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Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Leases

The following are additional details related to our lease portfolio:

		Jun. 30,		Dec. 31,
Millions	Classification	2020		2019
Assets
Operating leases	Operating lease assets	$	1,700	$	1,812
Finance leases	Net properties [a]		427		468
Total leased assets		$	2,127	$	2,280
Liabilities
Current
Operating leases	Accounts payable and other current liabilities	$	319	$	362
Finance leases	Debt due within one year		105		114
Noncurrent
Operating leases	Operating lease liabilities		1,320		1,471
Finance leases	Debt due after one year		427		491
Total lease liabilities		$	2,171	$	2,438

[a] Finance lease assets are recorded net of accumulated amortization of $774 million and $797 million as of June 30, 2020 and December 31, 2019.

Schedule of Lease Cost

The lease cost components are classified as follows:

		Three Months Ended					Six Months Ended
		June 30,					June 30,
Millions	Classification	2020		2019			2020		2019
Operating lease cost [a]	Equipment and other rents	$	68	$	85		$	137	$	178
Finance lease cost
Amortization of leased assets	Depreciation		17		18			34		36
Interest on lease liabilities	Interest expense		7		8			14		17
Net lease cost		$	92	$	111		$	185	$	231

[a] Includes short-term lease costs of $0.6 million and $0.2 million for the three months ended June 30, 2020, and 2019, respectively, and $0.8 million and $0.4 million for the six months ended June 30, 2020, and 2019, respectively, and variable lease costs of $1.4 million and $2.1 million for the three months ended June 30, 2020, and 2019, respectively, and $3.2 million and $4.0 million for the six months ended June 30, 2020, and 2019, respectively.

Future Minimum Lease Payments For Operating And Finance Leases

‎

The following table presents aggregate lease maturities as of June 30, 2020:

Millions		Operating Leases		Finance Leases		Total
2020	$	103	$	62	$	165
2021		302		142		444
2022		267		127		394
2023		225		88		313
2024		216		75		291
After 2024		781		124		905
Total lease payments	$	1,894	$	618	$	2,512
Less: Interest		255		86		341
Present value of lease liabilities	$	1,639	$	532	$	2,171

Weighted Average Remaining Lease Term and Discount Rate

The following table presents the weighted average remaining lease term and discount rate:

	Jun. 30,
	2020
Weighted-average remaining lease term (years)
Operating leases		8.2
Finance leases		5.7
Weighted-average discount rate (%)
Operating leases		3.7
Finance leases		5.1

Schedule of Leases - Other Information

The following table presents other information related to our operating and finance leases:

Millions,
for the Six Months Ended June 30,	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	252		255
Operating cash flows from finance leases		15		20
Financing cash flows from finance leases		66		79
Leased assets obtained in exchange for finance lease liabilities		-		-
Leased assets obtained in exchange for operating lease liabilities		50		27

X

- Definition

Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 303
-Paragraph (a)
-Subparagraph (5)

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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