
Less: imputed interest 129Ìý 134Ìý
Total lease payments 382Ìý 325Ìý
Less: current portion of lease liabilities 63Ìý 50Ìý
Long-term lease liabilities $ 319Ìý $ 275Ìý