Leases (Tables)

12 Months Ended

Dec. 31, 2021

Following are components of our lease cost:


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Operating leases	$	60	$	55	$	136
Short-term and variable leases	109		101		92
Total lease cost(a)	$	169	$	156	$	228

(a)2021, 2020 and 2019 amounts include $32 million, $25 million and $46 million of capitalized lease costs, respectively.

Other information related to our operating leases are as follows:


	Year Ended December 31,
	2021			2020			2019
	(In millions, except lease term and discount rate)
Operating cash flows from operating leases	$	(137)		$	(131)		$	(182)
Investing cash flows from operating leases	(32)			(25)			(46)
ROU assets obtained in exchange for operating lease obligations, net of retirements adjusted for currency conversion	59			20			102
Amortization of ROU assets	47			46			75
Removal of ROU assets and liabilities associated with the KML and U.S. Cochin Sale							(394)

Weighted average remaining lease term	10.39 years			11.56 years			13.40 years
Weighted average discount rate	3.95		%	4.27		%	4.31		%

Amounts recognized in the accompanying consolidated balance sheet are as follows:


		December 31,
Lease Activity	Balance sheet location	2021		2020
		(In millions)
ROU assets	Deferred charges and other assets	$	315	$	303
Short-term lease liability	Other current liabilities	45		40
Long-term lease liability	Other long-term liabilities and deferred credits	270		263
Finance lease assets	Property, plant and equipment, net	1		1
Finance lease liabilities	Long-term debt—Outstanding	1		1

Operating lease liabilities under non-cancellable leases (excluding short-term leases) as of December 31, 2021 are as follows:


Year	Commitment
	(In millions)
2022	$	57
2023	51
2024	43
2025	36
2026	31
Thereafter	193
Total lease payments	411
Less: Interest	(96)
Present value of lease liabilities	$	315