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Leasing | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leasing | O. Leasing Management records a right-of-use asset and lease liability for several types of operating leases, including land and buildings, alumina refinery process control technology, plant equipment, vehicles, and computer equipment. The leases have remaining terms of less than one to 37 years. The discount rate applied to these leases is the Company’s incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments, unless there is a rate implicit in the lease agreement. The Company does not have material financing leases. Lease expense and operating cash flows include:
|  | Second quarter ended June 30, |  |  | Six months ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Costs from operating leases |  | $ | 17 |  |  | $ | 20 |  |  | $ | 38 |  |  | $ | 38 |
Variable lease payments |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 5 |
Short-term rental expense |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
The weighted average lease term and weighted average discount rate as of June 30, 2021 and December 31, 2020 were as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
Weighted average lease term for operating leases (years) |  |  | 4.8 |  |  |  | 4.4 |
Weighted average discount rate for operating leases |  | 5.2% |  |  | 5.2% |
The following represents the aggregate right-of use assets and related lease obligations recognized in the Consolidated Balance Sheet at:
|  | June 30, 2021 |  |  | December 31, 2020 |
Properties, plants and equipment, net |  | $ | 122 |  |  | $ | 137 |
Other current liabilities |  | $ | 49 |  |  | $ | 60 |
Other noncurrent liabilities and deferred credits |  |  | 76 |  |  |  | 82 |
Total operating lease liabilities |  | $ | 125 |  |  | $ | 142 |
Right-of-use assets and lease liabilities related to the Warrick Rolling Mill were excluded from the December 31, 2020 balances in the above table due to the sale of the rolling mill and were classified as Assets held for sale (see Note C). New leases of $4 and $12 were added during the second quarter and six-month period of 2021, respectively. The future cash flows related to the operating lease obligations as of June 30, 2021 were as follows:
2021 (excluding the six months ended June 30) |  | $ | 34 |
2022 |  |  | 37 |
2023 |  |  | 24 |
2024 |  |  | 15 |
2025 |  |  | 9 |
Thereafter |  |  | 23 |
Total lease payments (undiscounted) |  |  | 142 |
Less: discount to net present value |  |  | (17 | )
Total |  | $ | 125 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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