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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Right-of-use assets for operating and finance leases | As of January 1, 2019, upon initial recognition, our ROU assets for operating and finance leases were comprised of the following:
(in millions) | January 1, 2019 (initial recognition)
Pipeline and storage agreements (1) | $ | 29 |
Railcar leases (2) | 15 |
Real Estate and other leases (3) | 35 |
Total ROU assets | $ | 79 |
(1) Includes finance leased assets of $1 million as of January 1, 2019. (2) Includes $14 million of railcar leases recognized by CVR Partners. (3) Includes finance leased assets of $25 million as of January 1, 2019.
Lease liabilities for operating and finance leases | As of January 1, 2019, upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following:
(in millions) |  | January 1, 2019 (initial recognition)
Current liabilities: |  |
Operating leases |  | $ | 14 |
Finance leases |  | 2 |
Long-term liabilities: |  |
Operating leases |  | 40 |
Finance leases |  | 23 |
Total lease liabilities |  | $ | 79 |
Summary of right of use asset and lease liability balances for operating and finance leases | The following tables summarize the right of use asset and lease liability balances for the Company’s operating and finance leases at June 30, 2019:
(in millions) | June 30, 2019
Operating Leases: |
ROU assets, net |
Pipeline and storage | $ | 24 |
Railcars | 13 |
Real estate and other | 10 |
Lease liability |
Pipelines and storage | $ | 25 |
Railcars | 13 |
Real estate and other | 8 |
(in millions) | June 30, 2019
Financing Leases: |
ROU assets, net |
Pipeline and storage | $ | 31 |
Real estate and other | 26 |
Lease liability |
Pipelines and storage | $ | 42 |
Real estate and other | 26 |
Lease expense, lease terms, and discount rates | The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and liabilities:
| June 30, 2019 |  | January 1, 2019 (initial recognition)
Weighted-average remaining lease term (years) |  |  |
Operating Leases | 4.2 |  |  | 4.4 |
Finance Leases | 10.1 |  |  | 10.3 |
Weighted-average discount rate |  |  |
Operating Leases | 5.9 | % |  | 5.8 | %
Finance Leases | 9.6 | % |  | 9.8 | %
For the three and six months ended June 30, 2019, we recognized net lease expense comprised of the following components:
(in millions) | Three Months Ended June 30, 2019 |  | Six Months Ended June 30, 2019
Operating lease expense | $ | 4 |  |  | $ | 8 |
Financing lease expense: |  |  |
Amortization of ROU | $ | 1 |  |  | $ | 3 |
Interest expense on lease liability | 1 |  |  | 3 |
Summary of Remaining Minimum Lease Payments for Operating Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s right-of-use assets and liabilities at June 30, 2019:
(in millions) | Operating Leases |  | Financing Leases
Remainder of 2019 | $ | 8 |  |  | $ | 5 |
2020 | 14 |  |  | 11 |
2021 | 12 |  |  | 11 |
2022 | 9 |  |  | 11 |
2023 | 6 |  |  | 10 |
Thereafter | 4 |  |  | 53 |
Total lease payments | 53 |  |  | 101 |
Less: imputed interest | (7 | ) |  | (33 | )
Total lease liability | $ | 46 |  |  | $ | 68 |
Summary of Remaining Minimum Lease Payments for Finance Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s right-of-use assets and liabilities at June 30, 2019:
(in millions) | Operating Leases |  | Financing Leases
Remainder of 2019 | $ | 8 |  |  | $ | 5 |
2020 | 14 |  |  | 11 |
2021 | 12 |  |  | 11 |
2022 | 9 |  |  | 11 |
2023 | 6 |  |  | 10 |
Thereafter | 4 |  |  | 53 |
Total lease payments | 53 |  |  | 101 |
Less: imputed interest | (7 | ) |  | (33 | )
Total lease liability | $ | 46 |  |  | $ | 68 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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=77888426&loc=SL77918701-209980 + Details
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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=77888426&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=77888426&loc=SL77918701-209980 + Details
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