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Lease Commitments (Tables)

9 Months Ended

Sep. 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 September 30, 2019
	Operating Leases			Finance Leases
	(Millions of dollars)
Deferred charges and other assets	$	4,265		$	—
Properties, plant and equipment, net	—			301
Right-of-use assets ⁽¹⁾⁽²⁾	$	4,265		$	301
Accrued Liabilities	1,315			—
Short Term Debt	—			21
Current lease liabilities	1,315			21
Deferred credits and other noncurrent obligations	2,750			—
Long-term Debt	—			249
Noncurrent lease liabilities	2,750			249
Total lease liabilities	$	4,065		$	270

Weighted-average remaining lease term (in years)	5.3			15.6
Weighted-average discount rate	3.2		%	4.9		%

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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 $1,152 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 were as follows:



	Three Months Ended September 30		Nine Months Ended September 30
	2019		2019
	(Millions of dollars)
Operating lease costs^*	$	684	$	1,804
Finance lease costs	35		55
Total lease costs	$	719	$	1,859

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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:



	Nine Months Ended September 30, 2019
	(Millions of dollars)
Operating cash flows from operating leases	$	1,029
Investing cash flows from operating leases	775
Operating cash flows from finance leases	10
Financing cash flows from finance leases	19

Lessee, Operating Lease, Liability, Maturity

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



		At September 30, 2019
		Operating Leases		Finance Leases
		(Millions of dollars)
Year	2019 (remaining months)	$	409	$	12
	2020	1,301		31
	2021	1,023		30
	2022	508		28
	2023	318		27
	2024	201		27
	Thereafter	688		220
	Total	$	4,448	$	375
Less: Amounts representing interest		383		105
Total lease liabilities		$	4,065	$	270

Finance Lease, Liability, Maturity

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



		At September 30, 2019
		Operating Leases		Finance Leases
		(Millions of dollars)
Year	2019 (remaining months)	$	409	$	12
	2020	1,301		31
	2021	1,023		30
	2022	508		28
	2023	318		27
	2024	201		27
	Thereafter	688		220
	Total	$	4,448	$	375
Less: Amounts representing interest		383		105
Total lease liabilities		$	4,065	$	270

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.