Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Schedule of Leases, Balance Sheet Location
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):
June 30, December 31,
Consolidated Balance Sheets Location 2021 2020
Right-of-use assets—Operating Operating lease assets $ 1,698  $ 759 
Right-of-use assets—Financing Property, plant and equipment, net of accumulated depreciation 52  53 
Total right-of-use assets $ 1,750  $ 812 
Current operating lease liabilities Current operating lease liabilities $ 365  $ 161 
Current finance lease liabilities Other current liabilities 2  2 
Non-current operating lease liabilities Operating lease liabilities 1,332  597 
Non-current finance lease liabilities Finance lease liabilities 57  57 
Total lease liabilities $ 1,756  $ 817 
Schedule of Lease Cost, Income Statement Location
The following table shows the classification and location of our lease costs on our Consolidated Statements of Operations (in millions):
Consolidated Statements of Operations Location Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Operating lease cost (a) Operating costs and expenses (1) $ 145  $ 98  $ 296  $ 239 
Finance lease cost:
Amortization of right-of-use assets Depreciation and amortization expense 1  1  2  2 
Interest on lease liabilities Interest expense, net of capitalized interest 3  3  5  5 
Total lease cost $ 149  $ 102  $ 303  $ 246 
(a) Included in operating lease cost:
Short-term lease costs $ 30  $ 16  $ 81  $ 51 
Variable lease costs 11  4  13  9 
(1)    Presented in cost of sales, operating and maintenance expense or selling, general and administrative expense consistent with the nature of the asset under lease.
Schedule of Maturity of Lease Liabilities
Future annual minimum lease payments for operating and finance leases as of June 30, 2021 are as follows (in millions): 
Years Ending December 31, Operating Leases (1) Finance Leases
2021 $ 227  $ 5 
2022 397  10 
2023 358  10 
2024 313  10 
2025 213  10 
Thereafter 448  127 
Total lease payments 1,956  172 
Less: Interest (259) (113)
Present value of lease liabilities $ 1,697  $ 59 
(1)    Does not include $984 million of legally binding minimum lease payments primarily for vessel charters which were executed as of June 30, 2021 but will commence in future periods primarily in the next year and have fixed minimum lease terms of up to seven years.
Lease, Other Quantitative Information
The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:
June 30, 2021 December 31, 2020
Operating Leases Finance Leases Operating Leases Finance Leases
Weighted-average remaining lease term (in years) 6.4 17.2 8.2 17.7
Weighted-average discount rate (1) 4.1% 16.2% 5.4% 16.2%
(1)The finance leases commenced prior to the adoption of the current leasing standard under GAAP. In accordance with previous accounting guidance, the implied rate is based on the fair value of the underlying assets.

The following table includes other quantitative information for our operating and finance leases (in millions):
Six Months Ended June 30,
2021 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases $ 201  $ 157 
Operating cash flows used in finance leases 5  5 
Right-of-use assets obtained in exchange for operating lease liabilities 1,112  246 
Schedule of Sublease Income The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Fixed income $ 8  $ 15  $ 11  $ 52 
Variable income 5  8  6  23 
Total sublease income $ 13  $ 23  $ 17  $ 75