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]  
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 December 31, 2024 and 2023:
Year Ended December 31,
(In millions) Balance Sheet Location 2024 2023
Assets:
Finance Property, plant and equipment, net $ 505  $ 306 
Operating Other non-current assets 351  228 
Current liabilities
Finance Other current liabilities $ 63  $ 49 
Operating Other current liabilities 50  41 
Non-current liabilities
Finance Other non-current liabilities $ 319  $ 166 
Operating Other non-current liabilities 275  197 
Summary of Lease Costs
Lease costs are presented below:
Year Ended December 31,
(In millions) 2024 2023 2022
Operating leases $ 64  $ 59  $ 64 
Finance leases:
Amortization of right-of-use assets 38  92  103 
Interest on lease liabilities 15  11  8 
Short-term leases 174  171  160 
Total $ 291  $ 333  $ 335 
    
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 7  %
Finance leases 6  %
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 December 31, 2024:
(In millions) Finance Leases Operating Leases
2025 $ 81  $ 68 
2026 71  61 
2027 58  57 
2028 56  47 
2029 52  38 
Thereafter 193  188 
Total future minimum lease payments 511  459 
Less: imputed interest 129  134 
Total lease payments 382  325 
Less: current portion of lease liabilities 63  50 
Long-term lease liabilities $ 319  $ 275