Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Standards and Accounting Policies (Tables)

v3.19.2
Recent Accounting Standards and Accounting Policies (Tables)
6 Months Ended
Jun. 29, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
For the six months ended June 29, 2019, lease expense was $94 million. In accordance with the new leases standard, discounted and undiscounted lease payments under non-cancelable leases as of June 29, 2019, excluding non-lease components, are as follows:
(In Millions)
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
2024 and Thereafter
 
Total
Lease payments
 
$
93

 
$
173

 
$
122

 
$
96

 
$
70

 
$
107

 
$
661

Present value of lease payments
 
 
 
 
 
 
 
 
 
 
 
 
 
$
604

Lease expense was $231 million in 2018 ($264 million in 2017). Prior to our adoption of the new leases standard, future minimum lease payments as of December 29, 2018, which were undiscounted and included lease and non-lease components, were as follows:
(In Millions)
 
2019
 
2020
 
2021
 
2022
 
2023
 
2024 and Thereafter
 
Total
Minimum rental commitments under all non-cancelable leases
 
$
229

 
$
181

 
$
133

 
$
101

 
$
70

 
$
121

 
$
835