Leases (Tables)

3 Months Ended

Mar. 31, 2019

The Company's lease cost for the three months ended March 31 included the following components (in millions):



	2019			2018
Operating lease cost	$	272		$	326
Variable and short-term lease cost	606			611
Amortization of finance lease assets	18			23
Interest on finance lease liabilities	27			5
Sublease income	(8		)	(10		)
Total lease cost	$	915		$	955

Summary of Scheduled Future Minimum Lease Payments under Operating Leases

The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of March 31, 2019 (in millions):



	Operating Leases			Finance Leases
Last nine months of 2019	$	662		$	195
2020	985			96
2021	763			74
2022	630			47
2023	617			33
After 2023	4,252			69
Minimum lease payments	7,909			514
Imputed interest	2,125			145
Present value of minimum lease payments	5,784			369
Less: current maturities of lease obligations	(639		)	(133		)
Long-term lease obligations	$	5,145		$	236

Summary of Scheduled Future Minimum Lease Payments under Finance Leases

The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases, recorded on the balance sheet, as of March 31, 2019 (in millions):



	Operating Leases			Finance Leases
Last nine months of 2019	$	662		$	195
2020	985			96
2021	763			74
2022	630			47
2023	617			33
After 2023	4,252			69
Minimum lease payments	7,909			514
Imputed interest	2,125			145
Present value of minimum lease payments	5,784			369
Less: current maturities of lease obligations	(639		)	(133		)
Long-term lease obligations	$	5,145		$	236

Additional Information Related to Leases

The table below presents additional information related to our leases as of March 31:



	2019			2018
Weighted-average remaining lease term - finance leases	5 years			5 years
Weighted-average remaining lease term - operating leases	10 years			10 years
Weighted-average discount rate - finance leases	50.5	%	(a)	6.7	%
Weighted-average discount rate - operating leases	5.2	%		5.0	%

(a) During the third quarter of 2018, United entered into an agreement with the lessor of 54 Embraer ERJ 145 aircraft to purchase those aircraft in 2019. The provisions of these lease agreements resulted in a change in accounting classification of these leases from operating leases to finance leases up until the purchase date. The discount rates used for these leases were adjusted so that the present value of lease payments did not exceed the fair value of the asset being recognized.

Supplemental Cash Flow Information Related to Leases

The table below presents supplemental cash flow information related to leases during the three months ended March 31:



	2019		2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	285	$	279
Operating cash flows for finance leases	24		5
Financing cash flows for finance leases	20		18