LEASES (Tables)

6 Months Ended

Jun. 30, 2020

The components of lease expense were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
(US$ in millions)	2020		2019		2020		2019




Operating lease cost	$	67	$	80	$	131	$	160
Short-term lease cost	142		149		291		301
Variable lease cost	2		5		6		8
Sublease income	(14)		(20)		(28)		(50)
Total lease cost	$	197	$	214	$	400	$	419

Supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
(US$ in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease liability principal payments	$	133	$	160


Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	111	$	150

Maturities of lease liabilities

Maturities of lease liabilities for operating leases as of June 30, 2020, are as follows:


(US$ in millions)
Remaining in 2020	$	130
2021	219
2022	165
2023	123
2024	66
Thereafter	115
Total lease payments ⁽¹⁾	818
Less imputed interest	(90)
Present value of lease liabilities	728
Less present value of lease liabilities held for sale	(5)
Present value of lease liabilities, as separately presented on the condensed consolidated balance sheet	$	723

(1) Minimum lease payments have not been reduced by minimum sublease income receipts of $32 million due in future periods under non-cancelable subleases as of June 30, 2020. Non-cancelable subleases primarily relate to agreements with third parties for the use of portions of certain facilities with remaining sublease terms of approximately five years, as well as an agreement in which the Company subleases rail cars with remaining sublease terms of approximately three years. Subsequent to the balance sheet date, the majority of these rail car subleases were assigned to a third party, such that minimum sublease income receipts due in future periods under non-cancelable subleases were reduced by approximately $7 million, to $25 million. Additionally, from time to time 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.