Leases

3 Months Ended

Mar. 31, 2020

Operating lease cost, which includes short-term leases and variable lease payments and approximates cash paid, was $34 and $37 in the first quarter of 2020 and 2019, respectively.

Operating lease right-of-use assets and lease liabilities in the Consolidated Balance Sheet were as follows:


	March 31, 2020		December 31, 2019
Right-of-use assets classified in Other noncurrent assets	$	242	$	252

Current portion of lease liabilitiesclassified in Other current liabilities	70		71
Long-term portion of lease liabilities classified in Other noncurrent liabilities and deferred credits	188		194
Total lease liabilities	$	258	$	265

Future minimum contractual operating lease obligations were as follows:


	March 31, 2020		December 31, 2019
2020	$	63	$	81
2021	66		62
2022	51		46
2023	36		34
2024	25		24
Thereafter	68		70
Total lease payments	$	309	$	317
Less: Imputed interest	(51)		(52)
Present value of lease liabilities	$	258	$	265

Right-of-use assets obtained in exchange for operating lease obligations in the first quarter ended March 31, 2020 and 2019 were $14 and $6, respectively. The weighted-average remaining lease term at March 31, 2020 and 2019 was 6 years. The weighted-average discount rate at March 31, 2020 and 2019 was 5.8% and 6.2%, respectively.

On October 31, 2018, the Company sold its Texarkana, Texas rolling mill and cast house which were accounted for separately. The Company had continuing involvement related to the lease back of the cast house. As a result, in 2018, the Company continued to treat the cast house assets that it sold to Ta Chen as owned at December 31, 2018. In conjunction with the adoption of the new lease accounting standard on January 1, 2019, the Company's continuing involvement no longer required deferral of the recognition of the cast house sale. As such, the associated $73 deferred gain related to the cast house was recorded in Retained earnings as a cumulative effect of an accounting change in the first quarter of 2019.