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Lease Commitments

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Commitments

 

Note 5

Lease Commitments

The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings.

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:

		At December 31, 2023								At December 31, 2022
		Operating Leases				Finance Leases				Operating Leases				Finance Leases
Deferred charges and other assets		$	5,422			$	—			$	4,262			$	—
Properties, plant and equipment, net			—				583				—				392
Right-of-use assets*		$	5,422			$	583			$	4,262			$	392
Accrued Liabilities		$	1,538			$	—			$	1,111			$	—
Short-term Debt			—				60				—				45
Current lease liabilities			1,538				60				1,111				45
Deferred credits and other noncurrent obligations			3,696				—				2,920				—
Long-term Debt			—				574				—				403
Noncurrent lease liabilities			3,696				574				2,920				403
Total lease liabilities		$	5,234			$	634			$	4,031			$	448
Weighted-average remaining lease term (in years)			6	.7			12	.6			7	.0			11	.9
Weighted-average discount rate			3.3	%			4.5	%			1.9	%			4.1	%

*  Includes non-cash additions of $2,556 and $233 in 2023, and $1,807 and $3 in 2022 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively.

Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows:

		Year-ended December 31
		2023				2022		2021
Operating lease costs*		$	2,984			$   2,359		$	2,199
Finance lease costs			52			57			66
Total lease costs		$	3,036			$   2,416		$	2,265

* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:

		Year-ended December 31
		2023				2022		2021
Operating cash flows from operating leases		$	2,271			$   1,892		$	1,670
Investing cash flows from operating leases			713			467			398
Operating cash flows from finance leases			15			18			21
Financing cash flows from finance leases			42			44			193

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:

		At December 31, 2023
		Operating Leases				Finance  Leases
Year    2024		$	1,673			$	84
2025			1,153				79
2026			734				76
2027			544				68
2028			396				66
Thereafter			1,364				443
Total		$	5,864			$	816
Less: Amounts representing interest			630				182
Total lease liabilities		$	5,234			$	634

Additionally, the company has $232 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships, drilling rigs and storage tanks. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset.

Lease Commitments

 

Note 5

Lease Commitments

The company enters into leasing arrangements as a lessee; any lessor arrangements are not significant. Operating lease arrangements mainly involve land, bareboat charters, terminals, drill ships, drilling rigs, time chartered vessels, office buildings and warehouses, and exploration and production equipment. Finance leases primarily include facilities, vessels and office buildings.

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:

		At December 31, 2023								At December 31, 2022
		Operating Leases				Finance Leases				Operating Leases				Finance Leases
Deferred charges and other assets		$	5,422			$	—			$	4,262			$	—
Properties, plant and equipment, net			—				583				—				392
Right-of-use assets*		$	5,422			$	583			$	4,262			$	392
Accrued Liabilities		$	1,538			$	—			$	1,111			$	—
Short-term Debt			—				60				—				45
Current lease liabilities			1,538				60				1,111				45
Deferred credits and other noncurrent obligations			3,696				—				2,920				—
Long-term Debt			—				574				—				403
Noncurrent lease liabilities			3,696				574				2,920				403
Total lease liabilities		$	5,234			$	634			$	4,031			$	448
Weighted-average remaining lease term (in years)			6	.7			12	.6			7	.0			11	.9
Weighted-average discount rate			3.3	%			4.5	%			1.9	%			4.1	%

*  Includes non-cash additions of $2,556 and $233 in 2023, and $1,807 and $3 in 2022 for right-of-use assets obtained in exchange for new and modified lease liabilities for operating and finance leases, respectively.

Total lease costs consist of both amounts recognized in the Consolidated Statement of Income during the period and amounts capitalized as part of the cost of another asset. Total lease costs incurred for operating and finance leases were as follows:

		Year-ended December 31
		2023				2022		2021
Operating lease costs*		$	2,984			$   2,359		$	2,199
Finance lease costs			52			57			66
Total lease costs		$	3,036			$   2,416		$	2,265

* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:

		Year-ended December 31
		2023				2022		2021
Operating cash flows from operating leases		$	2,271			$   1,892		$	1,670
Investing cash flows from operating leases			713			467			398
Operating cash flows from finance leases			15			18			21
Financing cash flows from finance leases			42			44			193

At December 31, 2023, the estimated future undiscounted cash flows for operating and finance leases were as follows:

		At December 31, 2023
		Operating Leases				Finance  Leases
Year    2024		$	1,673			$	84
2025			1,153				79
2026			734				76
2027			544				68
2028			396				66
Thereafter			1,364				443
Total		$	5,864			$	816
Less: Amounts representing interest			630				182
Total lease liabilities		$	5,234			$	634

Additionally, the company has $232 in future undiscounted cash flows for operating leases not yet commenced. These leases are primarily for drill ships, drilling rigs and storage tanks. For those leasing arrangements where the underlying asset is not yet constructed, the lessor is primarily involved in the design and construction of the asset.

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The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

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-Topic 842
-SubTopic 20
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The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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