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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of new lease accounting standard

Effect of Adopting New Lease Standard - January 1, 2019 Balance Sheet

(In millions)	Prior to Adoption		Effect of Adoption			Post Adoption
Property and equipment, net ⁽¹⁾	$	16,045	$	(96	)	$	15,949
Deferred charges and other assets ⁽²⁾⁽³⁾	383		480			863
Accrued expenses and other current liabilities ⁽²⁾	1,217		33			1,250
Financing obligations ⁽¹⁾	10,057		(96		)	9,961
Deferred credits and other liabilities ⁽²⁾⁽³⁾	849		447			1,296

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⁽¹⁾	Non-operating land assets previously considered as failed sale-leaseback financing obligations were determined to qualify for sale-leaseback accounting under ASC 842 and are now recognized as operating lease liabilities with corresponding ROU assets.


⁽²⁾	Operating leases previously considered as off-balance sheet obligations are now recognized as operating lease liabilities with corresponding ROU assets.

⁽³⁾

Accruals associated with future obligations for leases not in use have been applied against the carrying amount of the ROU assets.

Schedule of additional details related to leases recorded on our balance sheet

The following are additional details related to leases recorded on our Balance Sheet as of September 30, 2019:



(In millions)	Balance Sheet Classification	September 30, 2019
Assets
Operating lease ROU assets ⁽¹⁾	Deferred charges and other assets	$	453
Liabilities
Current operating lease liabilities ⁽¹⁾	Accrued expenses and other current liabilities	31
Non-current operating lease liabilities ⁽¹⁾	Deferred credits and other liabilities	479

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⁽¹⁾

As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.

Schedule of lease liabilities

Maturity of Lease Liabilities as of September 30, 2019

(In millions)	Operating Leases
Remaining 2019	$	18
2020	70
2021	70
2022	64
2023	62
Thereafter	890
Total	1,174
Less: present value discount	(664		)
Lease liability	$	510

Schedule of lease costs, other information, and weighted-average details

Lease Costs

	Three Months Ended		Nine Months Ended
(In millions)	September 30, 2019
Operating lease expense	$	17	$	52
Short-term lease expense	31		80
Variable lease expense	4		10
Total lease costs	$	52	$	142

Other Information

(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	$	51

Weighted-Average Details

	September 30, 2019
Weighted-average remaining lease term (in years)	21.8
Weighted-average discount rate	8.01	%

Schedule of annual estimated failed sale-leaseback financing obligation service requirements

Annual Estimated Failed Sale-Leaseback Financing Obligation Service Requirements as of September 30, 2019

	Remaining		Years Ended December 31,
(In millions)	2019		2020		2021		2022		2023		Thereafter		Total
Financing obligations - principal	$	5	$	23	$	26	$	28	$	33	$	8,462	$	8,577
Financing obligations - interest	193		777		788		799		814		25,556		28,927
Total financing obligation payments ⁽¹⁾	$	198	$	800	$	814	$	827	$	847	$	34,018	$	37,504

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⁽¹⁾

Financing obligation principal and interest payments are estimated amounts based on the future minimum lease payments and certain estimates based on contingent rental payments. Actual payments may differ from the estimates.

Schedule of maturity of lease receivables

Maturity of Lease Receivables as of September 30, 2019

(In millions)	Operating Leases
Remaining 2019	$	18
2020	70
2021	64
2022	57
2023	52
Thereafter	812
Total	$	1,073