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Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Leases

The following are additional details related to our lease portfolio:

		Sep. 30,		Dec. 31,
Millions	Classification	2020		2019
Assets
Operating leases	Operating lease assets	$	1,642	$	1,812
Finance leases	Net properties [a]		444		468
Total leased assets		$	2,086	$	2,280
Liabilities
Current
Operating leases	Accounts payable and other current liabilities	$	308	$	362
Finance leases	Debt due within one year		95		114
Noncurrent
Operating leases	Operating lease liabilities		1,293		1,471
Finance leases	Debt due after one year		374		491
Total lease liabilities		$	2,070	$	2,438

[a] Finance lease assets are recorded net of accumulated amortization of $723 million and $797 million as of September 30, 2020, and December 31, 2019.

Schedule of Lease Cost

‎

The lease cost components are classified as follows:

		Three Months Ended					Nine Months Ended
		September 30,					September 30,
Millions	Classification	2020		2019			2020		2019
Operating lease cost [a]	Equipment and other rents	$	70	$	75		$	207	$	253
Finance lease cost
Amortization of leased assets	Depreciation		16		18			50		54
Interest on lease liabilities	Interest expense		7		9			21		26
Net lease cost		$	93	$	102		$	278	$	333

[a] Includes short-term lease costs of $0.6 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $1.4 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively, and variable lease costs of $1.8 million and $2.3 million for the three months ended September 30, 2020 and 2019, respectively, and $5.0 million and $6.3 million for the nine months ended September 30, 2020 and 2019, respectively.

Future Minimum Lease Payments For Operating And Finance Leases

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

Millions		Operating Leases		Finance Leases		Total
2020	$	41	$	15	$	56
2021		304		141		445
2022		269		115		384
2023		226		81		307
2024		218		68		286
After 2024		784		122		906
Total lease payments	$	1,842	$	542	$	2,384
Less: Interest		241		73		314
Present value of lease liabilities	$	1,601	$	469	$	2,070

Weighted Average Remaining Lease Term and Discount Rate

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

	Sep. 30,
	2020
Weighted-average remaining lease term (years)
Operating leases		8.1
Finance leases		5.5
Weighted-average discount rate (%)
Operating leases		3.7
Finance leases		5.2

Schedule of Leases - Other Information

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

Millions,
for the Nine Months Ended September 30,	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	313		315
Operating cash flows from finance leases		25		30
Financing cash flows from finance leases		102		102
Leased assets obtained in exchange for finance lease liabilities		-		-
Leased assets obtained in exchange for operating lease liabilities		54		62

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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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=121609121&loc=SL77918686-209980

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