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Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Summary of classification of finance leases in consolidated balance sheets

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(Millions of dollars)	​	​	​	​	2024	​	​	2023	​
Finance lease right-of-use assets, net	​	Property, plant and equipment, net	​	$	96	​	$	148	​
Finance lease liabilities	​	Other current liabilities	​	​	29	​	​	51	​
Non-current finance lease liabilities	​	Other liabilities	​	​	68	​	​	96	​

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)	​	​	2024	​	​	2023	​	​	2022	​
Operating lease cost	​	$	182	​	$	190	​	$	184	​
Finance lease cost:	​	​	​	​	​	​	​	​	​	​
Amortization of right-of-use assets	​	​	50	​	​	54	​	​	46	​
Interest on lease liabilities	​	​	5	​	​	6	​	​	6	​
Variable lease cost (a)	​	​	6	​	​	10	​	​	18	​
Short-term lease cost (b)	​	​	7	​	​	9	​	​	13	​
Sublease income	​	​	—	​	​	(7)	​	​	(6)	​
Total lease cost	​	$	250	​	$	262	​	$	261	​

(a)   Includes throughput of cargo containers in excess of minimums and changes in indexed charter hire rates.

(b)   Short-term leases are primarily for cargo containers and vessels.

Summary of weighted-average lease terms and discount rates

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Operating Leases

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Finance Leases

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2024

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2023

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2024

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2023

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Weighted-average remaining term (in years)

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5

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6

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6

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5

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Weighted-average discount rate

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6.83%

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6.63%

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4.37%

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3.79%

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Summary of maturities of operating lease liabilities

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​	​	​	​	​	​	​	​
​	​	​	Operating	​	​	Finance	​
(Millions of dollars)	​		Leases	​	​	Leases
2025	​	$	158	​	$	33	​
2026	​	​	92	​		19	​
2027	​	​	71	​	​	13	​
2028	​	​	52	​	​	11	​
2029	​	​	27	​	​	10	​
Thereafter	​	​	96	​		27	​
Total undiscounted lease payments	​	​	496	​	​	113	​
Less: imputed interest	​	​	86	​	​	16	​
Total lease liability	​	$	410	​	$	97	​

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Summary of maturities of financing lease liabilities

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​	​	​	​	​	​	​	​
​	​	​	Operating	​	​	Finance	​
(Millions of dollars)	​		Leases	​	​	Leases
2025	​	$	158	​	$	33	​
2026	​	​	92	​		19	​
2027	​	​	71	​	​	13	​
2028	​	​	52	​	​	11	​
2029	​	​	27	​	​	10	​
Thereafter	​	​	96	​		27	​
Total undiscounted lease payments	​	​	496	​	​	113	​
Less: imputed interest	​	​	86	​	​	16	​
Total lease liability	​	$	410	​	$	97	​

Summary of supplemental cash and non-cash information related to leases

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​	​	Years ended December 31,								​
(Millions of dollars)	​	​	2024	​	​	2023	​	​	2022	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	179	​	$	193	​	$	194	​
Operating cash flows from finance leases	​	​	5	​	​	6	​	​	6	​
Financing cash flows from finance leases	​	​	49	​	​	57	​	​	44	​
ROU assets obtained in exchange for new lease liabilities:	​	​	​	​	​	​	​	​	​	​
Operating leases	​	$	142	​	$	117	​	$	118	​
Finance leases	​	​	3	​	​	5	​	​	116	​

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Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

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