v3.19.2

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Minimum Future Lease Revenue on Non-Cancellable Operating Leases

Minimum Future Lease Revenue on Non-Cancellable Operating Leases (in millions)

	June 30, 2019 (a)
2019	$	268
2020	535
2021	533
2022	533
2023	532
2024 and thereafter	6,292
Total Minimum Lease Revenue	$	8,693

(a) Includes minimum future lease revenue assuming all renewal option periods for each agreement are exercised.

Lease Liabilities Maturities

Lease Liabilities Maturities (in millions)

	Lease Obligations
	Operating				Finance
2019	$	6			$	2
2020	18				3
2021	15				2
2022	12				2
2023	12				2
2024 and thereafter	102				4
Gross lease payments	165				15
Less: imputed interest	(45		)		(2		)
Total Lease Payments	$	120			$	13

Components of Lease Expense

Components of Lease Expense (in millions)

	Three Months Ended June 30, 2019				Six Months Ended June 30, 2019
Operating lease cost	$	5			$	8
Finance lease cost:
Amortization of right-of-use assets	1				2
Interest on lease liabilities	1				1
Total finance lease cost	2				3
Variable lease cost	2				3
Short-term lease cost	9				15
Total Lease Cost	$	18			$	29

Supplemental Balance Sheet Data

Supplemental Balance Sheet Data (in millions, except lease term and discount rates)

	June 30, 2019
Operating Leases
Right of use assets included in other noncurrent assets, net	$	121
Operating lease liabilities included in other current liabilities	$	12
Long-term operating lease liabilities included in other noncurrent liabilities	108
Total Operating Lease Liabilities	$	120
Weighted average remaining lease term	13 years
Weighted average discount rate	4.83		%
Finance Leases
Property, plant and equipment, gross	$	25
Accumulated depreciation	(14		)
Property, Plant and Equipment, Net	$	11
Debt due within one year	$	3
Long-term debt	10
Total Finance Lease Liabilities	$	13
Weighted average remaining lease term	5 years
Weighted average discount rate	5.88		%

Investments in Assets Held for Operating Leases

Investment in Assets Held for Operating Leases (in millions)

	June 30, 2019				December 31, 2018
Terminals and related assets	$	847			$	778
Pipelines	110				110
Land and leasehold improvements	29				28
Construction in progress	21				15
Property, plant and equipment, at cost	1,007				931
Accumulated depreciation	(262		)		(238		)
Property, Plant and Equipment, Net	$	745			$	693

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
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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

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-Publisher FASB
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-SubTopic 20
-Section 50
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+ References

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

+ References

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- Definition

Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date.

+ References

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