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Lease Commitments (Tables)

6 Months Ended

Jun. 30, 2019

Details of the right-of-use assets and lease liabilities for operating and finance leases, including the balance sheet presentation, are as follows:



	At June 30, 2019
	Operating Leases			Finance Leases
	(Millions of dollars)
Deferred charges and other assets	$	4,230		$	—
Properties, plant and equipment, net	—			315
Right-of-use assets ⁽¹⁾⁽²⁾	$	4,230		$	315
Accrued Liabilities	1,340			—
Short Term Debt	—			25
Current lease liabilities	1,340			25
Deferred credits and other noncurrent obligations	2,708			—
Long-term Debt	—			255
Noncurrent lease liabilities	2,708			255
Total lease liabilities	$	4,048		$	280

Weighted-average remaining lease term (in years)	5.2			15.9
Weighted-average discount rate	3.1		%	5.0		%

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⁽¹⁾ Capitalized leased assets of $818 million are primarily from the Upstream segment, with accumulated amortization of $617 million at December 31, 2018.

⁽²⁾ Includes non-cash additions of $802 million and $146 million right-of-use assets obtained in exchange for new and modified lease liabilities in 2019 for operating and finance leases, respectively.

Lease, Cost

Total lease costs incurred for operating and finance leases during second quarter 2019 were as follows:



	Three Months Ended June 30		Six Months Ended June 30
	2019		2019
	(Millions of dollars)
Operating lease costs^*	$	533	$	1,120
Finance lease costs	11		20
Total lease costs	$	544	$	1,140

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* Includes variable and short-term lease costs.

Cash paid for amounts included in the measurement of lease liabilities was as follows:



	Six Months Ended June 30, 2019
	(Millions of dollars)
Operating cash flows from operating leases	$	617
Investing cash flows from operating leases	503
Operating cash flows from finance leases	7
Financing cash flows from finance leases	13

Lessee, Operating Lease, Liability, Maturity

At June 30, 2019, the estimated future undiscounted cash flows for operating and finance leases were as follows:



		At June 30, 2019
		Operating Leases		Finance Leases
		(Millions of dollars)
Year	2019 (remaining months)	$	798	$	23
	2020	1,189		31
	2021	944		30
	2022	425		28
	2023	261		27
	2024	172		27
	Thereafter	637		222
	Total	$	4,426	$	388
Less: Amounts representing interest		378		108
Total lease liabilities		$	4,048	$	280

Finance Lease, Liability, Maturity

At June 30, 2019, the estimated future undiscounted cash flows for operating and finance leases were as follows:



		At June 30, 2019
		Operating Leases		Finance Leases
		(Millions of dollars)
Year	2019 (remaining months)	$	798	$	23
	2020	1,189		31
	2021	944		30
	2022	425		28
	2023	261		27
	2024	172		27
	Thereafter	637		222
	Total	$	4,426	$	388
Less: Amounts representing interest		378		108
Total lease liabilities		$	4,048	$	280

Schedule of Estimated Future Minimum Lease Payments

At December 31, 2018, the estimated future minimum lease payments (net of noncancelable sublease rentals) under operating and capital leases, which at inception had a noncancelable term of more than one year, were as follows:



		At December 31, 2018
		Operating Leases		Capital Leases ^*
		(Millions of dollars)
Year	2019	$	540	$	30
	2020	492		22
	2021	378		17
	2022	242		16
	2023	166		16
	Thereafter	341		132
	Total	$	2,159	$	233
Less: Amounts representing interest and executory costs				(88		)
Net present values				145
Less: Capital lease obligations included in short-term debt				(18		)
Long-term capital lease obligations				$	127

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* Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14, $15, $22, $21, $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively.

Schedule of Estimated Future Minimum Lease Payments



		At December 31, 2018
		Operating Leases		Capital Leases ^*
		(Millions of dollars)
Year	2019	$	540	$	30
	2020	492		22
	2021	378		17
	2022	242		16
	2023	166		16
	Thereafter	341		132
	Total	$	2,159	$	233
Less: Amounts representing interest and executory costs				(88		)
Net present values				145
Less: Capital lease obligations included in short-term debt				(18		)
Long-term capital lease obligations				$	127

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* Excluded from the table is an executed but not-yet-commenced capital lease with payments of $14, $15, $22, $21, $21 and $219 for 2019, 2020, 2021, 2022, 2023 and thereafter, respectively.