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v3.23.2

Leases | 6 Months Ended
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Jun. 30, 2023
Leases |
Leases | 11. Leases All Segments and Holding Company We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing). Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are recorded on the balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less. Right-of-use assets and lease liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (in millions)
Operating Leases: | ​ |  | ​ | ​ |  | ​
Right-of-use assets (other assets) | ​ | $ | 509 | ​ | $ | 478
Lease liabilities (accrued expenses and other liabilities) | ​ |  | 517 | ​ |  | 484
​ | ​ | ​ | ​ | ​ | ​ | ​
Financing Leases: | ​ |  | ​ | ​ |  | ​
Right-of-use assets (property, plant and equipment, net) | ​ |  | 49 | ​ |  | 48
Lease liabilities (debt) | ​ |  | 65 | ​ |  | 64
​ Additional information with respect to our operating leases as of June 30, 2023 and December 31, 2022 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Right-Of-Use |  | Lease |  | ​ |  | Discount |
Operating Leases as of June 30, 2023 | ​ | Assets | ​ | Liabilities | ​ | Lease Term | ​ | Rate |
​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​
Energy | ​ | $ | 40 | ​ | $ | 38 | ​ | 3.9 years | ​ | 5.5% | ​
Automotive | ​ |  | 426 | ​ |  | 439 |  | 5.3 years |  | 5.9% | ​
Food Packaging | ​ |  | 23 | ​ |  | 26 |  | 9.5 years |  | 7.4% | ​
Other segments and Holding Company | ​ |  | 20 | ​ |  | 14 |  |  |  |  | ​
​ | ​ | $ | 509 | ​ | $ | 517 | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Right-Of-Use |  | Lease |  | ​ |  | Discount | ​
Operating Leases as of December 31, 2022 | ​ | Assets | ​ | Liabilities | ​ | Lease Term | ​ | Rate | ​
​ | ​ | (in millions) | ​ | ​ | ​ | ​ | ​
Energy | ​ | $ | 40 | ​ | $ | 40 | ​ | 4.1 years | ​ | 5.2% | ​
Automotive | ​ |  | 386 | ​ |  | 395 |  | 4.7 years |  | 5.9% | ​
Food Packaging | ​ |  | 24 | ​ |  | 27 |  | 9.8 years |  | 7.4% | ​
Other segments and Holding Company | ​ |  | 28 | ​ |  | 22 |  |  |  |  | ​
​ | ​ | $ | 478 | ​ | $ | 484 | ​ | ​ | ​ | ​ | ​
​ For the three months ended June 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $49 million and $51 million, respectively, (ii) amortization of financing lease right-of-use assets of $3 million and $1 million, respectively, and (iii) interest expense on financing lease liabilities of $1 million and $1 million, respectively. For the six months ended June 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $90 million and $98 million, respectively, (ii) amortization of financing lease right-of-use assets of $4 million and $4 million, respectively, and (iii) interest expense on financing lease liabilities of $2 million at each period. Our automotive segment accounted for $72 million and $81 million of total lease cost for the six months ended June 30, 2023 and 2022, respectively. Automotive Our Automotive segment leases certain operating locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $13 million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $29 million and $22 million for the six months ended June 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations. Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of June 30, 2023 and December 31, 2022, our Real Estate segment had assets leased to others included in property, plant and equipment of $256 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $7 million and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $12 million and $3 million for the six months ended June 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

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