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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Schedule of Lease Costs and Other Lessee Information | The following table presents components of lease cost, including both amounts recognized in income and amounts capitalized (in millions):
|  | Year Ended December 31,
Lease Cost |  | 2020 |  | 2019
Operating lease cost |  | $ | 111 |  |  | $ | 125 |
Short-term lease cost |  | 31 |  |  | 35 |
Other (1) (2) |  | 8 |  |  | — |
Total lease cost |  | $ | 150 |  |  | $ | 160 |
(1)Includes finance lease costs, variable lease costs and sublease income. (2)Includes approximately $6 million for the year ended December 31, 2020 associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest. The following table presents information related to cash flows arising from lease transactions (in millions):
| Year Ended December 31,
| 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 108 |  |  | $ | 116 |
Operating cash flows for finance leases | $ | 5 |  |  | $ | 1 |
Financing cash flows for finance leases | $ | 19 |  |  | $ | 18 |
Non-cash change in lease liabilities arising from obtaining new right-of-use assets or modifications: |  |  |
Operating leases | $ | 5 |  |  | $ | 77 |
Finance leases (1) | $ | 32 |  |  | $ | 27 |
(1)Includes approximately $25 million and $12 million for the years ended December 31, 2020 and 2019, respectively, 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:
| December 31,
| 2020 |  | 2019
Weighted-average remaining lease term (in years): |  |  |
Operating leases | 12 |  | 11
Finance leases | 9 |  | 6
Weighted-average discount rate: |  |  |
Operating leases | 4.5 | % |  | 4.4 | %
Finance leases | 11.1 | % |  | 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 Sheets (in millions):
|  |  |  | December 31,
Leases |  | Balance Sheet Location |  | 2020 |  | 2019
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | Long-term operating lease right-of-use assets, net |  | $ | 378 |  |  | $ | 466 |
Finance lease right-of-use assets (1) |  | Property and equipment |  | $ | 141 |  |  | $ | 124 |
|  | Accumulated depreciation |  | (27) |  |  | (16) |
|  | Property and equipment, net |  | $ | 114 |  |  | $ | 108 |
Total lease right-of-use assets |  |  |  | $ | 492 |  |  | $ | 574 |
Liabilities |  |  |  |  |  |
Operating lease liabilities |  |  |  |  |  |
Current |  | Other current liabilities |  | $ | 78 |  |  | $ | 94 |
Noncurrent |  | Long-term operating lease liabilities |  | 317 |  |  | 387 |
Total operating lease liabilities |  |  |  | $ | 395 |  |  | $ | 481 |
Finance lease liabilities (1) |  |  |  |  |  |
Current |  | Short-term debt |  | $ | 11 |  |  | $ | 18 |
Noncurrent |  | Other long-term debt, net |  | 70 |  |  | 49 |
Total finance lease liabilities |  |  |  | $ | 81 |  |  | $ | 67 |
Total lease liabilities |  |  |  | $ | 476 |  |  | $ | 548 |
(1)Includes right-of-use assets of $35 million and $12 million and lease liabilities of $36 million and $12 million as of December 31, 2020 and 2019, respectively, 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, 2020 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):
| Operating |  | Finance (2)
Future minimum lease payments (1): |  |  |
2021 | $ | 90 |  |  | $ | 18 |
2022 | 82 |  |  | 18 |
2023 | 62 |  |  | 15 |
2024 | 49 |  |  | 14 |
2025 | 38 |  |  | 11 |
Thereafter | 237 |  |  | 67 |
Total | 558 |  |  | 143 |
Less: Present value discount | (163) |  |  | (62) |
Lease liabilities | $ | 395 |  |  | $ | 81 |
(1)Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet. (2)Includes payments of approximately $6 million for each of the years ending 2021 through 2025 and approximately $64 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 | The following table presents the maturity of undiscounted cash flows for future minimum lease payments under noncancelable leases as of December 31, 2020 reconciled to our lease liabilities on our Consolidated Balance Sheet (amounts in millions):
| Operating |  | Finance (2)
Future minimum lease payments (1): |  |  |
2021 | $ | 90 |  |  | $ | 18 |
2022 | 82 |  |  | 18 |
2023 | 62 |  |  | 15 |
2024 | 49 |  |  | 14 |
2025 | 38 |  |  | 11 |
Thereafter | 237 |  |  | 67 |
Total | 558 |  |  | 143 |
Less: Present value discount | (163) |  |  | (62) |
Lease liabilities | $ | 395 |  |  | $ | 81 |
(1)Excludes future minimum payments for short-term and other immaterial leases not included on our Consolidated Balance Sheet. (2)Includes payments of approximately $6 million for each of the years ending 2021 through 2025 and approximately $64 million thereafter associated with leased storage tanks owned by an equity method investee, in which we own a 50% interest.
Schedule of Lessor Future Revenues Maturity | The following table presents the undiscounted cash flows expected to be received related to these agreements (in millions):
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter
Lease revenue | $ | 40 |  |  | $ | 27 |  |  | $ | 22 |  |  | $ | 18 |  |  | $ | 16 |  |  | $ | 205 |

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- Definition 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 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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