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Leases | 3 Months Ended
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Mar. 31, 2021
Leases |
Leases | 8. Leases ​ The Company determines if an arrangement is a lease at inception of the agreement. Operating leases are included in operating lease assets, and current and non-current operating lease liabilities in the Company’s Condensed Consolidated Balance Sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease asset value includes in its calculation any prepaid lease payments made and any lease incentives received from the arrangement as a reduction of the asset. The Company’s lease terms may include options to extend or terminate the lease, and the impact of these options is included in the lease liability and lease asset calculations when the exercise of the option is at the Company’s sole discretion and it is reasonably certain that the Company will exercise that option. The Company will not separate lease and non-lease components for its leases when it is impracticable to separate the two, such as for leases with variable payment arrangements. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ​ The Company has operating leases for certain rail cars, office space, warehouses, and machinery and equipment. The commencement date used for the calculation of the lease obligations recorded is the latter of the commencement date of the new standard (January 1, 2019) or the lease start date. Certain of the leases have options to extend the life of the lease, which are included in the liability calculation when the option is at the sole discretion of the Company and it is reasonably certain that the Company will exercise the option. The Company has certain leases that have variable payments based solely on output or usage of the leased asset. These variable operating lease assets are excluded from the Company’s balance sheet presentation and expensed as incurred. The Company currently has no finance leases. ​ Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
Lease Cost | ​ | March 31, | ​
(in millions) | ​ | 2021 |  | 2020 | ​
Operating lease cost | ​ | $ | 14 | ​ | $ | 13 | ​
Variable operating lease cost | ​ | ​ | 7 | ​ | ​ | 8 | ​
Short term lease cost | ​ | ​ | 1 | ​ | ​ | 1 | ​
Lease cost | ​ | $ | 22 | ​ | $ | 22 | ​
​ The following is a reconciliation of future undiscounted cash flows to the operating lease liabilities and the related operating lease assets as presented on the Condensed Consolidated Balance Sheet as of March 31, 2021. ​ ​
​ | ​ | ​ | ​ | ​
Operating Leases | ​ | ​ | As of | ​
(in millions) | ​ | ​ | March 31, 2021 | ​
2021 (Excluding the three months ended March 31, 2021) | ​ | $ | 39 | ​
2022 | ​ | ​ | 45 | ​
2023 | ​ | ​ | 35 | ​
2024 | ​ | ​ | 25 | ​
2025 | ​ | ​ | 17 | ​
Thereafter | ​ | ​ | 53 | ​
Total future lease payments | ​ | ​ | 214 | ​
Less imputed interest | ​ | ​ | 24 | ​
Present value of future lease payments | ​ | ​ | 190 | ​
Less current lease liabilities | ​ | ​ | 45 | ​
Non-current operating lease liabilities | ​ | $ | 145 | ​
Operating lease assets | ​ | $ | 182 | ​
​ Additional information related to the Company’s operating leases is listed below. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
Other Information | ​ | March 31, | ​
($ in millions) |  | 2021 |  | 2020 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 14 | ​ | $ | 13 | ​
Right-of-use assets obtained in exchange for lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 21 | ​ | $ | 8 | ​
​ | ​ | As of | ​ | As of | ​
​ | ​ | March 31, 2021 | ​ | December 31, 2020 | ​
Weighted average remaining lease term: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.3 years | ​ | ​ | 5.5 years | ​
Weighted average discount rate: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.6 | % | ​ | 4.9 | %
​ ​ ​

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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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