Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

Note 12. Leases

We are party to contracts where we lease property from others. As a lessee, we primarily lease office and operating facilities, locomotives, freight cars, energy generation facilities and transmission assets. Operating lease right-of-use assets and lease liabilities as of September 30, 2019 were $5,996 million and $5,852 million, respectively, and were included in other assets and accounts payable, accruals and other liabilities in our Consolidated Balance Sheet. The weighted average term of these leases was approximately 7.5 years and the weighted average discount rate used to measure lease liabilities was approximately 3.9%. A summary of our remaining operating lease payments as of September 30, 2019 and December 31, 2018 follows (in millions).

	2019		2020		2021		2022		2023		Thereafter		Total lease payments		Amount representing interest			Lease liabilities
September 30, 2019	$	296	$	1,363	$	1,140	$	915	$	732	$	2,423	$	6,869	$	(1,017	)	$	5,852
December 31, 2018		1,310		1,268		1,048		820		658		2,079		7,183

Components of operating lease costs for the third quarter and first nine months of 2019 by type were as follows (in millions).

	Operating lease cost		Short-term lease cost		Variable lease cost		Sublease income			Total lease cost
Third quarter	$	355	$	39	$	63	$	(6	)	$	451
First nine months		1,083		118		202		(18	)		1,385