Transportation & Logistics: Leases (ASC 842)

2025	2024	2023
Cash paid during the year for:
Interest (net of amount capitalized) (1)	990	854	762
Income taxes (net of refunds)	1,912	1,347	1,976
Operating cash flows from operating leases	954	877	835
Financing cash flows from finance leases	133	136	126
Noncash transactions:
Accrued capital expenditures	524	227	309
Property, plant and equipment recognized during the construction period of build-to-suit financing arrangement	107	—	—
Right-of-use assets obtained in exchange for operating lease obligations	808	740	1,278
Right-of-use assets obtained in exchange for finance lease obligations (2)	731	120	209

(1) Includes $ 18 , $ 20 and $ 17 million of cash paid for interest on finance leases in 2025, 2024 and 2023, respectively.

(2) Includes $ 551 million related to new aircraft leases that commenced in 2025, which were accounted for as finance leases.

Marketable Securities and Non-Current Investments

Debt securities are classified as either trading or available-for-sale securities and are carried at fair value. Unrealized gains and losses on trading securities are reported as Investment income (expense) and other in our statements of consolidated income. Unrealized gains and losses on available-for-sale securities are reported within other comprehensive income, a separate component of shareowners’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in Investment income (expense) and other , together with interest and dividends. The cost of securities sold is based on the specific identification method; realized gains and losses resulting from such sales are included in Investment income (expense) and other .

We periodically review our available-for-sale investments for indications of other-than-temporary impairment considering many factors, including the extent and duration to which a security’s fair value has been less than its cost, overall economic and market conditions and the financial condition and specific prospects for the issuer. Impairment of available-for-sale securities results in a charge to income when a market decline below cost is other-than-temporary, which includes consideration of whether we have both the intent and ability to hold such securities for the time necessary to recover the cost basis. If a decline in fair value is determined to be the result of a credit loss, then the decrease is recognized in income through an allowance for credit losses.