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Note 16 - Leases | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | 16. Leases We lease certain locomotives, freight cars, and other property for use in our rail operations. The following are additional details related to our lease portfolio:
|  | Dec. 31, | Dec. 31, |
Millions | Classification |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |  |
Operating leases | Operating lease assets |  | $ | 1,672 |  |  | $ | 1,787 |
Finance leases | Properties, net [a] |  |  | 310 |  |  |  | 366 |
Total leased assets |  | $ | 1,982 |  |  | $ | 2,153 |
Liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Operating | Accounts payable and other current liabilities |  | $ | 331 |  |  | $ | 330 |
Finance | Debt due within one year |  |  | 67 |  |  |  | 92 |
Noncurrent |  |  |  |  |  |  |  |  |
Operating | Operating lease liabilities |  |  | 1,300 |  |  |  | 1,429 |
Finance | Debt due after one year |  |  | 167 |  |  |  | 244 |
Total lease liabilities |  | $ | 1,865 |  |  | $ | 2,095 |
[a] | Finance lease assets are recorded net of accumulated amortization of $658 million and $687 million as of December 31, 2022 and 2021, respectively.
The lease cost components are classified as follows:
Millions | Dec 31, 2022 | Dec 31, 2021 |
Operating lease cost [a] |  | $ | 338 |  |  | $ | 303 |
Short-term lease cost |  |  | 18 |  |  |  | 25 |
Variable lease cost |  |  | 13 |  |  |  | 11 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of leased assets [b] |  |  | 52 |  |  |  | 69 |
Interest on lease liabilities [c] |  |  | 12 |  |  |  | 20 |
Net lease cost |  | $ | 433 |  |  | $ | 428 |
[a] | Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income.
[b] | Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income.
[c] | Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income.
The following table presents aggregate lease maturities as of December 31, 2022:
Millions | Operating Leases | Finance Leases | Total |
2023 |  | $ | 335 |  |  | $ | 76 |  |  | $ | 411 |
2024 |  |  | 318 |  |  |  | 63 |  |  |  | 381 |
2025 |  |  | 321 |  |  |  | 44 |  |  |  | 365 |
2026 |  |  | 248 |  |  |  | 35 |  |  |  | 283 |
2027 |  |  | 188 |  |  |  | 30 |  |  |  | 218 |
After 2027 |  |  | 393 |  |  |  | 11 |  |  |  | 404 |
Total lease payments |  | $ | 1,803 |  |  | $ | 259 |  |  | $ | 2,062 |
Less: Interest |  |  | 172 |  |  |  | 25 |  |  |  | 197 |
Present value of lease liabilities |  | $ | 1,631 |  |  | $ | 234 |  |  | $ | 1,865 |
The following table presents the weighted average remaining lease term and discount rate:
| Dec. 31, |
|  | 2022 |
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  |  | 6.4 |
Finance leases |  |  | 4.2 |
Weighted-average discount rate (%) |  |  |  |
Operating leases |  |  | 3.3 |
Finance leases |  |  | 4.7 |
The following table presents other information related to our operating and finance leases for the years ended December 31:
Millions |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 319 |  |  | $ | 292 |
Investing cash flows from operating leases |  |  | 31 |  |  |  | 27 |
Operating cash flows from finance leases |  |  | 15 |  |  |  | 26 |
Financing cash flows from finance leases |  |  | 91 |  |  |  | 106 |
Leased assets obtained in exchange for finance lease liabilities |  |  | - |  |  |  | - |
Leased assets obtained in exchange for operating lease liabilities |  |  | 173 |  |  |  | 442 |

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