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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

						For the Year Ended December 31, 2019
(In millions)						Vehicles						Buildings						Other						Total
Operating lease costs (1)						$	28					$	9					$	12					$	49
Finance lease costs:
Amortization of right-of-use assets						15						1						1						17
Interest on lease liabilities						3						3						—						6
Total finance lease cost						18						4						1						23
Total lease cost						$	46					$	13					$	13					$	72

(1) Includes $13 million of short-term lease costs.

Supplemental cash flow information related to leases was as follows:

(In millions)						For the Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	29
Operating cash flows from finance leases						5
Finance cash flows from finance leases						25
Right-of-use assets obtained in exchange for lease obligations:
Operating leases						$	83
Finance leases						3

Lease terms and discount rates were as follows:

						As of December 31, 2019
Weighted-average remaining lease terms (years)
Operating leases						9.42
Finance leases						4.62
Weighted-average discount rate (1)
Operating leases						4.51		%
Finance leases						10.45		%

(1) When an implicit rate is not readily determinable, an incremental borrowing rate is utilized, determining the present value of lease payments. The rate is determined based on expected term and information available at the commencement date.

Supplemental balance sheet information related to leases was as follows:

(In millions)

Financial Statement Line Item

As of December 31, 2019

Assets

Operating lease assets, net of accumulated amortization of $23 million

Deferred charges and other assets

$

231

Finance lease assets, net of accumulated amortization of $90 million

Property, plant and equipment

73

Total leased assets

$

304

Liabilities

Current:

Operating

Other current liabilities

$

32

Finance

Currently payable long-term debt

15

Noncurrent:

Operating

Other noncurrent liabilities

241

Finance

Long-term debt and other long-term obligations

45

Total leased liabilities

$

333

Maturities of lease liabilities as of December 31, 2019, were as follows:

(In millions)						Operating Leases						Finance Leases						Total
2020						$	40					$	20					$	60
2021						40						17						57
2022						40						15						55
2023						36						8						44
2024						29						4						33
Thereafter						154						16						170
Total lease payments (1)						339						80						419
Less imputed interest						(66)						(20)						(86)
Total net present value						$	273					$	60					$	333

(1) Operating lease payments for certain leases are offset by sublease receipts of $13 million over 13 years.

Maturity of Operating Lease Liabilities

Maturities of lease liabilities as of December 31, 2019, were as follows:

(In millions)						Operating Leases						Finance Leases						Total
2020						$	40					$	20					$	60
2021						40						17						57
2022						40						15						55
2023						36						8						44
2024						29						4						33
Thereafter						154						16						170
Total lease payments (1)						339						80						419
Less imputed interest						(66)						(20)						(86)
Total net present value						$	273					$	60					$	333

(1) Operating lease payments for certain leases are offset by sublease receipts of $13 million over 13 years.

Maturity of Finance Lease Liabilities

Maturities of lease liabilities as of December 31, 2019, were as follows:

(In millions)						Operating Leases						Finance Leases						Total
2020						$	40					$	20					$	60
2021						40						17						57
2022						40						15						55
2023						36						8						44
2024						29						4						33
Thereafter						154						16						170
Total lease payments (1)						339						80						419
Less imputed interest						(66)						(20)						(86)
Total net present value						$	273					$	60					$	333

(1) Operating lease payments for certain leases are offset by sublease receipts of $13 million over 13 years.

Schedule of Future Minimum Capital Lease Payments

The future minimum capital lease payments as of December 31, 2018, as reported in the 2018 Annual Report on Form 10-K for the year ended December 31, 2018 under ASC 840 ”Leases” are as follows:

Capital Leases
						(In millions)
2019						$	24
2020						19
2021						16
2022						13
2023						8
Years thereafter						16
Total minimum lease payments						96
Interest portion						(23)
Present value of net minimum lease payments						73
Less current portion						18
Noncurrent portion						$	55

Schedule of Future Minimum Operating Lease Payments

The future minimum operating lease payments as of December 31, 2018, as reported in the 2018 Annual Report on Form 10-K for the year ended December 31, 2018 under ASC 840 ”Leases” are as follows:

Operating Leases
						(In millions)
2019						$	34
2020						36
2021						34
2022						30
2023						28
Years thereafter						127
Total minimum lease payments						$	289

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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