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

LEASES (Tables)

v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Components of Lease Cost
The components of lease expense for 2025, 2024 and 2023 were as follows (in millions):
2025 2024 2023
Operating lease costs $ 950  $ 912  $ 860 
Finance lease costs:
Amortization of assets $ 139  $ 145  $ 119 
Interest on lease liabilities 27  23  18 
Total finance lease costs 166  168  137 
Variable lease costs 382  311  279 
Short-term lease costs 1,091  1,079  1,166 
Total lease costs(1)
$ 2,589  $ 2,470  $ 2,442 
(1)    This table excludes sublease income for all periods presented as it was not material.
Supplemental Balance Sheet
Supplemental information related to leases and location within our consolidated balance sheets as of December 31, 2025 and 2024 are as follows (in millions, except lease term and discount rate):
2025 2024
Operating Leases:
Operating lease right-of-use assets $ 4,263  $ 4,149 
Current maturities of operating leases $ 763  $ 733 
Non-current operating leases 3,700  3,635 
Total operating lease obligations $ 4,463  $ 4,368 
Finance Leases:
Property, plant and equipment, net $ 1,146  $ 657 
Current maturities of long-term debt, commercial paper and finance leases $ 107  $ 104 
Long-term debt and finance leases 674  351 
Total finance lease obligations $ 781  $ 455 
Weighted average remaining lease term (in years):
Operating leases 10.6 10.4
Finance leases 22.3 11.1
Weighted average discount rate:
Operating leases 3.66  % 3.50  %
Finance leases 4.49  % 3.84  %
Finance Leases Maturity Schedule
Future payments for lease obligations as of December 31, 2025 are as follows (in millions):
Finance Leases Operating Leases
2026 $ 137  $ 907 
2027 94  822 
2028 87  641 
2029 79  496 
2030 72  390 
Thereafter 585  2,151 
Total lease payments 1,054  5,407 
Less: Imputed interest (273) (944)
Total lease obligations 781  4,463 
Less: Current obligations (107) (763)
Long-term lease obligations $ 674  $ 3,700 
Operating Leases Maturity Schedule
Future payments for lease obligations as of December 31, 2025 are as follows (in millions):
Finance Leases Operating Leases
2026 $ 137  $ 907 
2027 94  822 
2028 87  641 
2029 79  496 
2030 72  390 
Thereafter 585  2,151 
Total lease payments 1,054  5,407 
Less: Imputed interest (273) (944)
Total lease obligations 781  4,463 
Less: Current obligations (107) (763)
Long-term lease obligations $ 674  $ 3,700