Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Summary of classification of finance leases in consolidated balance sheets

(Millions of dollars)			2023		2022
Finance lease right of use assets, net	Property, plant and equipment, net	$	148	$	198
Finance lease liabilities	Other current liabilities		51		56
Non-current finance lease liabilities	Other liabilities		96		143

Summary of components of lease cost

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

(Millions of dollars)		2023		2022		2021
Operating lease cost	$	190	$	184	$	162
Finance lease cost:
Amortization of right of use assets		54		46		17
Interest on lease liabilities		6		6		5
Variable lease cost (a)		10		18		20
Short-term lease cost (b)		9		13		27
Sublease income		(7)		(6)		(8)
Total lease cost	$	262	$	261	$	223

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

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

Summary of weighted-average lease terms and discount rates

	Operating Leases		Finance Leases
	2023	2022	2023	2022
Weighted-average remaining term (in years)	6	5	5	5
Weighted-average discount rate	6.63%	6.13%	3.79%	3.44%

Summary of maturities of operating lease liabilities

		Operating		Finance
(Millions of dollars)		Leases		Leases
2024	$	137	$	55
2025		90		33
2026		74		19
2027		59		13
2028		43		11
Thereafter		114		36
Total undiscounted lease payments		517		167
Less: Imputed interest		(96)		(20)
Total lease liability	$	421	$	147

Summary of maturities of financing lease liabilities

		Operating		Finance
(Millions of dollars)		Leases		Leases
2024	$	137	$	55
2025		90		33
2026		74		19
2027		59		13
2028		43		11
Thereafter		114		36
Total undiscounted lease payments		517		167
Less: Imputed interest		(96)		(20)
Total lease liability	$	421	$	147

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

	Years ended December 31,
(Millions of dollars)		2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	193	$	194	$	166
Operating cash flows from finance leases		6		6		5
Financing cash flows from finance leases		57		44		14
ROU assets obtained in exchange for new lease liabilities:
Operating leases	$	117	$	118	$	244
Finance leases		5		116		54