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Leases (Tables) | 6 Months Ended
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Jun. 30, 2021
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 (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at June 30, 2021 and December 31, 2020:
| June 30, 2021 |  | December 31, 2020
(in millions) | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
ROU assets, net |  |  |  |  |  |  |
Pipeline and storage | $ | 19 |  |  | $ | 25 |  |  | $ | 15 |  |  | $ | 26 |
Railcars | 7 |  |  | — |  |  | 8 |  |  | — |
Real estate and other | 14 |  |  | 19 |  |  | 14 |  |  | 21 |
Lease liability |  |  |  |  |  |  |
Pipelines and storage | $ | 19 |  |  | $ | 37 |  |  | $ | 16 |  |  | $ | 38 |
Railcars | 7 |  |  | — |  |  | 8 |  |  | — |
Real estate and other | 14 |  |  | 21 |  |  | 14 |  |  | 22 |
Lease expense, lease terms, and discount rates | For the three and six months ended June 30, 2021 and 2020, we recognized lease expense comprised of the following components:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease expense | $ | 4 |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | 9 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of ROU asset | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |
Interest expense on lease liability | 2 |  |  | 2 |  |  | 3 |  |  | 3 |
Short-term lease expense | $ | 2 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | 4 |
The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and liabilities:
| June 30, 2021 |  | December 31, 2020
| Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term | 4.4 years |  | 7.7 years |  | 3.1 years |  | 8.1 years
Weighted-average discount rate | 5.5 | % |  | 9.0 | % |  | 5.5 | % |  | 9.0 | %
Summary of remaining minimum lease payments for operating leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at June 30, 2021:
(in millions) | Operating Leases |  | Finance Leases
Remainder of 2021 | $ | 7 |  |  | $ | 6 |
2022 | 13 |  |  | 11 |
2023 | 11 |  |  | 10 |
2024 | 7 |  |  | 10 |
2025 | 2 |  |  | 10 |
Thereafter | 5 |  |  | 33 |
Total lease payments | 45 |  |  | 80 |
Less: imputed interest | (5) |  |  | (22) |
Total lease liability | $ | 40 |  |  | $ | 58 |
Summary of remaining minimum lease payments for finance leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at June 30, 2021:
(in millions) | Operating Leases |  | Finance Leases
Remainder of 2021 | $ | 7 |  |  | $ | 6 |
2022 | 13 |  |  | 11 |
2023 | 11 |  |  | 10 |
2024 | 7 |  |  | 10 |
2025 | 2 |  |  | 10 |
Thereafter | 5 |  |  | 33 |
Total lease payments | 45 |  |  | 80 |
Less: imputed interest | (5) |  |  | (22) |
Total lease liability | $ | 40 |  |  | $ | 58 |

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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=123408670&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=123408670&loc=SL77918686-209980 + Details
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- References No definition available. + 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=123408670&loc=SL77918701-209980 + Details
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