Annual report pursuant to Section 13 and 15(d)

LEASE OBLIGATIONS (Tables)

v3.22.0.1
LEASE OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Summary of Lease Costs
Lease costs are presented below:
(In Millions)
Year Ended December 31,
2021 2020
Operating leases $ 70  $ 43 
Finance leases:
Amortization of lease cost 94  15 
Interest on lease liabilities 9  4 
Short-term leases 66  13 
Total $ 239  $ 75 
Other information related to leases was as follows:
(In Millions)
Year Ended December 31,
2021 2020
Cash paid for amounts included in measurement of lease liabilities:
Operating leases within cash flows from operating activities $ 70  $ 43 
Finance leases within cash flows from operating activities $ 9  $ 4 
Finance leases within cash flows from financing activities $ 94  $ 15 
Right-of-use assets obtained in exchange for new finance lease liabilities1
$ 50  $ 44 
Weighted-average remaining lease term - operating leases (in years) 8 8
Weighted-average remaining lease term - finance leases (in years) 5 5
Weighted-average discount rate - operating leases 7  % 8  %
Weighted-average discount rate - finance leases 4  % 4  %
1 Right-of-use assets obtained in acquisitions are not included in this figure.
Summary of Future Minimum Lease Payments under Noncellable Finance and Operating Leases
Future minimum lease payments under noncancellable finance and operating leases as of December 31, 2021 were as follows:
(In Millions)
Finance Leases Operating Leases
2022 $ 105  $ 68 
2023 96  56 
2024 31  47 
2025 28  39 
2026 19  35 
Thereafter 66  133 
Total future minimum lease payments 345  378 
Less: imputed interest 54  108 
Total lease payments 291  270 
Less: current portion of lease liabilities 97  50 
Long-term lease liabilities $ 194  $ 220