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Right-of-use assets and Lease liabilities (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Disclosure of quantitative information about right-of-use assets | Right-of-use assets as of January 1, 2019 were comprised of the following:
($ millions) | January 1, 2019 |
Land | 20 |
Buildings | 226 |
Machinery & equipment and other assets | 33 |
Total right-of-use assets(1)(2) | 279 |
(1) | Right-of-use assets of $79 million associated with prior year finance leases were included within Property, plant and equipment as of December 31, 2018 as disclosed in Note 8 to the Combined Financial Statements in the Form 20-F.
(2) Right-of-use assets, related to operating leases at the date of implementation of IFRS 16, were higher than the lease liabilities at the date of implementation of IFRS 16 by $3 million, due to the net impact of prepayments and accrued lease payments recognized at December 31, 2018. This impact was offset by the lease liability related to the finance lease exceeding the corresponding capital asset by $10 million. Right-of-use assets as of June 30, 2019 of $266 million were comprised of the following:
($ millions) | Balance at June 30, 2019
Land | 21 |
Buildings | 217 |
Machinery & equipment and other assets | 28 |
Total | 266 |
Depreciation charges of $15 million and $29 million for the three and six months ended June 30, 2019 are shown in the table below by underlying class of asset:
($ millions) |  | Three months ended June 30, 2019 |  | Six months ended June 30, 2019
Land |  | — |  |  |  | 1 |
Buildings |  | 10 |  |  |  | 19 |
Machinery & equipment and other assets |  | 5 |  |  |  | 9 |
Total |  | 15 |  |  |  | 29 |
Disclosure of additional information about leasing activities for lessee | The following table provides additional disclosures related to right-of-use assets and lease liabilities:
|  | Three months ended |  | Six months ended
($ millions) |  | June 30, 2019 |  | June 30, 2019
Interest expense on lease liabilities |  | 3 |  |  |  | 5 |
Expense on short-term and low value leases |  | 1 |  |  |  | 2 |
Total cash outflows for leases |  | 12 |  |  |  | 24 |
Thereof: Repayment of lease liabilities |  | 11 |  |  |  | 22 |
The reconciliation of lease commitments disclosed as of December 31, 2018 and lease liability recorded on January 1, 2019 is as follows:
($ millions) |
Operating lease commitments as of December 31, 2018(1) | 222 |
Effect of discounting | (21 | )
Operating leases discounted using the incremental borrowing rate(2) | 201 |
Finance lease liabilities recognized as of December 31, 2018 | 89 |
Recognition exemption for short term and low-value leases | (4 | )
Lease liability as of January 1, 2019 | 286 |
(1) | As reported in Note 23 to the Combined Financial Statements in the Form 20-F.
(2) Weighted average incremental borrowing rate of 2.9% was applied at January 1, 2019, the date of implementation of IFRS 16, Leases.
Disclosure of maturity analysis of lease payments | The maturity analysis of the lease liability as of June 30, 2019, is as follows:
($ millions) | June 30, 2019 |
Less than one year | 53 |
Between one and two years | 37 |
Between two and three years | 32 |
Between three and four years | 26 |
Between four and five years | 15 |
After five years | 110 |
Total lease liabilities | 273 |

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- Definition The disclosure of additional information about leasing activities of a lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2019-01-01 -Name IFRS -Number 16 -IssueDate 2018-01-01 -Paragraph 59 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=16&date=2018-03-01&anchor=para_59&doctype=Standard -URIDate 2018-03-16 + Details
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- Definition The disclosure of finance leases and operating leases by the lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2018-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2018-03-02&anchor=para_31&doctype=Standard&book=b -URIDate 2018-03-16 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2018-01-01 -Paragraph 35 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2018-03-02&anchor=para_35&doctype=Standard&book=b -URIDate 2018-03-16 + Details
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- Definition The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2019-01-01 -Name IFRS -Number 16 -IssueDate 2018-01-01 -Paragraph 53 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=16&date=2018-03-01&anchor=para_53&doctype=Standard -URIDate 2018-03-16 + Details
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