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Leases | 12 Months Ended
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Dec. 31, 2021
Leases |
Leases | Note 5 − Leases Seaboard’s operating leases are primarily for ports, vessels, contract grower assets, and to a lesser extent, land, buildings and machinery and equipment. Seaboard’s finance leases are primarily for contract grower assets. Seaboard’s Marine segment leases its Miami, Florida terminal, among other ports. The Marine and CT&M segments lease vessels for use in operations. The Pork segment has contract grower agreements in place with farmers to raise a portion of Seaboard’s hogs using the farmer’s buildings, land and equipment. Seaboard’s non-lease components are primarily for services related to labor associated with caring for hogs in its contract grower agreements and crew services on vessel charter arrangements. As of December 31, 2021, the weighted average remaining lease term for Seaboard’s operating and finance leases was approximately four years and seven years, respectively. Seaboard’s lease terms vary depending upon the class of asset and some leases include options to extend or terminate. Since Seaboard is not reasonably certain to exercise these renewal or termination options, the options are not considered in determining the lease term and associated potential option payments or penalties are excluded from lease payments. Seaboard’s operating lease assets and liabilities are reported separately in the consolidated balance sheet. The classification of Seaboard’s finance leases in the consolidated balance sheet as of December 31, 2021 and 2020, respectively, was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Millions of dollars) | ​ | ​ | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Finance lease right of use assets, net | ​ | Property, plant and equipment, net | ​ | $ | 128 | ​ | $ | 92 | ​
Finance lease liabilities | ​ | Other current liabilities | ​ | ​ | 23 | ​ | ​ | 10 | ​
Non-current finance lease liabilities | ​ | Other liabilities | ​ | ​ | 104 | ​ | ​ | 78 | ​
The components of lease cost were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Millions of dollars) | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Operating lease cost | ​ | $ | 162 | ​ | $ | 145 | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right of use assets | ​ | ​ | 17 | ​ | ​ | 9 | ​
Interest on lease liabilities | ​ | ​ | 5 | ​ | ​ | 4 | ​
Variable lease cost | ​ | ​ | 20 | ​ | ​ | 8 | ​
Short-term lease cost | ​ | ​ | 27 | ​ | ​ | 25 | ​
Sublease income | ​ | ​ | (8) | ​ | ​ | (6) | ​
Total lease cost | ​ | $ | 223 | ​ | $ | 185 | ​
​ Operating lease cost and short-term lease cost are recognized on a straight-line basis over the lease term. Finance lease cost is recognized based on the effective interest method for the lease liability and straight-line amortization of the ROU asset. Variable lease payments are recognized when the circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are primarily for payments in excess of minimums with regards to throughput of shipping containers and changes in indexed charter-hire rates. Short-term leases are primarily for containers and vessels at Seaboard’s Marine segment. Lease cost is included in various line items in the consolidated statements of comprehensive income or capitalized to inventory. Rental expense for leases with terms of a month or less are excluded from the total lease cost above. Maturities of lease liabilities as of December 31, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | ​ | Finance | ​
(Millions of dollars) |  | Leases | ​ | ​ | Leases |
2022 | $ | 190 | ​ | $ | 27 | ​
2023 | ​ | 151 | ​ |  | 27 | ​
2024 | ​ | 79 | ​ | ​ | 25 | ​
2025 | ​ | 52 | ​ | ​ | 17 | ​
2026 | ​ | 47 | ​ | ​ | 12 | ​
Thereafter | ​ | 84 | ​ |  | 43 | ​
Total undiscounted lease payments | ​ | 603 | ​ | ​ | 151 | ​
Less imputed interest | ​ | (72) | ​ | ​ | (24) | ​
Total lease liability | $ | 531 | ​ | $ | 127 | ​
Seaboard’s weighted average discount rate for operating and finances leases was 5.37% and 4.16%, respectively, as of December 31, 2021. There were estimates and judgments made in determining Seaboard’s multiple discount rates based on term, country and currency, including developing a secured credit rating and spreading market yield data across maturities and country risk-free rates.

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