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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Balance Sheet Classification of Lease Assets and Liabilities

Lease Balances

(In millions)		September 30, 2019
Assets
Operating lease assets (1)		$	675
Finance lease assets (2)		271
Total lease assets		$	946
Liabilities
Current
Operating lease liabilities (1)		$	138
Finance lease liabilities (2)		73
Noncurrent
Operating lease liabilities (1)		585
Finance lease liabilities (2)		158
Total lease liabilities		$	954

⁽¹⁾  Operating lease assets are included within other long-term assets, and operating lease liabilities are included within accounts payable and accrued expenses (current portion) and other long-term liabilities (noncurrent portion) in the Company’s consolidated balance sheet.

⁽²⁾ 

Finance lease assets are included within property and equipment, net and finance lease liabilities are included within short-term and current maturities of long-term debt (current portion) and long-term debt (noncurrent portion) in the Company’s consolidated balance sheets.

Schedule of Cost, Supplemental Cash Flow and Other Information Related to Leases

Components of Lease Cost

(In millions)		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
Operating lease cost (1)		$	64			$	141
Finance lease cost (2)
Amortization of right-of-use assets		16				18
Interest on lease liabilities		3				3
Total lease cost		$	83			$	162

⁽¹⁾  Operating lease expense is included within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, in the Company’s consolidated statements of income. Operating lease cost includes approximately $14 million and $42 million of variable lease costs for the three and nine months ended September 30, 2019, respectively.

⁽²⁾  Finance lease expense is recorded as depreciation and amortization expense within cost of processing and services, cost of product and selling, general and administrative expense, dependent upon the nature and use of the ROU asset, and interest expense, net in the Company’s consolidated statements of income.

Supplemental Cash Flow Information

(In millions)		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	94
Operating cash flows from finance leases		3
Financing cash flows from finance leases		17
Right-of-use assets obtained in exchange for lease liabilities
Operating leases		$	459
Finance leases		288

Lease Term and Discount Rate

		September 30, 2019
Weighted-average remaining lease term
Operating leases		6 years
Finance leases		3 years
Weighted-average discount rate
Operating leases		3.0	%
Finance leases		3.5	%

Operating Lease Maturity under ASC 842

Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at September 30, 2019:

(In millions)
Year ending December 31,	Operating Leases(1)				Finance Leases
Remainder of 2019	$	48			$	16
2020	146				82
2021	129				70
2022	110				58
2023	95				7
Thereafter	254				6
Total lease payments	782				239
Less: Interest	(59		)		(8		)
Present value of lease liabilities	$	723			$	231

⁽¹⁾  Operating lease payments include $55 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $6 million of legally binding minimum lease payments for leases signed but not yet commenced. Operating leases that have been signed but not yet commenced are for real estate and equipment and will commence in 2019 and 2020 with lease terms of one to 10 years.

Finance Lease Maturity under ASC 842

Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at September 30, 2019:

(In millions)
Year ending December 31,	Operating Leases(1)				Finance Leases
Remainder of 2019	$	48			$	16
2020	146				82
2021	129				70
2022	110				58
2023	95				7
Thereafter	254				6
Total lease payments	782				239
Less: Interest	(59		)		(8		)
Present value of lease liabilities	$	723			$	231

⁽¹⁾  Operating lease payments include $55 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $6 million of legally binding minimum lease payments for leases signed but not yet commenced. Operating leases that have been signed but not yet commenced are for real estate and equipment and will commence in 2019 and 2020 with lease terms of one to 10 years.

Operating Lease Maturity under ASC 840

Future minimum rental payments on operating leases with initial non-cancellable lease terms in excess of one year were due as follows at December 31, 2018:

(In millions)
Year ending December 31,
2019	$	94
2020	75
2021	62
2022	51
2023	40
Thereafter	108
Total	$	430

Schedule of Components of Lease Income

Components of Lease Income

(In millions)	Three and Nine Months Ended September 30, 2019
Sales-type and direct financing leases
Selling profit (1)	$	8
Interest income (1)	15
Operating lease income (2)	14

⁽¹⁾  Selling profit includes $21 million recorded within product revenue with a corresponding charge of $13 million recorded in cost of product in the consolidated statements of income for the three and nine months ended September 30, 2019. Interest income is included within product revenue in the consolidated statements of income.

⁽²⁾ 

Operating lease income includes an immaterial amount of variable lease income and is included within product revenue in the Company’s consolidated statements of income for the three and nine months ended September 30, 2019.

Schedule of Components of Lease Income

Components of Lease Income

(In millions)	Three and Nine Months Ended September 30, 2019
Sales-type and direct financing leases
Selling profit (1)	$	8
Interest income (1)	15
Operating lease income (2)	14

⁽¹⁾  Selling profit includes $21 million recorded within product revenue with a corresponding charge of $13 million recorded in cost of product in the consolidated statements of income for the three and nine months ended September 30, 2019. Interest income is included within product revenue in the consolidated statements of income.

⁽²⁾ 

Operating lease income includes an immaterial amount of variable lease income and is included within product revenue in the Company’s consolidated statements of income for the three and nine months ended September 30, 2019.

Schedule of Components of Lease Income

Components of Lease Income

(In millions)	Three and Nine Months Ended September 30, 2019
Sales-type and direct financing leases
Selling profit (1)	$	8
Interest income (1)	15
Operating lease income (2)	14

⁽¹⁾  Selling profit includes $21 million recorded within product revenue with a corresponding charge of $13 million recorded in cost of product in the consolidated statements of income for the three and nine months ended September 30, 2019. Interest income is included within product revenue in the consolidated statements of income.

⁽²⁾ 

Operating lease income includes an immaterial amount of variable lease income and is included within product revenue in the Company’s consolidated statements of income for the three and nine months ended September 30, 2019.

Schedule of Components of Net Investment in Sales-Type and Direct Financing Leases

Components of Net Investment in Sales-Type and Direct Financing Leases

(In millions)	September 30, 2019
Minimum lease payments	$	374
Residual values	37
Less: Unearned interest income	(160		)
Net investment in leases (1)	$	251

⁽¹⁾ 

Net investments in leased assets are included within prepaid expenses and other current assets (current portion) and other long-term assets (noncurrent portion) in the consolidated balance sheet.

Schedule of Maturities of Future Minimum Lease Payments

Future minimum lease payments receivable on sales-type leases were as follows at September 30, 2019:

(In millions)
Year ending December 31,	Sales-Type Leases
2019	$	45
2020	149
2021	107
2022	56
2023	16
Thereafter	1
Total minimum lease payments	$	374

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