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Leases (Notes) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Lessee, Operating Leases | 10. LEASES Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, rail cars to transport our products, and a fleet of vehicles. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. As most of our leases do not provide an implicit rate, we used our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The lease term for all of our leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that we are reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. As of December 31, 2021, our weighted average discount rate was four percent, and our weighted average remaining lease term was twelve years for operating leases. Our operating leases are included in our Consolidated Balance Sheets and Consolidated Statement of Incomes as follows:
|  | Classification |  | December 31,
Consolidated Balance Sheet |  |  |  | 2021 |  | 2020
Assets: |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 52 |  |  | $ | 40 |
Total lease assets |  |  |  | $ | 52 |  |  | $ | 40 |
Liabilities: |  |  |  |  |  |
Current |  |  |  |  |  |
Operating |  | Accounts payable and accrued liabilities |  | $ | 7 |  |  | $ | 8 |
Non-current |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  | 44 |  |  | 32 |
Total lease liabilities |  |  |  | $ | 51 |  |  | $ | 40 |
For the years ended December 31, 2021, and 2020, we incurred operating lease expenses of $11 million and $12 million, respectively, included within costs of sales and selling, general and administrative expenses. We made cash payments of $8 million and $9 million during the years ended December 31, 2021, and 2020, respectively, related to our operating leases. We obtained the right to use (ROU) assets in exchange for new operating lease liabilities of $18 million and $4 million for the years ended December 31, 2021, and 2020, respectively. We did not enter into any financing leases during 2021 or 2020. The following table sets forth the minimum lease payments that are expected to be made in each of the years indicated.
|  | Operating Leases |  |  |  |
2022 |  | $ | 5 |  |  |  |  |
2023 |  | 7 |  |  |  |  |
2024 |  | 6 |  |  |  |  |
2025 |  | 5 |  |  |  |  |
2026 |  | 5 |  |  |  |  |
2027 and thereafter |  | 39 |  |  |  |  |
Total lease payments |  | 66 |  |  |  |  |
Less: Interest |  | (15) |  |  |  |  |
Present value of lease liabilities |  | $ | 51 |  |  |  |  |

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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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