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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Lease Costs and Other Lessee Information

The following table presents components of lease cost for the year ended December 31, 2019, including both amounts recognized in income and amounts capitalized (in millions):


Lease Cost	Year Ended December 31, 2019
Operating lease cost	$	125
Short-term lease cost	35
Other ⁽¹⁾	—
Total lease cost	$	160

⁽¹⁾Includes less than $1 million of net immaterial finance lease costs, variable lease costs and sublease income.

The following table presents information related to cash flows arising from lease transactions (in millions):


	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	116
Financing cash flows for finance leases	$	18

Non-cash change in lease liabilities arising from obtaining new right-of-use assets or modifications:
Operating leases	$	77
Finance leases⁽¹⁾	$	27

⁽¹⁾Includes approximately $12 million associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.

Information related to the weighted-average remaining lease term and discount rate is presented in the table below:


	Year Ended December 31, 2019
Weighted-average remaining lease term (in years):
Operating leases	11
Finance leases	6

Weighted-average discount rate:
Operating leases	4.4	%
Finance leases	7.1	%

Schedule of Assets and Liabilities, Lessee

The following table presents the amount and location of our operating and finance lease right-of-use assets and liabilities on our Consolidated Balance Sheet (in millions):


Leases	Balance Sheet Location	Year Ended December 31, 2019
Assets
Operating lease right-of-use assets	Long-term operating lease right-of-use assets, net	$	466

Finance lease right-of-use assets⁽¹⁾	Property and equipment	$	124
	Accumulated depreciation	(16)
	Property and equipment, net	$	108

Total lease right-of-use assets		$	574

Liabilities
Operating lease liabilities
Current	Other current liabilities	$	94
Noncurrent	Long-term operating lease liabilities	387
Total operating lease liabilities		$	481

Finance lease liabilities ⁽¹⁾
Current	Short-term debt	$	18
Noncurrent	Other long-term debt, net	49
Total finance lease liabilities		$	67

Total lease liabilities		$	548

⁽¹⁾Includes approximately $12 million right-of-use asset and lease liability associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.

Schedule of Finance Lease Maturity

The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of December 31, 2019 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):


	Operating		Finance ⁽²⁾
Future minimum lease payments⁽¹⁾:
2020	$	109	$	21
2021	87		12
2022	79		12
2023	60		9
2024	48		9
Thereafter	279		29
Total	662		92
Less: Present value discount	(181)		(25)
Lease liabilities	$	481	$	67

⁽¹⁾Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet.

⁽²⁾Includes payments of approximately $2 million for each of the years ending 2020 through 2024 and approximately $23 million thereafter associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.

Schedule of Operating Lease Maturity


	Operating		Finance ⁽²⁾
Future minimum lease payments⁽¹⁾:
2020	$	109	$	21
2021	87		12
2022	79		12
2023	60		9
2024	48		9
Thereafter	279		29
Total	662		92
Less: Present value discount	(181)		(25)
Lease liabilities	$	481	$	67

⁽¹⁾Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet.

Schedule of Lessor Future Revenues Maturity

The following table presents the undiscounted cash flows expected to be received related to these agreements (in millions):


	2020		2021		2022		2023		2024		Thereafter
Lease revenue	$	19	$	22	$	25	$	21	$	17	$	208