Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Lease Cost
The components of lease expense for the three and six months ended June 30, 2019 are as follows (in millions):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2019
Operating lease costs
$
166

 
$
323

Finance lease costs:

 
 
Amortization of assets
18

 
$
37

Interest on lease liabilities
4

 
9

Total finance lease costs
22

 
46

Variable and short-term lease costs
240

 
518

Total lease costs
$
428

 
$
887


Supplemental cash flow information related to leases is as follows (in millions):
 
Six Months Ended
June 30,
 
2019
Cash paid for amounts included in measurement of liabilities:

Operating cash flows from operating leases
$
311

Operating cash flows from finance leases
9

Financing cash flows from finance leases
85



Right-of-use assets obtained in exchange for lease liabilities:

Operating leases
$
56


Supplemental Balance Sheet
Supplemental information and balance sheet location related to leases is as follows (in millions, except lease term and discount rate):
 
 
 
June 30, 2019
Operating Leases:

Operating lease right-of-use assets
$
2,477



Current maturities of operating leases
$
487

Non-current operating leases
2,026

Total operating lease liabilities
$
2,513



Finance Leases:

Property, plant and equipment, at cost
$
2,513

Accumulated amortization
961

Property, plant and equipment, net
$
1,552



Current maturities of long-term debt, commercial paper and finance leases
$
77

Long-term debt and finance leases
368

Total finance lease liabilities
$
445



Weighted average remaining lease term (in years):

Operating leases
9.2

Finance leases
10.6



Weighted average discount rate:

Operating leases
2.70
%
Finance leases
4.37
%

Operating Leases Maturity Schedule
Maturities of lease liabilities as of June 30, 2019 are as follows (in millions):

Finance Leases
 
Operating Leases
2019
$
62

 
$
293

2020
94

 
522

2021
42

 
441

2022
38

 
366

2023
37

 
292

Thereafter
293

 
1,077

Total lease payments
566

 
2,991

Less: Imputed interest
(121
)
 
(478
)
Total lease obligations
445

 
2,513

Less: Current obligations
(77
)
 
(487
)
Long-term lease obligations
$
368

 
$
2,026


Finance Leases Maturity Schedule
Maturities of lease liabilities as of June 30, 2019 are as follows (in millions):

Finance Leases
 
Operating Leases
2019
$
62

 
$
293

2020
94

 
522

2021
42

 
441

2022
38

 
366

2023
37

 
292

Thereafter
293

 
1,077

Total lease payments
566

 
2,991

Less: Imputed interest
(121
)
 
(478
)
Total lease obligations
445

 
2,513

Less: Current obligations
(77
)
 
(487
)
Long-term lease obligations
$
368

 
$
2,026


Contractual Obligation, Fiscal Year Maturity Schedule
The following table sets forth the aggregate minimum lease payments under capital and operating leases (in millions) as of December 31, 2018:
 
Capital Leases
 
Operating Leases
2019
$
158

 
$
578

2020
95

 
477

2021
42

 
399

2022
39

 
325

2023
36

 
262

After 2023
293

 
926

Total lease payments
663

 
2,967

Less: Imputed interest
(129
)
 
 
Total lease obligations
534

 
 
Less: Current obligations
(140
)
 
 
Long-term lease obligations
$
394