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LEASES FOOTNOTE DISCLOSURE LEASES FOOTNOTE DISCLOSURE (Notes) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases of Lessee Disclosure | NOTE 8. LEASES Our lease portfolio consists primarily of real estate and equipment leases. Our real estate leases primarily consist of land, office, distribution, warehousing and manufacturing facilities. These leases typically range in term from 2 to 50 years and may contain renewal options for periods up to 10 years at our discretion. Our equipment lease portfolio consists primarily of vehicles (including service vehicles), fork trucks and IT equipment. These leases typically range in term from two to three years and may contain renewal options. Our leases generally do not contain variable lease payments other than (1) certain foreign real estate leases which have payments indexed to inflation and (2) certain real estate executory costs (such as taxes, insurance and maintenance), which are paid based on actual expenses incurred by the lessor during the year. Our leases generally do not include residual value guarantees other than our service vehicle fleet, which has a residual guarantee based on a percentage of the original cost declining over the lease term. The components of our lease cost were as follows:
|  | Years ended December 31,
In millions |  | 2021 |  | 2020 |  | 2019
Operating lease cost |  | $ | 172 |  |  | $ | 172 |  |  | $ | 180 |
Finance lease cost |  |  |  |  |  |
Amortization of right-of-use asset |  | 16 |  |  | 18 |  |  | 18 |
Interest expense |  | 4 |  |  | 4 |  |  | 9 |
Short-term lease cost |  | 18 |  |  | 19 |  |  | 33 |
Variable lease cost |  | 11 |  |  | 12 |  |  | 7 |
Total lease cost |  | $ | 221 |  |  | $ | 225 |  |  | $ | 247 |
Supplemental balance sheet information related to leases:
|  | December 31, |  |
In millions |  | 2021 |  | 2020 |  | Balance Sheet Location
Assets |  |  |  |  |  |
Operating lease assets |  | $ | 444 |  |  | $ | 438 |  |  | Other assets
Finance lease assets(1) |  | 95 |  |  | 99 |  |  | Property, plant and equipment, net
Total lease assets |  | $ | 539 |  |  | $ | 537 |  |  |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating lease liabilities |  | $ | 128 |  |  | $ | 128 |  |  | Other accrued expenses
Finance lease liabilities |  | 14 |  |  | 12 |  |  | Current maturities of long-term debt
Long-term |  |  |  |  |  |
Operating lease liabilities |  | 326 |  |  | 325 |  |  | Other liabilities
Finance lease liabilities |  | 75 |  |  | 79 |  |  | Long-term debt
Total lease liabilities |  | $ | 543 |  |  | $ | 544 |  |  |
(1) Finance lease assets were recorded net of accumulated amortization of $66 million and $58 million at December 31, 2021 and 2020.
Supplemental cash flow and other information related to leases:
|  | Years ended December 31, |  |
In millions |  | 2021 |  | 2020 |  | 2019 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 159 |  |  | $ | 149 |  |  | $ | 163 |  |  |
Operating cash flows from finance leases |  | 14 |  |  | 14 |  |  | 47 |  |  |
Financing cash flows from finance leases |  | 4 |  |  | 4 |  |  | 9 |  |  |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases |  | $ | 160 |  |  | $ | 97 |  |  | $ | 214 |  |  |
Finance leases |  | 13 |  |  | 19 |  |  | 5 |  |  |
Additional information related to leases:
|  | December 31,
|  | 2021 |  | 2020 |  |
Weighted-average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  | 5.1 |  | 4.9 |  |
Finance leases |  | 9.8 |  | 10.8 |  |
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  | 2.8 | % |  | 3.4 | % |  |
Finance leases |  | 3.9 | % |  | 4.0 | % |  |
Following is a summary of the future minimum lease payments due to finance and operating leases with terms of more than one year at December 31, 2021, together with the net present value of the minimum payments:
In millions |  | Finance Leases |  | Operating Leases
2022 |  | $ | 17 |  |  | $ | 138 |
2023 |  | 15 |  |  | 102 |
2024 |  | 12 |  |  | 76 |
2025 |  | 9 |  |  | 58 |
2026 |  | 8 |  |  | 39 |
After 2026 |  | 48 |  |  | 73 |
Total minimum lease payments |  | 109 |  |  | 486 |
Interest |  | (20) |  |  | (32) |
Present value of net minimum lease payments |  | $ | 89 |  |  | $ | 454 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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