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Leases | 12 Months Ended
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Dec. 31, 2019
Leases |
Leases | Note 9—Leases Our operating leases are principally for office space, storage facilities, operating equipment and land. At December 31, 2019, our operating leases had a weighted average discount rate of 6.3 percent and a weighted-average remaining lease term of 13.8 years. Our finance lease for the ultra-deepwater drillship Petrobras 10000, which is scheduled to expire in August 2029, has an implicit interest rate of 7.8 percent and requires scheduled payments of $6 million monthly through expiration, after which we have the right and obligation to acquire the drillship from the lessor for one dollar. In the year ended December 31, 2019, we recognized expense of $21 million, recorded in depreciation and amortization, associated with the amortization of the right of use asset. The components of our lease costs were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year ended | ​
​ | ​ | ​ | ​ | December 31, | ​
​ |  | ​ |  | 2019 |
Lease costs | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs | ​ | ​ | ​ | ​ | $ | 25 | ​
Short-term lease costs | ​ | ​ | ​ | ​ | ​ | 13 | ​
Finance lease costs, amortization of right-of-use assets | ​ | ​ | ​ | ​ | ​ | 21 | ​
Finance lease costs, interest on lease liabilities | ​ | ​ | ​ | ​ | ​ | 39 | ​
Total lease costs | ​ | ​ | ​ | ​ | $ | 98 | ​
​ In the year ended December 31, 2019, we recognized a loss of $26 million, with no tax effect, associated with the impairment of right-of-use assets and leasehold improvements for certain office facilities that we had vacated or had committed to sublease. Supplemental cash flow information for our leases was as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year ended | ​
​ | ​ | ​ | ​ | December 31, | ​
​ | ​ | ​ |  | 2019 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | ​ | ​ | $ | 19 | ​
Operating cash flows from finance lease | ​ | ​ | ​ | ​ | ​ | 39 | ​
Financing cash flows from finance lease | ​ | ​ | ​ | ​ | ​ | 32 | ​
​ At December 31, 2019, the aggregate future minimum rental payments for our leases were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating |  | Finance | ​
​ |  | leases |  | lease |
Years ending December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | $ | 16 | ​ | $ | 71 | ​
2021 | ​ | ​ | 12 | ​ | ​ | 71 | ​
2022 | ​ | ​ | 14 | ​ | ​ | 71 | ​
2023 | ​ | ​ | 12 | ​ | ​ | 71 | ​
2024 | ​ | ​ | 12 | ​ | ​ | 71 | ​
Thereafter | ​ | ​ | 135 | ​ | ​ | 327 | ​
Total future minimum rental payment | ​ | ​ | 201 | ​ | ​ | 682 | ​
Less amount representing imputed interest | ​ | ​ | (72) | ​ | ​ | (203) | ​
Present value of future minimum rental payments | ​ | ​ | 129 | ​ | ​ | 479 | ​
Less current portion, recorded in other current liabilities | ​ | ​ | (13) | ​ | ​ | (35) | ​
Long-term lease liabilities, recorded in other long-term liabilities | ​ | $ | 116 | ​ | $ | 444 | ​
​

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