LEASES (Tables)

3 Months Ended

Mar. 31, 2020

The components of lease expense were as follows:



	Three Months Ended March 31,
(US$ in millions)	2020			2019
Operating lease cost	$	64		$	80
Short-term lease cost	149			152
Variable lease cost	4			3
Sublease income	(14		)	(30		)
Total lease cost	$	203		$	205

Supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:



	Three Months Ended March 31,
(US$ in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease liability principal payments	$	65	$	79
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	29	$	70

Maturities of lease liabilities

Maturities of lease liabilities for operating leases as of March 31, 2020, are as follows:



(US$ in millions)
Remaining in 2020	$	183
2021	203
2022	152
2023	110
2024	55
Thereafter	99
Total lease payments ⁽¹⁾	802
Less imputed interest	91
Present value of lease liabilities, as separately presented on the condensed consolidated balance sheet	$	711

(1)

Minimum lease payments have not been reduced by minimum sublease income receipts of $24 million due in future periods under non-cancelable subleases. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of approximately 5 years, as well as an agreement in which the Company subleases rail cars with remaining sublease terms of approximately three to four

years. Additionally, the Company may enter into re-let agreements to sell the right to use ocean freight vessels under time charter agreements when excess capacity is available.