Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of ROU assets and lease liabilities

The following table indicates the consolidated balance sheet line items that include the ROU assets and lease liabilities for our finance and operating leases:

	Millions of Dollars
	December 31, 2019
	Finance Leases		Operating Leases
Right-of-Use Assets
Net properties, plants and equipment	$	284	—
Other assets	—		1,312
Total right-of-use assets	$	284	1,312
Lease Liabilities
Short-term debt	$	18	—
Other accruals	—		455
Long-term debt	259		—
Other liabilities and deferred credits	—		806
Total lease liabilities	$	277	1,261

Schedule of finance lease liability

Future minimum lease payments at December 31, 2019, for finance and operating lease liabilities were:

	Millions of Dollars
	Finance Leases			Operating Leases
2020	$	26		488
2021	25			260
2022	23			167
2023	23			111
2024	23			84
Remaining years	243			299
Future minimum lease payments	363			1,409
Amount representing interest or discounts	(86		)	(148	)
Total lease liabilities	$	277		1,261

Schedule of operating lease liability

Future minimum lease payments at December 31, 2019, for finance and operating lease liabilities were:

	Millions of Dollars
	Finance Leases			Operating Leases
2020	$	26		488
2021	25			260
2022	23			167
2023	23			111
2024	23			84
Remaining years	243			299
Future minimum lease payments	363			1,409
Amount representing interest or discounts	(86		)	(148	)
Total lease liabilities	$	277		1,261

Schedule of Lease Cost

Components of net lease cost for the year ended December 31, 2019, were:

	Millions of Dollars
Finance lease cost
Amortization of right-of-use assets	$	20
Interest on lease liabilities	6
Total finance lease cost	26
Operating lease cost	531
Short-term lease cost	118
Variable lease cost	12
Sublease income	(16		)
Total net lease cost	$	671

Cash paid for amounts included in the measurement of our lease liabilities for the year ended December 31, 2019, was:

	Millions of Dollars
Operating cash outflows—finance leases	$	6
Operating cash outflows—operating leases	553
Financing cash outflows—finance leases	21

At December 31, 2019, the weighted-average remaining lease terms and discount rates for our lease liabilities were:

Weighted-average remaining lease term—finance leases (years)	11.1
Weighted-average remaining lease term—operating leases (years)	5.6
Weighted-average discount rate—finance leases	3.1	%
Weighted-average discount rate—operating leases	3.8	%