Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Summary of classification of finance leases in consolidated balance sheets

(Millions of dollars)			2022		2021
Finance lease right of use assets, net	Property, plant and equipment, net	$	198	$	128
Finance lease liabilities	Other current liabilities		56		23
Non-current finance lease liabilities	Other liabilities		143		104

Summary of components of lease cost

The components of lease cost were as follows for the years ended December 31:

(Millions of dollars)		2022		2021		2020
Operating lease cost	$	184	$	162	$	145
Finance lease cost:
Amortization of right of use assets		46		17		9
Interest on lease liabilities		6		5		4
Variable lease cost (a)		18		20		8
Short-term lease cost (b)		13		27		25
Sublease income		(6)		(8)		(6)
Total lease cost	$	261	$	223	$	185

(a)   Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.

(b)   Short-term term leases are primarily for cargo containers and vessels.

Summary of weighted-average lease terms and discount rates

	Operating Leases		Finance Leases
	2022	2021	2022	2021
Weighted-average remaining term (in years)	5	4	5	7
Weighted-average discount rate	6.13%	5.37%	3.44%	4.16%

Summary of maturities of lease liabilities

		Operating		Finance
(Millions of dollars)		Leases		Leases
2023	$	175	$	61
2024		101		55
2025		69		32
2026		62		18
2027		48		12
Thereafter		108		45
Total undiscounted lease payments		563		223
Less imputed interest		(89)		(24)
Total lease liability	$	474	$	199

Summary of supplemental cash and non-cash information related to leases

	December 31,
(Millions of dollars)		2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	194	$	166	$	142
Operating cash flows from finance leases		6		5		4
Financing cash flows from finance leases		44		14		7
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	118	$	244	$	62
Finance leases		116		54		50