Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases was as follows:

(In millions)		September 30, 2019
Operating Leases:	Balance Sheet Location:
ROU asset	Other noncurrent assets	$	226
Current portion of long-term lease liability	Other current liabilities	$	104
Long-term lease liability	Deferred credits and other liabilities	$	127

Lease Costs

The table below presents our net lease costs as of September 30, 2019 with the majority of operating lease costs expensed as incurred, while the majority of the short-term and variable term lease costs are capitalized into property, plant and equipment.

(In millions)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Lease costs:
Operating lease costs(a)	$	21	$	61
Short-term lease costs(b)	94		251
Variable lease costs(c)	24		96
Total lease costs	$	139	$	408
Other information:
Cash paid for amounts included in the measurement of operating lease liabilities			$	71
ROU assets obtained in exchange for new operating lease liabilities(d)			296

^(a)  Represents our net share of the ROU asset amortization and the interest expense.

^(b)  Represents our net share of lease costs arising from leases of less than one year but longer than one month that were not included in the lease liability.

^(c)  Represents our net share of variable lease payments that were not included in the lease liability.

^(d) 

Represents the cumulative value of ROU assets recognized at lease inception during the first nine months of 2019.  This amount is then amortized as we utilize the ROU asset, the net effect of which is the ending ROU asset of $226 million (first table above).

Operating Lease, Maturity

The remaining annual undiscounted cash flows associated with long-term leases and the reconciliation of these cash flows to the lease liabilities recognized on the consolidated balance sheet is summarized below.

(In millions)	Operating Lease Obligations
2019	$	35
2020	107
2021	62
2022	34
2023	4
Thereafter	1
Total undiscounted lease payments	$	243
Less: amount representing interest	12
Total operating lease liabilities	$	231
Less: current portion of long-term lease liability as of September 30, 2019	104
Long-term lease liability as of September 30, 2019	$	127

Operating Lease, Maturity

At December 31, 2018, future minimum commitments under the previous accounting standard, ASC 840, for operating lease obligations having noncancellable lease terms in excess of one year were as follows:

(In millions)	Operating Lease Obligations
2019	$	62
2020	54
2021	35
2022	12
2023	5
Thereafter	49
Sublease rentals	—
Total minimum lease payments	$	217

Operating Lease, Undiscounted Cash Flows to be Received

The undiscounted cash flows to be received under this lease agreement are summarized below.

(In millions)	Operating Lease Future Cash Receipts
2019	$	2
2020	6
2021	6
2022	6
2023	6
Thereafter	67
Total undiscounted cash flows	$	93