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Leases (Tables) | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
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 September 30, 2020 and December 31, 2019:
(in millions) | September 30, 2020 |  | December 31, 2019
Operating Leases: |  |  |
ROU assets, net |  |  |
Pipeline and storage | $ | 17 |  |  | $ | 20 |
Railcars | 9 |  |  | 12 |
Real estate and other | 16 |  |  | 16 |
Lease liability |  |  |
Pipelines and storage | $ | 17 |  |  | $ | 22 |
Railcars | 9 |  |  | 12 |
Real estate and other | 15 |  |  | 14 |
(in millions) | September 30, 2020 |  | December 31, 2019
Finance Leases: |  |  |
ROU assets, net |  |  |
Pipeline and storage | $ | 27 |  |  | $ | 29 |
Real estate and other | 22 |  |  | 24 |
Lease liability |  |  |
Pipelines and storage | $ | 39 |  |  | $ | 40 |
Real estate and other | 23 |  |  | 25 |
Lease expense, lease terms, and discount rates | For the three and nine months ended September 30, 2020 and 2019, we recognized lease expense comprised of the following components:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease expense | $ | 4 |  |  | $ | 4 |  |  | $ | 13 |  |  | $ | 12 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of ROU | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 5 |
Interest expense on lease liability | 1 |  |  | 2 |  |  | 4 |  |  | 5 |
The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and liabilities:
| September 30, 2020 |  | December 31, 2019
Weighted-average remaining lease term (years) |  |  |
Operating Leases | 3.3 |  | 3.7
Finance Leases | 8.4 |  | 9.0
Weighted-average discount rate |  |  |
Operating Leases | 5.5 | % |  | 5.6 | %
Finance Leases | 9.0 | % |  | 8.9 | %
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 September 30, 2020:
(in millions) | Operating Leases |  | Financing Leases
Remainder of 2020 | $ | 4 |  |  | $ | 3 |
2021 | 15 |  |  | 11 |
2022 | 12 |  |  | 11 |
2023 | 8 |  |  | 10 |
2024 | 5 |  |  | 10 |
Thereafter | — |  |  | 43 |
Total lease payments | 44 |  |  | 88 |
Less: imputed interest | (3) |  |  | (26) |
Total lease liability | $ | 41 |  |  | $ | 62 |
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 September 30, 2020:
(in millions) | Operating Leases |  | Financing Leases
Remainder of 2020 | $ | 4 |  |  | $ | 3 |
2021 | 15 |  |  | 11 |
2022 | 12 |  |  | 11 |
2023 | 8 |  |  | 10 |
2024 | 5 |  |  | 10 |
Thereafter | — |  |  | 43 |
Total lease payments | 44 |  |  | 88 |
Less: imputed interest | (3) |  |  | (26) |
Total lease liability | $ | 41 |  |  | $ | 62 |

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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=121609121&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=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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