|12 Months Ended|
Dec. 31, 2022
Our leased assets consist primarily of tug vessels and land sites. All of our leases are classified as operating leases except for certain of our tug vessels, which are classified as finance leases.
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):
The following table shows the classification and location of our lease costs on our Consolidated Statements of Income (in millions):
(1)Includes $1 million of variable lease costs incurred during each of the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Presented in cost of sales, operating and maintenance expense, general and administrative expense or general and administrative expense—affiliate consistent with the nature of the asset under lease.
Future annual minimum lease payments for operating and finance leases as of December 31, 2022 are as follows (in millions):
The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases and finance leases:
The following table includes other quantitative information for our operating and finance leases (in millions):
No definition available.
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef