v3.19.1

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of our operating and finance lease expense are as follows for the period presented (in millions):

	Three Months Ended March 31,
	2019
Operating Leases
Operating lease expense	$	11
Finance Leases
Amortization of the right-of-use assets	$	3
Interest expense	2
Finance lease expense	$	5
Variable lease expense	$	1
Total lease expense	$	17

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The following is a schedule by year of future minimum lease payments associated with our operating and finance leases together with the present value of the net minimum lease payments as of March 31, 2019 (in millions):

	Operating Leases(1)				Finance Leases(2)
2019	$	44			$	12
2020	19				18
2021	19				18
2022	18				18
2023	17				21
Thereafter	191				72
Total minimum lease payments	308				159
Less: Amount representing interest	105				58
Total lease obligation	203				101
Less: current lease obligation	40				11
Long-term lease obligation	$	163			$	90

____________

(1) The lease liabilities associated with our operating leases as of March 31, 2019 are included in other current liabilities and other long-term liabilities on our Consolidated Condensed Balance Sheet.

(2) The lease liabilities associated with our finance leases as of March 31, 2019 are included in debt, current portion, current liabilities held for sale and debt, net of current portion on our Consolidated Condensed Balance Sheet.

Finance Lease, Liability, Maturity [Table Text Block]

The following is a schedule by year of future minimum lease payments associated with our operating and finance leases together with the present value of the net minimum lease payments as of March 31, 2019 (in millions):

	Operating Leases(1)				Finance Leases(2)
2019	$	44			$	12
2020	19				18
2021	19				18
2022	18				18
2023	17				21
Thereafter	191				72
Total minimum lease payments	308				159
Less: Amount representing interest	105				58
Total lease obligation	203				101
Less: current lease obligation	40				11
Long-term lease obligation	$	163			$	90

____________

(1) The lease liabilities associated with our operating leases as of March 31, 2019 are included in other current liabilities and other long-term liabilities on our Consolidated Condensed Balance Sheet.

(2) The lease liabilities associated with our finance leases as of March 31, 2019 are included in debt, current portion, current liabilities held for sale and debt, net of current portion on our Consolidated Condensed Balance Sheet.

Supplemental Balance Sheet Info Lessee [Table Text Block]

Supplemental balance sheet information related to our operating and finance leases is as follows as of March 31, 2019 (in millions, except lease term and discount rate):

		March 31, 2019
Operating leases(1)
Right-of-use assets associated with operating leases		$	182
Finance leases(2)
Property, plant and equipment, gross		$	390
Accumulated amortization		(177		)
Property, plant and equipment, net		$	213
Weighted average remaining lease term (in years)
Operating leases		15.7
Finance leases		12.1
Weighted average discount rate
Operating leases		5.3		%
Finance leases		7.5		%

____________

(1) The right-of-use assets associated with our operating leases as of March 31, 2019 are included in other assets on our Consolidated Condensed Balance Sheet.

(2) The right-of-use assets associated with our finance leases as of March 31, 2019 are included in current assets held for sale and property, plant and equipment, net on our Consolidated Condensed Balance Sheet.

Supplemental Cash Flow Lessee [Table Text Block]

Supplemental cash flow information related to our operating and finance leases is as follows for the period presented (in millions):

	Three Months Ended March 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	8
Operating cash flows from finance leases	$	2
Financing cash flows from finance leases	$	5

Lease Cost - Lessor [Table Text Block]

Revenue recognized related to fixed lease payments on our operating leases for the period presented is as follows (in millions):

	Three Months Ended March 31,
	2019
Operating Leases(1)
Fixed lease payments	$	69

____________

(1) Revenues associated with our operating leases are included in Commodity revenue and other revenue on our Consolidated Condensed Statement of Operations.

	March 31, 2019
Power plants subject to tolling contracts accounted for as operating leases
Property, plant and equipment, gross	$	3,055
Accumulated depreciation	(880		)
Property, plant and equipment, net	$	2,175

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

The total contractual future minimum lease rentals for our contracts that have commenced and are accounted for as operating leases at March 31, 2019, are as follows (in millions):

2019	$	276
2020	265
2021	261
2022	226
2023	144
Thereafter	277
Total	$	1,449

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]

The following is a schedule by year of future minimum lease payments under operating and capital leases as of December 31, 2018 (in millions):

	Operating Leases				Capital Leases(1)
2019	$	50			$	40
2020	19				40
2021	20				38
2022	18				33
2023	17				27
Thereafter	192				92
Total minimum lease payments	$	316			270
Less: Amount representing interest					89
Present value of net minimum lease payments					$	181

____________

(1) Includes a failed sale-leaseback transaction related to our Pasadena Power Plant.

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The total contractual future minimum lease rentals for our contracts accounted for as operating leases at December 31, 2018, are as follows (in millions):

2019	$	342
2020	261
2021	257
2022	224
2023	141
Thereafter	239
Total	$	1,464

The following is a schedule by year of future minimum lease payments under operating and capital leases as of December 31, 2018 (in millions):

	Operating Leases				Capital Leases(1)
2019	$	50			$	40
2020	19				40
2021	20				38
2022	18				33
2023	17				27
Thereafter	192				92
Total minimum lease payments	$	316			270
Less: Amount representing interest					89
Present value of net minimum lease payments					$	181

____________

(1) Includes a failed sale-leaseback transaction related to our Pasadena Power Plant.

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Lease Cost - Lessor [Table Text Block]

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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

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Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

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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.

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