Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.2
Leases (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Lease-related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the Condensed Consolidated Balance Sheets.
 
 
Classification on the Balance Sheet
 
June 30, 2019
Assets
 
 
 
 
Operating lease assets
 
Other non-current assets
 
$
34

Finance lease assets
 
Property and equipment, net
 
40

Total lease assets
 
 
 
$
74

 
 
 
 
 
Liabilities
 
 
 
 
Current
 
 
 
 
Operating lease liabilities
 
Accrued expenses and other current liabilities
 
$
6

Finance lease liabilities
 
Current portion of long-term debt
 
5

Non-current
 
 
 
 
Operating lease liabilities
 
Other non-current liabilities
 
28

Finance lease liabilities
 
Long-term debt
 
58

Total lease liabilities
 
 
 
$
97

Remaining Lease Term and Discount Rates
The table below presents the remaining lease term and discount rates for finance and operating leases.
 
 
 
 
June 30, 2019
Weighted-average remaining lease term
 
 
 
 
Operating leases
 
 
 
7.7 years

Finance leases
 
 
 
10.2 years

Weighted-average discount rate
 
 
 
 
Operating leases (a)
 
 
 
4.8
%
Finance leases
 
 
 
4.5
%

(a) Upon adoption of the new lease guidance, discount rates used for existing leases were established on January 1, 2019.
Undiscounted Cash Flows, Operating Leases
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019.
 
Operating Leases
 
Finance Leases
Remainder of 2019
$
4

 
$
4

2020
7

 
7

2021
6

 
7

2022
4

 
7

2023
3

 
7

2024
3

 
7

Thereafter
13

 
38

Total minimum lease payments
40

 
77

Less: amount of lease payments representing interest
6

 
14

Present value of future minimum lease payments
34

 
63

Less: current obligations under leases
6

 
5

Long-term lease obligations
$
28

 
$
58

Undiscounted Cash Flows, Finance Lease
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2019.
 
Operating Leases
 
Finance Leases
Remainder of 2019
$
4

 
$
4

2020
7

 
7

2021
6

 
7

2022
4

 
7

2023
3

 
7

2024
3

 
7

Thereafter
13

 
38

Total minimum lease payments
40

 
77

Less: amount of lease payments representing interest
6

 
14

Present value of future minimum lease payments
34

 
63

Less: current obligations under leases
6

 
5

Long-term lease obligations
$
28

 
$
58