Leases (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Schedule of Operating and Financing Leases Presented in Balance Sheets |
The balances for the operating and finance leases where we are the lessee are presented as follows (in millions) within our consolidated balance sheet:
|
|
|
September 30, 2019 |
|
|
Operating leases: |
|
|
|
|
|
Operating lease right-of-use assets |
|
$ |
1,234 |
|
|
|
|
|
|
|
|
Accrued liabilities and other |
|
$ |
223 |
|
|
Other long-term liabilities |
|
|
1,028 |
|
|
Total operating lease liabilities |
|
$ |
1,251 |
|
|
|
|
|
|
|
|
Finance leases: |
|
|
|
|
|
Solar energy systems, net |
|
$ |
31 |
|
|
Property, plant and equipment, net |
|
|
1,570 |
|
|
Total finance lease assets |
|
$ |
1,601 |
|
|
|
|
|
|
|
|
Current portion of long-term debt and finance leases |
|
$ |
387 |
|
|
Long-term debt and finance leases, net of current portion |
|
|
1,217 |
|
|
Total finance lease liabilities |
|
$ |
1,604 |
|
|
| Schedule of Components of Lease Expense and Other Information Related to Leases |
The components of lease expense are as follows (in millions) within our consolidated statements of operations:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, 2019 |
|
|
September 30, 2019 |
|
|
Operating lease expense: |
|
|
|
|
|
|
|
|
|
Operating lease expense (1) |
|
$ |
110 |
|
|
$ |
317 |
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease expense: |
|
|
|
|
|
|
|
|
|
Amortization of leased assets |
|
$ |
78 |
|
|
$ |
210 |
|
|
Interest on lease liabilities |
|
|
27 |
|
|
|
78 |
|
|
Total finance lease expense |
|
$ |
105 |
|
|
$ |
288 |
|
|
|
|
|
|
|
|
|
|
|
|
Total lease expense |
|
$ |
215 |
|
|
$ |
605 |
|
|
(1) |
Includes short-term leases and variable lease costs, which are immaterial. |
Other information related to leases where we are the lessee is as follows:
|
|
|
September 30, 2019 |
|
|
Weighted-average remaining lease term: |
|
|
|
|
|
Operating leases |
|
6.6 years |
|
|
Finance leases |
|
4.2 years |
|
|
|
|
|
|
|
|
Weighted-average discount rate: |
|
|
|
|
|
Operating leases |
|
|
6.5 |
% |
|
Finance leases |
|
|
6.6 |
% |
|
| Supplemental Cash Flow Information Related to Leases |
Supplemental cash flow information related to leases where we are the lessee is as follows (in millions):
|
|
|
Nine Months Ended |
|
|
|
|
September 30, 2019 |
|
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash outflows from operating leases |
|
$ |
262 |
|
|
Operating cash outflows from finance leases (interest payments) |
|
$ |
76 |
|
|
Financing cash outflows from finance leases |
|
$ |
223 |
|
|
Leased assets obtained in exchange for finance lease liabilities |
|
$ |
497 |
|
|
Leased assets obtained in exchange for operating lease liabilities |
|
$ |
172 |
|
|
| Schedule of Maturities of Operating and Finance Lease Liabilities |
As of September 30, 2019, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows (in millions):
|
|
|
Operating |
|
|
Finance |
|
|
|
|
Leases |
|
|
Leases |
|
|
Three months ending December 31, 2019 |
|
$ |
76 |
|
|
$ |
122 |
|
|
2020 |
|
|
289 |
|
|
|
474 |
|
|
2021 |
|
|
256 |
|
|
|
456 |
|
|
2022 |
|
|
206 |
|
|
|
576 |
|
|
2023 |
|
|
174 |
|
|
|
141 |
|
|
Thereafter |
|
|
562 |
|
|
|
18 |
|
|
Total minimum lease payments |
|
|
1,563 |
|
|
|
1,787 |
|
|
Less: Interest |
|
|
312 |
|
|
|
183 |
|
|
Present value of lease obligations |
|
|
1,251 |
|
|
|
1,604 |
|
|
Less: Current portion |
|
|
223 |
|
|
|
387 |
|
|
Long-term portion of lease obligations |
|
$ |
1,028 |
|
|
$ |
1,217 |
|
|
| Future Minimum Lease Payments Under Non-Cancellable Leases |
As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2018 and under legacy lease accounting (ASC 840), future minimum lease payments under non-cancellable leases as of December 31, 2018 are as follows (in millions):
|
|
|
Operating |
|
|
Finance |
|
|
|
|
Leases |
|
|
Leases |
|
|
2019 |
|
$ |
276 |
|
|
$ |
417 |
|
|
2020 |
|
|
257 |
|
|
|
503 |
|
|
2021 |
|
|
230 |
|
|
|
506 |
|
|
2022 |
|
|
183 |
|
|
|
24 |
|
|
2023 |
|
|
158 |
|
|
|
5 |
|
|
Thereafter |
|
|
524 |
|
|
|
6 |
|
|
Total minimum lease payments |
|
$ |
1,628 |
|
|
|
1,461 |
|
|
Less: Interest |
|
|
|
|
|
|
122 |
|
|
Present value of lease obligations |
|
|
|
|
|
|
1,339 |
|
|
Less: Current portion |
|
|
|
|
|
|
346 |
|
|
Long-term portion of lease obligations |
|
|
|
|
|
$ |
993 |
|
|
| Maturities of Operating Lease Receivables from Customers |
As of September 30, 2019, maturities of our operating lease receivables from customers for each of the next five years and thereafter were as follows (in millions):
|
Three months ending December 31, 2019 |
|
$ |
155 |
|
|
2020 |
|
|
568 |
|
|
2021 |
|
|
418 |
|
|
2022 |
|
|
251 |
|
|
2023 |
|
|
188 |
|
|
Thereafter |
|
|
2,458 |
|
|
Total |
|
$ |
4,038 |
|
|
| Future Minimum Lease Payments to be Received from Customers under Non-cancellable Operating Leases ASC 840 |
As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2018 and under legacy lease accounting (ASC 840), future minimum lease payments to be received from customers under non-cancellable leases as of December 31, 2018 are as follows (in millions):
|
2019 |
|
$ |
502 |
|
|
2020 |
|
|
418 |
|
|
2021 |
|
|
271 |
|
|
2022 |
|
|
187 |
|
|
2023 |
|
|
189 |
|
|
Thereafter |
|
|
2,469 |
|
|
Total |
|
$ |
4,036 |
|
|