Leases

On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), using a modified retrospective approach for leases existing at or entered into after the effective date. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard. The standard requires the recognition of right-of-use assets and lease liabilities for operating leases on the Company’s Consolidated Balance Sheets. At adoption, assets and liabilities in the Company's Consolidated Balance Sheets increased approximately $2.3 billion. The accounting for finance leases remained unchanged. There was no effect of adopting Topic 842 on member’s equity, operating income, or net income. Results for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted.

The following table shows the components of lease cost (in millions):



Lease Cost	Year Ended December 31, 2019
Operating lease cost	$	481
Finance lease cost:
Amortization of right-of-use assets	37
Interest on lease liabilities	24
Short-term lease cost	85
Total lease cost	$	627

Supplemental balance sheet information related to leases was as follows (in millions):



Operating Leases	December 31, 2019
Operating lease right-of-use assets	$	2,285

Accounts payable and other current liabilities	$	455
Operating lease liabilities	1,632
Total operating lease liabilities	$	2,087



Finance Leases	December 31, 2019
Property and equipment	$	794
Accumulated depreciation	(349		)
Property and equipment, net	$	445

Long-term debt due within one year	$	48
Long-term debt	324
Total finance lease liabilities	$	372

Supplemental cash flow information related to leases was as follows (in millions):



Cash Flow	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows for operating leases	$	412
Operating cash flows for finance leases	$	25
Financing cash flows for finance leases	$	47
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	57

Other information related to leases was as follows:



Other Information	December 31, 2019
Weighted-average remaining lease term (in years):
Operating leases	7.7
Finance leases	4.5
Weighted-average discount rate:
Operating leases	3.7	%
Finance leases	6.4	%

Maturities of lease liabilities as of December 31, 2019 are summarized as follows (in millions):



	Operating Leases			Finance Leases
2020	498			70
2021	426			200
2022	340			35
2023	299			28
2024	249			24
Thereafter	569			77
Total lease payments	2,381			434
Less amount representing interest	(294		)	(62		)
Total	$	2,087		$	372

Future minimum lease payments as of December 31, 2018 are summarized as follows (in millions):



	Operating Leases		Capital Leases
2019	$	400	$	72
2020	496		69
2021	421		200
2022	328		35
2023	289		28
Thereafter	787		101
Total lease payments	$	2,721	505
Less amount representing interest			(86		)
Total lease obligations			419
Less current obligations			(47		)
Long-term lease obligations			$	372

Lease rental expense for all operating leases, excluding per diem leases, was $555 million and $587 million for the years ended December 31, 2018 and 2017, respectively.