Leases (Tables)

6 Months Ended

Jun. 30, 2022

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):



		June 30,		December 31,
	Consolidated Balance Sheets Location	2022		2021
Right-of-use assets—Operating	Operating lease assets	$	2,255	$	2,102
Right-of-use assets—Financing	Property, plant and equipment, net of accumulated depreciation	49		50
Total right-of-use assets		$	2,304	$	2,152

Current operating lease liabilities	Current operating lease liabilities	$	598	$	535
Current finance lease liabilities	Other current liabilities	2		2
Non-current operating lease liabilities	Operating lease liabilities	1,623		1,541
Non-current finance lease liabilities	Finance lease liabilities	56		57
Total lease liabilities		$	2,279	$	2,135

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 June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Operating lease cost (a)	Operating costs and expenses (1)	$	189	$	145	$	391	$	296
Finance lease cost:
Amortization of right-of-use assets	Depreciation and amortization expense	1		1		2		2
Interest on lease liabilities	Interest expense, net of capitalized interest	3		3		5		5

Total lease cost		$	193	$	149	$	398	$	303

(a) Included in operating lease cost:
Short-term lease costs		$	23	$	30	$	64	$	81
Variable lease costs		—		11		9		13

(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 June 30, 2022 are as follows (in millions):


Years Ending December 31,	Operating Leases (1)		Finance Leases
2022	$	349	$	6
2023	605		10
2024	538		10
2025	318		10
2026	251		10
Thereafter	458		117
Total lease payments	2,519		163
Less: Interest	(298)		(105)
Present value of lease liabilities	$	2,221	$	58

(1)Does not include approximately $3.2 billion of legally binding minimum payments primarily for vessel charters which were executed as of June 30, 2022 but will commence in future periods and have fixed minimum lease terms of up to 10 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:


	June 30, 2022		December 31, 2021
	Operating Leases	Finance Leases	Operating Leases	Finance Leases
Weighted-average remaining lease term (in years)	5.5	16.2	5.6	16.7
Weighted-average discount rate (1)	3.6%	16.2%	3.6%	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):


	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	324	$	201
Operating cash flows from finance leases	5		5

Right-of-use assets obtained in exchange for operating lease liabilities	433		1,112

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Fixed income	$	34	$	8	$	66	$	11
Variable income	6		5		25		6
Total sublease income	$	40	$	13	$	91	$	17