Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
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):
December 31,
Consolidated Balance Sheets Location 2020 2019
Right-of-use assets—Operating Operating lease assets, net $ 99  $ 94 
Current operating lease liabilities Current operating lease liabilities 7  6 
Non-current operating lease liabilities Non-current operating lease liabilities 90  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):
Year Ended December 31,
Consolidated Statements of Income Location 2020 2019
Operating lease cost (1) Operating costs and expenses (2) $ 12  $ 11 
(1)    Includes $1 million and $1 million of variable lease costs paid to the lessor during the years ended December 31, 2020 and 2019, respectively.
(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, 2020 are as follows (in millions): 
Years Ending December 31, Operating Leases
2021 $ 11 
2022 11 
2023 11 
2024 11 
2025 11 
Thereafter 116 
Total lease payments 171 
Less: Interest (74)
Present value of lease liabilities $ 97 
Lessee, Other Quantitative Information
The following table shows the weighted-average remaining lease term and the weighted-average discount rate for our operating leases:
December 31,
2020 2019
Weighted-average remaining lease term (in years) 24.5 26.4
Weighted-average discount rate 4.1  % 4.8%

The following table includes other quantitative information for our operating leases (in millions):
Year Ended December 31,
2020 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 11  $ 10