Leases (Tables)

9 Months Ended

Sep. 30, 2019

Components of leases are as follows (in millions):

	September 30,		December 31,
	2019		2018
Current portion of lease liabilities:
Operating	$	83	$	—
Financing		30		7
Total	$	113	$	7

	September 30,		December 31,
	2019		2018
Long-term portion of lease liability:
Operating	$	418	$	—
Financing		255	$	222
Total	$	673	$	222

Components of Lease Expense

Components of lease expense were as follows (in millions):

	Three Months Ended			Nine Months Ended
	September 30, 2019			September 30, 2019
Lease cost
Finance lease cost
Amortization of right-of-use assets	$	7		$	24
Interest on lease liabilities		3			10
Operating lease cost		28			88
Short-term lease cost		19			52
Sub-lease income		(3	)		(8	)
Total	$	54		$	166

Schedule of Supplemental information Related to Leases

Supplemental information related to the Company’s leases is as follows (in millions):

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	3	$	10
Operating cash flows from operating leases		28		88
Financing cash flows from finance leases		7		22
Right-of-use assets obtained in exchange for new:
Operating lease liabilities		10		41
Finance lease liabilities	$	—	$	11

Weighted average remaining lease term at September 30, 2019:
Operating leases			10 years
Finance leases			16 years
Weighted average discount rate at September 30, 2019:
Operating leases				5.02	%
Finance leases				5.41	%

Future Minimum Lease Commitments for Leases with Initial or Remaining Terms of One Year or More

Future minimum lease commitments for leases with initial or remaining terms of one year or more at September 30, 2019, are payable as follows (in millions):

	Operating			Finance
2019	$	35		$	14
2020		110			47
2021		87			39
2022		67			28
2023		50			20
Thereafter		282			253
Total lease payments		631			401
Less: Interest		(130	)		(116	)
Present value of lease liabilities	$	501		$	285