v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Assets and Liabilities
For operating leases, the ROU assets and liabilities in our consolidated balance sheets follows:
As of December 31,
(MILLIONS OF DOLLARS)Balance Sheet Classification20202019
ROU assetsOther noncurrent assets$1,393 $1,289 
Lease liabilities (short-term)Other current liabilities321 269 
Lease liabilities (long-term)Other noncurrent liabilities1,114 1,030 
Schedule of Lease Costs and Other Supplemental Information
Components of total lease cost includes:
Year Ended December 31,
(MILLIONS OF DOLLARS)20202019
Operating lease cost$433 $422 
Variable lease cost380 327 
Sublease income(40)(45)
Total lease cost$773 $704 
Other supplemental information for 2020 follows:
Weighted-Average Remaining Contractual Lease Term (Years)Weighted-Average Discount Rate
(MILLIONS OF DOLLARS)
As of December 31, 2020
Year Ended
December 31,
2020
Operating leases6.92.9 %
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$334 
(Gains)/losses on sale and leaseback transactions, net(3)
ROU assets obtained in exchange for new operating lease liabilities
413 
Other supplemental information for 2019 follows:
Weighted-Average Remaining Contractual Lease Term (Years)Weighted-Average Discount Rate
(MILLIONS OF DOLLARS)
As of December 31, 2019
Year Ended
December 31,
2019
Operating leases6.93.5 %
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$339 
(Gains)/losses on sale and leaseback transactions, net(29)
ROU assets obtained in exchange for new operating lease liabilities
318 
Schedule of Future Minimum Rental Payments for Operating Leases
The following reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2020:
(MILLIONS OF DOLLARS)
PeriodOperating Lease Liabilities
Next one year(a)
$357 
1-2 years299 
2-3 years250 
3-4 years167 
4-5 years137 
Thereafter408 
Total undiscounted lease payments1,618 
Less: Imputed interest
183 
Present value of minimum lease payments1,435 
Less: Current portion
321 
Noncurrent portion$1,114 
(a)Reflects lease payments due within 12 months subsequent to the balance sheet date.