Leases (Tables)

3 Months Ended

Mar. 31, 2019

The components of the net investment in sales-type and direct financing leases were as follows:


(Dollars in Millions)	March 31, 2019		December 31, 2018
Lease receivables	$	12,204	$	12,207
Unguaranteed residual values accruing to the lessor’s benefit		1,898		1,877
Total net investment in sales-type and direct financing leases	$	14,102	$	14,084

The contractual future lease payments to be received by the Company at March 31, 2019, were as follows:


(Dollars in Millions)	Sales-type and direct finance leases			Operating leases
One Year or Less	$	4,463		$	181
Over One Through Two Years		3,998			145
Over Two Through Three Years		2,630			103
Over Three Through Four Years		1,286			68
Over Four Through Five Years		367			48
Thereafter		530			68
Total lease payments		13,274		$	613
Amounts representing interest		(1,070	)
Lease receivables	$	12,204

The following table presents amounts relevant to the Company’s assets leased for use in its operations for the three months ended March 31, 2019:


(Dollars in Millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	75
Operating cash flows from finance leases		2
Financing cash flows from finance leases		3
Right of use assets obtained in exchange for new operating lease liabilities		36
Right of use assets obtained in exchange for new finance lease liabilities		1
Weighted-average remaining lease term of operating leases (in years)		7.8
Weighted-average remaining lease term of finance leases (in years)		10.7
Weighted-average discount rate of operating leases		3.3	%
Weighted-average discount rate of finance leases		17.3	%

The contractual future lease obligations of the Company at March 31, 2019, were as follows:


(Dollars in Millions)	Operating leases			Finance leases
One Year or Less	$	286		$	17
Over One Through Two Years		260			15
Over Two Through Three Years		228			12
Over Three Through Four Years		191			10
Over Four Through Five Years		148			9
Thereafter		466			36
Total lease payments		1,579			99
Amounts representing interest		(183	)		(34	)
Lease liabilities	$	1,396		$	65