v3.19.2

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of our operating and finance lease expense are as follows for the three and six months ended June 30, 2019 (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019				2019
Operating Leases
Operating lease expense	$	12			$	23
Finance Leases
Amortization of the right-of-use assets	$	1			$	4
Interest expense	2				4
Finance lease expense	$	3			$	8
Variable lease expense	$	4			$	5
Total lease expense	$	19			$	36

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 June 30, 2019 (in millions):

	Operating Leases(1)(2)				Finance Leases(2)(3)
2019	$	39			$	8
2020	20				16
2021	21				16
2022	19				16
2023	18				19
Thereafter	201				33
Total minimum lease payments	318				108
Less: Amount representing interest	108				30
Total lease obligation	210				78
Less: current lease obligation	39				10
Long-term lease obligation	$	171			$	68

____________

(1) The lease liabilities associated with our operating leases as of June 30, 2019 are included in other current liabilities and other long-term liabilities on our Consolidated Condensed Balance Sheet.

(2) Excludes an operating lease obligation of $1 million and a finance lease obligation of $18 million related to Garrison Energy Center which are included in current liabilities held for sale on our Consolidated Condensed Balance Sheet. See Note 4 for further information related to the sale of the Garrison Energy Center.

(3) The lease liabilities associated with our finance leases as of June 30, 2019 are included in debt, current portion 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 June 30, 2019 (in millions):

	Operating Leases(1)(2)				Finance Leases(2)(3)
2019	$	39			$	8
2020	20				16
2021	21				16
2022	19				16
2023	18				19
Thereafter	201				33
Total minimum lease payments	318				108
Less: Amount representing interest	108				30
Total lease obligation	210				78
Less: current lease obligation	39				10
Long-term lease obligation	$	171			$	68

____________

(1) The lease liabilities associated with our operating leases as of June 30, 2019 are included in other current liabilities and other long-term liabilities on our Consolidated Condensed Balance Sheet.

(2) Excludes an operating lease obligation of $1 million and a finance lease obligation of $18 million related to Garrison Energy Center which are included in current liabilities held for sale on our Consolidated Condensed Balance Sheet. See Note 4 for further information related to the sale of the Garrison Energy Center.

(3) The lease liabilities associated with our finance leases as of June 30, 2019 are included in debt, current portion 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 June 30, 2019 (in millions, except lease term and discount rate):

		June 30, 2019(1)
Operating leases(2)
Right-of-use assets associated with operating leases		$	184
Finance leases(3)
Property, plant and equipment, gross		$	213
Accumulated amortization		(104		)
Property, plant and equipment, net		$	109
Weighted average remaining lease term (in years)
Operating leases		15.8
Finance leases		7.4
Weighted average discount rate
Operating leases		5.1		%
Finance leases		8.0		%

____________

(1) Excludes a right-of-use asset and property, plant and equipment, net of $1 million and $17 million, respectively, related to Garrison Energy Center which are included in current assets held for sale on our Consolidated Condensed Balance Sheet. See Note 4 for further information related to the sale of the Garrison Energy Center.

(2) The right-of-use assets associated with our operating leases as of June 30, 2019 are included in other assets on our Consolidated Condensed Balance Sheet.

(3) The right-of-use assets associated with our finance leases as of June 30, 2019 are included in 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):

		Six Month Ended
		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	13
Operating cash flows from finance leases		$	4
Financing cash flows from finance leases		$	6
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	9
Finance leases		$	—

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 June 30,				Six Months Ended June 30,
	2019				2019
Operating Leases(1)
Fixed lease payments	$	70			$	139

____________

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

	June 30, 2019
Assets subject to contracts accounted for as operating leases
Property, plant and equipment, gross	$	3,076
Accumulated depreciation	(903		)
Property, plant and equipment, net(1)	$	2,173

____________

(1) Our assets subject to contracts that are accounted for as operating leases primarily consist of our power plants subject to tolling contracts.

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 June 30, 2019, are as follows (in millions):

2019	$	204
2020	287
2021	261
2022	227
2023	144
Thereafter	284
Total	$	1,407

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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