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Leases (Tables)

12 Months Ended

Dec. 31, 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 and are 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 December 31, 2019:



(In millions)	Balance Sheet Classification	December 31, 2019
Assets
Operating lease ROU assets ⁽¹⁾	Deferred charges and other assets	$	550
Liabilities
Current operating lease liabilities ⁽¹⁾	Accrued expenses and other current liabilities	64
Non-current operating lease liabilities ⁽¹⁾	Deferred credits and other liabilities	545

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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

The following table summarizes the future minimum lease obligations of our operating leases as of December 31, 2019 under the new standard:



(In millions)	Operating Leases
2020	$	105
2021	106
2022	100
2023	63
2024	58
Thereafter	837
Total	1,269
Less: present value discount	(660		)
Lease liability	$	609

As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018 and under the old standard, the following table summarizes the future minimum lease obligations of our operating leases as of December 31, 2018:



(In millions)	Operating Leases
2019	$	82
2020	70
2021	57
2022	53
2023	51
Thereafter	966
Total	$	1,279

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

Lease Costs

(In millions)	December 31, 2019
Operating lease expense	$	74
Short-term lease expense	102
Variable lease expense	15
Total lease costs	$	191

Other Information

(In millions)	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	71

Weighted-Average Details

	December 31, 2019
Weighted-average remaining lease term (in years)	18.5
Weighted-average discount rate	7.11	%

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

Annual Estimated Failed Sale-Leaseback Financing Obligation Service Requirements as of December 31, 2019

	Years Ended December 31,
(In millions)	2020		2021		2022		2023		2024		Thereafter		Total
Financing obligations - principal	$	21	$	26	$	29	$	33	$	37	$	8,468	$	8,614
Financing obligations - interest	712		787		799		814		830		24,683		28,625
Total financing obligation payments ⁽¹⁾	$	733	$	813	$	828	$	847	$	867	$	33,151	$	37,239

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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 December 31, 2019

(In millions)	Operating Leases
2020	$	70
2021	66
2022	59
2023	54
2024	47
Thereafter	772
Total	$	1,068