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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of lease costs and other lessee information

The following table presents components of lease cost, including both amounts recognized in income and amounts capitalized (in millions):



Lease Cost	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Operating lease cost	$	32		$	95
Short-term lease cost	11			32
Other ⁽¹⁾	(1		)	—
Total lease cost	$	42		$	127


⁽¹⁾	Includes immaterial finance lease costs, variable lease costs and sublease income.

The following table presents information related to cash flows arising from lease transactions (in millions):



	Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	101
Financing cash flows for finance leases	$	13

Non-cash change in lease liabilities arising from obtaining new right of use assets or modifications:
Operating leases	$	16
Finance leases	$	10

Information related to the weighted-average remaining lease term and discount rate is presented in the table below:



	September 30, 2019
Weighted-average remaining lease term (in years):
Operating leases	10.2
Finance leases	3.6

Weighted-average discount rate:
Operating leases	4.5%
Finance leases	2.4%

Lease Assets and Liabilities

The following table presents the amount and location of our operating and finance lease right-of-use assets and liabilities on our Condensed Consolidated Balance Sheet (in millions):



Leases	Balance Sheet Location	September 30, 2019
Assets
Operating lease right-of-use assets	Long-term operating lease right-of-use assets, net	$	443

Finance lease right-of-use assets	Property and equipment	$	110
	Accumulated depreciation	(15		)
	Property and equipment, net	$	95

Total lease right-of-use assets		$	538

Liabilities
Operating lease liabilities
Current	Other current liabilities	$	103
Noncurrent	Long-term operating lease liabilities	348
Total operating lease liabilities		$	451

Finance lease liabilities
Current	Short-term debt	$	19
Noncurrent	Other long-term debt, net	37
Total finance lease liabilities		$	56

Total lease liabilities		$	507

Schedule of Operating Lease Maturity

The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of September 30, 2019 reconciled to our lease liabilities on our Condensed Consolidated Balance Sheet (amounts in millions):



	Operating			Finance
Future minimum lease payments ⁽¹⁾:
Remainder of 2019	$	31		$	5
2020	113			18
2021	93			9
2022	78			10
2023	54			7
Thereafter	247			10
Total	616			59
Less: Present value discount	(165		)	(3		)
Lease liabilities	$	451		$	56

⁽¹⁾

Excludes future minimum payments for short-term and other immaterial leases not included on our Condensed Consolidated Balance Sheet.

Schedule of Finance Lease Maturity



	Operating			Finance
Future minimum lease payments ⁽¹⁾:
Remainder of 2019	$	31		$	5
2020	113			18
2021	93			9
2022	78			10
2023	54			7
Thereafter	247			10
Total	616			59
Less: Present value discount	(165		)	(3		)
Lease liabilities	$	451		$	56

⁽¹⁾

Excludes future minimum payments for short-term and other immaterial leases not included on our Condensed Consolidated Balance Sheet.

Schedule of Lessor Future Revenues Maturity

The table below presents the maturity of lease payments for operating lease agreements in effect as of September 30, 2019. This presentation includes minimum fixed lease payments and does not include an estimate of variable lease consideration. These agreements have remaining lease terms ranging from two years to 23 years. The following table presents the undiscounted cash flows expected to be received related to these agreements (in millions):



	Remainder of 2019		2020		2021		2022		2023		Thereafter
Lease revenue	$	5	$	19	$	22	$	25	$	21	$	226