Leases (Tables)

12 Months Ended

Dec. 31, 2023

Total lease cost by class of underlying asset

Total lease cost was as follows (in millions):


	Pipelines, Terminals, and Tanks		Transportation				Other		Total
			Marine		Rail
Year ended December 31, 2023
Finance lease cost:
Amortization of ROU assets	$	213	$	—	$	3	$	30	$	246
Interest on lease liabilities	101		—		1		5		107
Operating lease cost	166		127		80		45		418
Variable lease cost	114		61		—		8		183
Short-term lease cost	18		125		2		112		257
Sublease income	—		(29)		—		(2)		(31)
Total lease cost	$	612	$	284	$	86	$	198	$	1,180

Year ended December 31, 2022
Finance lease cost:
Amortization of ROU assets	$	183	$	—	$	3	$	32	$	218
Interest on lease liabilities	78		—		1		5		84
Operating lease cost	171		102		68		38		379
Variable lease cost	79		50		—		9		138
Short-term lease cost	15		82		3		57		157
Sublease income	—		(27)		—		(2)		(29)
Total lease cost	$	526	$	207	$	75	$	139	$	947

Year ended December 31, 2021
Finance lease cost:
Amortization of ROU assets	$	137	$	—	$	2	$	28	$	167
Interest on lease liabilities	66		—		1		5		72
Operating lease cost	163		105		64		49		381
Variable lease cost	51		21		—		7		79
Short-term lease cost	5		44		1		46		96
Sublease income	—		(4)		—		(3)		(7)
Total lease cost	$	422	$	166	$	68	$	132	$	788

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, 2023						December 31, 2022
	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	$	—		$	2,195		$	—		$	2,278
Deferred charges and other assets, net	1,136			—			1,114			—
Total ROU assets, net	$	1,136		$	2,195		$	1,114		$	2,278

Current lease liabilities reflected in the following balance sheet line items:
Current portion of debt and finance lease obligations	$	—		$	209		$	—		$	248
Accrued expenses	360			—			311			—
Noncurrent lease liabilities reflected in the following balance sheet line items:
Debt and finance lease obligations, less current portion	—			2,097			—			2,146
Other long-term liabilities	753			—			776			—
Total lease liabilities	$	1,113		$	2,306		$	1,087		$	2,394

Other supplemental information
Weighted-average remaining lease term	6.9 years			14.3 years			7.5 years			14.6 years
Weighted-average discount rate	5.7		%	4.8		%	5.2		%	4.6		%

Remaining minimum lease payments due under long-term operating leases

As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions):


	Operating Leases		Finance Leases

2024	$	398	$	312
2025	254		298
2026	195		274
2027	103		244
2028	64		243
Thereafter	386		1,967
Total undiscounted lease payments	1,400		3,338
Less: Amount associated with discounting	287		1,032
Total lease liabilities	$	1,113	$	2,306

Remaining minimum lease payments due under long-term finance leases

As of December 31, 2023, the remaining minimum lease payments due under our long-term leases were as follows (in millions):


	Operating Leases		Finance Leases

2024	$	398	$	312
2025	254		298
2026	195		274
2027	103		244
2028	64		243
Thereafter	386		1,967
Total undiscounted lease payments	1,400		3,338
Less: Amount associated with discounting	287		1,032
Total lease liabilities	$	1,113	$	2,306