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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | 4. Leases ﻿ We have operating and finance leases for real estate, vehicles, and equipment. ﻿ We incurred lease expense in the amount of $42 million for the three months ended March 31, 2019. Operating and Financ ing lease costs were $37 million and $5 million, respectively. Short-term rental expense, for agreements less than one year in duration, is immaterial. Financ ing lease cost was comprised of expenses for Depreciation of right-of-use assets and Interest on lease liabilities in the amounts of $2 million and $3 million, respectively. ﻿ Cash paid for amounts included in the measurement of lease liabilities totaled $29 million for the three months ended March 31, 2019. Operating cash flows from operating and financing leases were $26 million and $3 million, respectively. Financing cash flows from finance leases were nominal. Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): ﻿
﻿ |  |
﻿ |  |
﻿ | As of March 31, 2019
﻿Operating Leases |  |
﻿Operating lease right-of-use assets, net (1) | $ | 470
﻿ |  |
﻿Other current liabilities | $ | 54
﻿Operating lease liabilities (2) |  | 421
﻿Total operating lease liabilities | $ | 475
﻿ |  |
﻿Finance Leases |  |
﻿Property and equipment, at cost | $ | 171
﻿Accumulated depreciation |  | (49)
﻿Property and equipment, net | $ | 122
﻿ |  |
﻿Current portion of long-term debt | $ | 5
﻿Long-term debt |  | 174
﻿Total finance lease liabilities | $ | 179
﻿
| (1) |  | Included in other assets.
| (2) |  | Included in other liabilities.
﻿ The weighted average remaining lease terms for operating and financing leases are 11.9 years and 6.4 years, respectively. The weighted average discount rates for operating and financing leases are 3.9% and 6.0%, respectively. ﻿ As of March 31, 2019, m aturities of lease liabilities under the new lease standard are as follows (in millions): ﻿
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﻿ |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | After 2023 |  |  | Gross Total |  |  | Imputed Discount |  |  | Total
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﻿Operating Leases |  | $ | 69 |  | $ | 86 |  | $ | 70 |  | $ | 62 |  | $ | 55 |  | $ | 352 |  | $ | 694 |  | $ | (219) |  | $ | 475
﻿Financing Leases |  |  | 10 |  |  | 13 |  |  | 13 |  |  | 14 |  |  | 131 |  |  | 52 |  |  | 233 |  |  | (54) |  |  | 179
﻿ As of December 31, 2018, maturities of lease liabilities under the previous lease standard were as follows (in millions): ﻿
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﻿ |  |  |  |  |
﻿ |  | Total |  | Less than 1 year |  | 1 to 3 years |  | 3 to 5 years |  | 5 years and thereafter
﻿Capital leases and financing obligations |  | $ | 393 |  | $ | 4 |  | $ | 11 |  | $ | 132 |  | $ | 246
﻿Imputed interest on capital leases and financing obligations |  |  | 205 |  |  | 20 |  |  | 38 |  |  | 37 |  |  | 110
﻿Minimum rental commitments |  |  | 581 |  |  | 82 |  |  | 133 |  |  | 111 |  |  | 255
﻿ As of March 31, 2019, we have additional operating leases, primarily for new production facilities and equipment, that have not yet commenced of approximately $450 million on an undiscounted basis. These operating leases will commence between fiscal year 2019 and fiscal year 2020 with lease terms of 10 years to 25 years.

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