Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
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):
December 31,
Consolidated Balance Sheets Location 2020 2019
Right-of-use assets—Operating Operating lease assets, net $ 759  $ 439 
Right-of-use assets—Financing Property, plant and equipment, net 53  56 
Total right-of-use assets $ 812  $ 495 
Current operating lease liabilities Current operating lease liabilities $ 161  $ 236 
Current finance lease liabilities Other current liabilities 2  1 
Non-current operating lease liabilities Non-current operating lease liabilities 597  189 
Non-current finance lease liabilities Non-current finance lease liabilities 57  58 
Total lease liabilities $ 817  $ 484 
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 Year Ended December 31,
2020 2019
Operating lease cost (a) Operating costs and expenses (1) $ 432  $ 612 
Finance lease cost:
Amortization of right-of-use assets Depreciation and amortization expense 2  3 
Interest on lease liabilities Interest expense, net of capitalized interest 7  10 
Total lease cost $ 441  $ 625 
(a) Included in operating lease cost:
Short-term lease costs $ 93  $ 230 
Variable lease costs paid to the lessor 16  7 
(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 December 31, 2020 are as follows (in millions): 
Years Ending December 31, Operating Leases (1) Finance Leases
2021 $ 197  $ 10 
2022 156  10 
2023 121  10 
2024 119  10 
2025 96  10 
Thereafter 252  127 
Total lease payments 941  177 
Less: Interest (183) (118)
Present value of lease liabilities $ 758  $ 59 
(1)    Does not include $1.6 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of December 31, 2020 but will commence in future period primarily in the next two years 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:
December 31, 2020 December 31, 2019
Operating Leases Finance Leases Operating Leases Finance Leases
Weighted-average remaining lease term (in years) 8.2 17.7 8.4 18.7
Weighted-average discount rate (1) 5.4% 16.2% 5.2% 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):
Year Ended December 31,
2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 309  $ 389 
Operating cash flows from finance leases 10  9 
Right-of-use assets obtained in exchange for new operating lease liabilities 615  235 
Schedule of Sublease Income The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):
Year Ended December 31,
2020 2019
Fixed Income $ 68  $ 122 
Variable Income 27  22 
Total sublease income $ 95  $ 144