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Leases (Tables)

12 Months Ended

Dec. 31, 2020

19. Leases

Lessee, Operating Lease and additional information

As at			December 31		December 31
millions of Canadian dollars	Classification		2020		2019
Right-of-use asset	Other long-term assets	$	61	$	64
Lease liabilities
Current	Other current liabilities		3		5
Long-term	Other long-term liabilities		60		61
Total lease liabilities		$	63	$	66

Additional information related to Emera's leases is as follows:
		Year ended December
For the		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases (millions of Canadian dollars)	$	7	$	7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases (millions of Canadian dollars)	$	7	$	16
Weighted average remaining lease term (years)		43		39
Weighted average discount rate- operating leases		3.96%		4.07%

Future minimum lease payments under non-cancellable operating leases

Future minimum lease payments under non-cancellable operating leases for each of the next five years and in aggregate thereafter are as follows:
															millions of Canadian dollars	2021		2022		2023		2024		2025			Thereafter		Total
Minimum lease payments	$	6	$	6	$	6	$	5	$	4	$	112	$	139
Less imputed interest		-		-		-		-		-		-		(76)
Total	$	6	$	6	$	6	$	5	$	4	$	112	$	63

Net Investment in direct finance leases

As at	December 31		December 31
millions of Canadian dollars		2020		2019
Total minimum lease payment to be received		1,018	$	1,066
Less: amounts representing estimated executory costs		(179)		(189)
Minimum lease payments receivable		839	$	877
Estimated residual value of leased property (unguaranteed)		183		183
Less: unearned finance lease income		(487)		(532)
Net investment in direct finance and sales-type leases		535	$	528
Principal due within one year (included in "Receivables and other current assets")		18		17
Net investment in sales-type leases - long-term (included in "Other long-term assets")		42		38
Net Investment in direct finance leases - long-term		475	$	473

Future minimum lease payments to be received for the next five years

As at December 31, 2020, future minimum lease payments to be received for each of the next five years and in aggregate thereafter are as follows:
															millions of Canadian dollars	2021		2022		2023		2024		2025		Thereafter		Total
Minimum lease payments to be received	$	78	$	77	$	76	$	77	$	79	$	631	$	1,018
Less: executory costs														(179)
Minimum lease payments receivable	$	78	$	77	$	76	$	77	$	79	$	631	$	839

X

- Definition

Tabular disclosure of components of lease income from direct financing lease.

+ References

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-Publisher FASB
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

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