Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of Lease Cost

The Company's lease cost for the three and nine months ended September 30 included the following components (in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Operating lease cost	$	255		$	302		$	786		$	940
Variable and short-term lease cost	643			664			1,910			1,944
Amortization of finance lease assets	15			17			51			57
Interest on finance lease liabilities	27			17			86			26
Sublease income	(8		)	(9		)	(25		)	(30		)
Total lease cost	$	932		$	991		$	2,808		$	2,937

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 September 30, 2019 (in millions):

	Operating Leases			Finance Leases
Last three months of 2019	$	195		$	80
2020	1,004			58
2021	788			54
2022	660			44
2023	647			33
After 2023	4,611			70
Minimum lease payments	7,905			339
Imputed interest	(2,186		)	(61		)
Present value of minimum lease payments	5,719			278
Less: current maturities of lease obligations	(778		)	(92		)
Long-term lease obligations	$	4,941		$	186

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 September 30, 2019 (in millions):

	Operating Leases			Finance Leases
Last three months of 2019	$	195		$	80
2020	1,004			58
2021	788			54
2022	660			44
2023	647			33
After 2023	4,611			70
Minimum lease payments	7,905			339
Imputed interest	(2,186		)	(61		)
Present value of minimum lease payments	5,719			278
Less: current maturities of lease obligations	(778		)	(92		)
Long-term lease obligations	$	4,941		$	186

Additional Information Related to Leases

The table below presents additional information related to our leases as of September 30:

	2019			2018
Weighted-average remaining lease term - operating leases	11 years			11 years
Weighted-average remaining lease term - finance leases	5 years			5 years
Weighted-average discount rate - operating leases	5.3	%		5.2	%
Weighted-average discount rate - finance leases	44.8	%	(a)	39.5	%	(a)

(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 nine months ended September 30 (in millions):

	2019		2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	743	$	842
Operating cash flows for finance leases	63		30
Financing cash flows for finance leases	105		57