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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases |
Summary of classification of finance leases in consolidated balance sheets |
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(Millions of dollars) | ​ | ​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​
Finance lease right of use assets, net | ​ | Property, plant and equipment, net | ​ | $ | 198 | ​ | $ | 128 | ​
Finance lease liabilities | ​ | Other current liabilities | ​ | ​ | 56 | ​ | ​ | 23 | ​
Non-current finance lease liabilities | ​ | Other liabilities | ​ | ​ | 143 | ​ | ​ | 104 | ​
Summary of components of lease cost | The components of lease cost were as follows for the years ended December 31:
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(Millions of dollars) | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Operating lease cost | $ | 184 | ​ | $ | 162 | ​ | $ | 145 | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right of use assets | ​ | 46 | ​ | ​ | 17 | ​ | ​ | 9 | ​
Interest on lease liabilities | ​ | 6 | ​ | ​ | 5 | ​ | ​ | 4 | ​
Variable lease cost (a) | ​ | 18 | ​ | ​ | 20 | ​ | ​ | 8 | ​
Short-term lease cost (b) | ​ | 13 | ​ | ​ | 27 | ​ | ​ | 25 | ​
Sublease income | ​ | (6) | ​ | ​ | (8) | ​ | ​ | (6) | ​
Total lease cost | $ | 261 | ​ | $ | 223 | ​ | $ | 185 | ​
(a) | Includes throughput of cargo containers in excess of minimums and changes in indexed charter-hire rates.
(b) | Short-term term leases are primarily for cargo containers and vessels.
Summary of weighted-average lease terms and discount rates | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 | ​
Weighted-average remaining term (in years) | ​ | 5 | ​ | 4 | ​ | 5 | ​ | 7 | ​
Weighted-average discount rate | ​ | 6.13% | ​ | 5.37% | ​ | 3.44% | ​ | 4.16% | ​
Summary of maturities of lease liabilities | ​
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​ | ​ | Operating | ​ | ​ | Finance | ​
(Millions of dollars) |  | Leases | ​ | ​ | Leases |
2023 | $ | 175 | ​ | $ | 61 | ​
2024 | ​ | 101 | ​ |  | 55 | ​
2025 | ​ | 69 | ​ | ​ | 32 | ​
2026 | ​ | 62 | ​ | ​ | 18 | ​
2027 | ​ | 48 | ​ | ​ | 12 | ​
Thereafter | ​ | 108 | ​ |  | 45 | ​
Total undiscounted lease payments | ​ | 563 | ​ | ​ | 223 | ​
Less imputed interest | ​ | (89) | ​ | ​ | (24) | ​
Total lease liability | $ | 474 | ​ | $ | 199 | ​
Summary of supplemental cash and non-cash information related to leases | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
(Millions of dollars) | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 194 | ​ | $ | 166 | ​ | $ | 142 | ​
Operating cash flows from finance leases | ​ | ​ | 6 | ​ | ​ | 5 | ​ | ​ | 4 | ​
Financing cash flows from finance leases | ​ | ​ | 44 | ​ | ​ | 14 | ​ | ​ | 7 | ​
ROU assets obtained in exchange for new lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 118 | ​ | $ | 244 | ​ | $ | 62 | ​
Finance leases | ​ | ​ | 116 | ​ | ​ | 54 | ​ | ​ | 50 | ​

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