Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease, Cost

The following tables illustrate the financial impact of our leases as of and for the years ended December 31, 2022, 2021, and 2020, along with other supplemental information about our existing leases:

	Year Ended December 31
Millions of dollars	2022		2021		2020
Components of lease expense:
Finance lease cost:
Amortization of right-of-use assets	$	20	$	20	$	19
Interest on lease liabilities	38		38		32
Operating lease cost	301		274		296
Short-term lease cost	31		27		31
Sublease income	(3)		(4)		(4)
Total lease cost	$	387	$	355	$	374

Lease supplemental disclosure

	As of December 31
Millions of dollars	2022		2021
Components of balance sheet:
Operating leases:
Operating lease right-of-use assets (non-current)	$	913	$	934
Current portion of operating lease liabilities	224		240
Operating lease liabilities (non-current)	791		845
Finance leases:
Other assets (non-current)	$	124	$	85
Other current liabilities	26		26
Other liabilities (non-current)	115		85

During the year ended December 31, 2021, we completed a structured transaction relating to most of our owned United States real estate, which resulted in an increase of our operating right-of-use assets and operating lease liabilities of $276 million. See Note 2 to the consolidated financial statements for further discussion on the structured transaction.

	Year Ended December 31
Millions of dollars except years and percentages	2022			2021			2020
Other supplemental information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	332		$	307		$	299
Operating cash flows for finance leases	38			38			32
Financing cash flows for finance leases	26			24			21
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	249		$	433		$	447
Finance leases	62			6			39
Weighted-average remaining lease term:
Operating leases	9.5 years			9.8 years			8.6 years
Finance leases	5.9 years			6.3 years			6.4 years
Weighted-average discount rate for operating leases	5.2		%	4.9		%	4.1		%

Lessee, Operating and Finance Leases, Liability Maturity Table

The following table summarizes the maturity of our operating and finance leases as of December 31, 2022:

Millions of dollars	Operating Leases		Finance Leases
2023	$	270	$	63
2024	185		60
2025	133		52
2026	99		50
2027	85		18
Thereafter	561		15
Total lease payments	1,333		258
Less imputed interest	(318)		(117)
Total lease payments, net of imputed interest	$	1,015	$	141