Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost [Table Text Block]
The components of lease expense for the years ended December 31, 2020 and 2019 were as follows (in millions):
2020 2019
Operating lease costs $ 711  $ 643 
Finance lease costs:
Amortization of assets $ 79  $ 73 
Interest on lease liabilities 18  19 
Total finance lease costs 97  92 
Variable lease costs 247  206 
Short-term lease costs 1,299  1,122 
Total lease costs $ 2,354  $ 2,063 
We perform impairment assessments for our ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, impairment charges for ROU assets were $17 million in 2020. We did not record any impairment charges in 2019 or 2018. Rent expense related to our operating leases was $959 million for 2018.
Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows (in millions):
2020 2019
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases $ 686  $ 620 
Operating cash flows from finance leases 18  19 
Financing cash flows from finance leases 192  140 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 787  $ 810 
Finance leases $ 66  $ 110 
Supplemental Balance Sheet Supplemental information related to leases and location within our consolidated balance sheets as of December 31, 2020 and 2019 are as follows (in millions, except lease term and discount rate):
2020 2019
Operating Leases:
Operating lease right-of-use assets $ 3,073  $ 2,856 
Current maturities of operating leases $ 560  $ 538 
Non-current operating leases 2,540  2,391 
Total operating lease obligations $ 3,100  $ 2,929 
Finance Leases:
Property, plant and equipment, net $ 1,225  $ 1,502 
Current maturities of long-term debt, commercial paper and finance leases $ 56  $ 181 
Long-term debt and finance leases 286  317 
Total finance lease obligations $ 342  $ 498 
Weighted average remaining lease term (in years):
Operating leases 11.2 9.7
Finance leases 9.3 8.9
Weighted average discount rate:
Operating leases 2.28  % 2.78  %
Finance leases 4.14  % 4.03  %
Operating Leases Maturity Schedule Maturities of lease obligations as of December 31, 2020 are as follows (in millions):
Finance Leases Operating Leases
2021 $ 69  $ 631 
2022 64  557 
2023 50  458 
2024 30  335 
2025 27  259 
Thereafter 188  1,468 
Total lease payments 428  3,708 
Less: Imputed interest (86) (608)
Total lease obligations 342  3,100 
Less: Current obligations (56) (560)
Long-term lease obligations $ 286  $ 2,540 
Finance Leases Maturity Schedule Maturities of lease obligations as of December 31, 2020 are as follows (in millions):
Finance Leases Operating Leases
2021 $ 69  $ 631 
2022 64  557 
2023 50  458 
2024 30  335 
2025 27  259 
Thereafter 188  1,468 
Total lease payments 428  3,708 
Less: Imputed interest (86) (608)
Total lease obligations 342  3,100 
Less: Current obligations (56) (560)
Long-term lease obligations $ 286  $ 2,540