LyondellBasell Industries NV

12. Leases

Operating Leases—The majority of our leases are operating leases. We lease storage tanks, terminal facilities, land, office facilities, railcars, pipelines, barges, plant equipment and other equipment. As of December 31, 2024 and 2023, our Operating lease assets were $1,467 million and $1,529 million, respectively. As of December 31, 2024 and 2023, Operating lease liabilities totaled $1,774 million and $1,769 million of which $355 million and $360 million, respectively, are current and recorded in Accrued and other current liabilities. These values were derived using a weighted average discount rate of 4.1% and 3.8% as of December 31, 2024 and 2023, respectively.

Substantially all of our operating leases have remaining lease terms of 19 years or less and have a weighted-average remaining lease term of 9 years. Certain lease agreements include options to renew the lease, at our discretion, for approximately 1 year to 20 years and do not materially impact our operating lease assets or operating lease liabilities.

Maturities of operating lease liabilities as of December 31, 2024, are as follows:

Operating lease costs were $519 million, $570 million and $536 million for the years ended December 31, 2024, 2023 and 2022, respectively, which are reflected in the Consolidated Statements of Income.

In connection with the planned exit from the refinery business, we recognized accelerated lease amortization costs of $38 million, $110 million and $91 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in operating lease cost. See Note 20 to the Consolidated Financial Statements for additional information.

Cash paid for amounts included in the measurement of Operating lease liabilities totaled $454 million, $447 million and $423 million for the years ended December 31, 2024, 2023 and 2022, respectively. Leased assets obtained in exchange for new operating lease liabilities totaled $383 million, $312 million and $248 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, we have entered into operating leases, with an undiscounted value of $193 million, that have not yet commenced. These leases which will commence in 2025 and 2026, have lease terms ranging from 2 to 20 years.