Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.19.3.a.u2
Leases (Tables)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Leases, Balance Sheet Location
The following table shows the classification and location of our right-of-use assets and lease liabilities on our Consolidated Balance Sheets (in millions):
 
Consolidated Balance Sheet Location
 
December 31, 2019
Right-of-use assets—Operating
Operating lease assets, net
 
$
94

Current operating lease liabilities
Current operating lease liabilities
 
6

Non-current operating lease liabilities
Non-current operating lease liabilities
 
87


Schedule of Lease Cost, Income Statement Location
The following table shows the classification and location of our lease cost on our Consolidated Statements of Income (in millions):
 
Consolidated Statement of Income Location
 
Year Ended December 31, 2019
Operating lease cost (1)
Operating costs and expenses (2)
 
$
11

 
(1)    Includes $1 million of variable lease costs paid to the lessor.
(2)
Presented in cost of sales, operating and maintenance expense, general and administrative expense or general and administrative expense—affiliate consistent with the nature of the asset under lease.
Schedule of Maturity of Lease Liabilities
Future annual minimum lease payments for operating leases as of December 31, 2019 are as follows (in millions): 
Years Ending December 31,
Operating Leases
2020
$
9

2021
10

2022
10

2023
10

2024
10

Thereafter
116

Total lease payments
165

Less: Interest
(72
)
Present value of lease liabilities
$
93


Future annual minimum lease payments for operating leases as of December 31, 2018, prepared in accordance with accounting standards prior to the adoption of ASC 842, were as follows (in millions):
Years Ending December 31,
Operating Leases (1)
2019
$
10

2020
10

2021
10

2022
10

2023
10

Thereafter
124

Total
$
174

 
(1)
Includes certain lease option renewals that are reasonably assured and payments for certain non-lease components.

Lessee, Other Quantitative Information
The following table shows the weighted-average remaining lease term (in years) and the weighted-average discount rate for our operating leases:
 
December 31, 2019
Weighted-average remaining lease term (in years)
26.4

Weighted-average discount rate
4.8
%

The following table includes other quantitative information for our operating leases (in millions):
 
Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases
$
10