Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies [Abstract]

Operating Leases

The following table presents information regarding operating leases where we are the lessee at March 31, 2024:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying     Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	191	$	190	8 years	4.3%
Transportation equipment		41		42	4 years	4.8%
Office and warehouse space		149		184	13 years	3.0%
Total	$	381	$	416

(1)	Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At March 31, 2024, lease liabilities of $83 million and $333 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).  In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Consolidated Lease Expense

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended March 31,
	2024		2023
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	20	$	16
Related accretion expense on lease liability balances		4		4
Total fixed lease expense		24		20
Variable lease expense		4		3
Total long-term operating lease expense		28		23
Short-term operating leases		29		25
Total operating lease expense	$	57	$	48