United Parcel Service, Inc. Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

3 Months Ended

Mar. 31, 2019

The components of lease expense for the three months ended March 31, 2019 are as follows (in millions):



	Three Months Ended March 31, 2019
Operating lease costs	$	157
Finance lease costs:
Amortization of assets	19
Interest on lease liabilities	5
Total finance lease costs	24
Variable and short-term lease costs	278
Total lease costs	$	459

Supplemental cash flow information related to leases is as follows (in millions):



	Three Months Ended March 31, 2019
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	153
Operating cash flows from finance leases	2
Financing cash flows from finance leases	4

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	34

Supplemental information and balance sheet location related to leases is as follows (in millions, except lease term and discount rate):



	March 31, 2019
Operating Leases:
Operating lease right-of-use assets	$	2,543

Current maturities of operating leases	$	492
Non-current operating leases	2,093
Total operating lease liabilities	$	2,585

Finance Leases:
Property, plant and equipment, at cost	$	2,569
Accumulated amortization	942
Property, plant and equipment, net	$	1,627

Current maturities of long-term debt, commercial paper and finance leases	$	138
Long-term debt and finance leases	387
Total finance lease liabilities	$	525

Weighted average remaining lease term (in years):
Operating leases	9.1
Finance leases	9.4

Weighted average discount rate:
Operating leases	2.74		%
Finance leases	4.28		%

Maturities of lease liabilities as of March 31, 2019 are as follows (in millions):

Maturities of lease liabilities as of March 31, 2019 are as follows (in millions):

The following table sets forth the aggregate minimum lease payments under capital and operating leases (in millions) as of December 31, 2018: