Leases (Tables)

3 Months Ended

Mar. 31, 2021

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):



		March 31,		December 31,
	Consolidated Balance Sheets Location	2021		2020
Right-of-use assets—Operating	Operating lease assets	$	1,181	$	759
Right-of-use assets—Financing	Property, plant and equipment, net	52		53
Total right-of-use assets		$	1,233	$	812

Current operating lease liabilities	Current operating lease liabilities	$	251	$	161
Current finance lease liabilities	Other current liabilities	2		2
Non-current operating lease liabilities	Non-current operating lease liabilities	928		597
Non-current finance lease liabilities	Non-current finance lease liabilities	57		$	57
Total lease liabilities		$	1,238	$	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 March 31,
			2021		2020
Operating lease cost (a)	Operating costs and expenses (1)		$	151	$	141
Finance lease cost:
Amortization of right-of-use assets	Depreciation and amortization expense		1		1
Interest on lease liabilities	Interest expense, net of capitalized interest		2		2

Total lease cost			$	154	$	144

(a) Included in operating lease cost:
Short-term lease costs			$	51	$	35
Variable lease costs			2		5

(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 March 31, 2021 are as follows (in millions):


Years Ending December 31,	Operating Leases (1)		Finance Leases
2021	$	233	$	8
2022	253		10
2023	214		10
2024	192		10
2025	163		10
Thereafter	342		127
Total lease payments	1,397		175
Less: Interest	(218)		(116)
Present value of lease liabilities	$	1,179	$	59

(1) Does not include $1.1 billion of legally binding minimum lease payments primarily for vessel charters which were executed as of March 31, 2021 but will commence in future period 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:


	March 31, 2021		December 31, 2020
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	7.2	17.4	8.2	17.7
Weighted-average discount rate (1)	4.5%	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):


	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	97	$	94
Operating cash flows from finance leases	2		2

Right-of-use assets obtained in exchange for operating lease liabilities	507		8

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 March 31,
		2021		2020
Fixed income		$	3	$	37
Variable income		1		15
Total sublease income		$	4	$	52