Leases (Tables)

12 Months Ended

Dec. 31, 2021

Total lease cost by class of underlying asset

Total lease cost by class of underlying asset was as follows (in millions):


	Pipelines, Terminals, and Tanks		Transportation				Feedstock Processing Equipment		Energy and Gases		Real Estate		Other		Total
			Marine		Rail
Year ended December 31, 2021
Finance lease cost:
Amortization of ROU assets	$	137	$	—	$	2	$	19	$	4	$	—	$	5	$	167
Interest on lease liabilities	66		—		1		3		2		—		—		72
Operating lease cost	163		105		64		12		8		26		3		381
Variable lease cost	51		21		—		2		—		2		3		79
Short-term lease cost	5		44		1		46		—		—		—		96
Sublease income	—		(4)		—		—		—		(3)		—		(7)
Total lease cost	$	422	$	166	$	68	$	82	$	14	$	25	$	11	$	788

Year ended December 31, 2020
Finance lease cost:
Amortization of ROU assets	$	109	$	—	$	2	$	13	$	4	$	—	$	—	$	128
Interest on lease liabilities	92		—		—		3		3		—		—		98
Operating lease cost	165		156		61		15		7		26		4		434
Variable lease cost	53		40		1		3		—		2		—		99
Short-term lease cost	9		45		—		37		—		—		—		91
Sublease income	—		(10)		—		—		—		(2)		—		(12)
Total lease cost	$	428	$	231	$	64	$	71	$	14	$	26	$	4	$	838

Year ended December 31, 2019
Finance lease cost:
Amortization of ROU assets	$	44	$	—	$	—	$	7	$	3	$	—	$	—	$	54
Interest on lease liabilities	47		—		—		1		2		—		—		50
Operating lease cost	182		145		52		20		9		27		4		439
Variable lease cost	66		35		—		1		—		1		—		103
Short-term lease cost	9		53		—		29		—		—		—		91
Sublease income	—		(27)		—		—		—		(3)		—		(30)
Total lease cost	$	348	$	206	$	52	$	58	$	14	$	25	$	4	$	707

Additional information related to operating and finance leases

The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates):


	December 31, 2021						December 31, 2020
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Supplemental balance sheet information
ROU assets, net reflected in the following balance sheet line items:
Property, plant, and equipment, net	$	—		$	1,846		$	—		$	1,622
Deferred charges and other assets, net	1,284			—			1,204			—
Total ROU assets, net	$	1,284		$	1,846		$	1,204		$	1,622

Current lease liabilities reflected in the following balance sheet line items:
Current portion of debt and finance lease obligations	$	—		$	154		$	—		$	120
Accrued expenses	315			—			285			—
Noncurrent lease liabilities reflected in the following balance sheet line items:
Debt and finance lease obligations, less current portion	—			1,766			—			1,544
Other long-term liabilities	940			—			885			—
Total lease liabilities	$	1,255		$	1,920		$	1,170		$	1,664

Other supplemental information
Weighted-average remaining lease term	7.1 years			14.3 years			7.6 years			14.5 years
Weighted-average discount rate	4.2		%	4.0		%	4.7		%	4.1		%

Remaining minimum lease payments due under long-term operating leases

As of December 31, 2021, the remaining minimum lease payments due under our long-term leases were as follows (in millions):


	Operating Leases		Finance Leases

2022	$	351	$	228
2023	280		230
2024	207		214
2025	142		213
2026	111		190
Thereafter	417		1,629
Total undiscounted lease payments	1,508		2,704
Less: Amount associated with discounting	253		784
Total lease liabilities	$	1,255	$	1,920

Remaining minimum lease payments due under long-term finance leases

As of December 31, 2021, the remaining minimum lease payments due under our long-term leases were as follows (in millions):


	Operating Leases		Finance Leases

2022	$	351	$	228
2023	280		230
2024	207		214
2025	142		213
2026	111		190
Thereafter	417		1,629
Total undiscounted lease payments	1,508		2,704
Less: Amount associated with discounting	253		784
Total lease liabilities	$	1,255	$	1,920