The following tables summarize our leased assets and lease liability obligations:

		December 31, 2019		December 31, 2018
		(In millions)
Leases	Classification
Assets
Operating lease assets	Operating lease right-of-use assets	$	364	$	-
Finance lease assets	Property, plant and equipment, net		50		70
	Total leased assets		414		70
Liabilities
Current
Operating	Current portion of long-term lease obligations		98		-
Finance ⁽¹⁾	Finance lease obligation		47		8
			145		8
Noncurrent
Operating	Long-term lease obligations		304		-
Finance	Finance lease obligation		-		66
			304		66

	Total lease liabilities	$	449	$	74

Our finance leases as of December 31, 2019 and 2018, included the lease of the Amazon, a pipelay and construction vessel, which was purchased by us in February 2017, sold to an unrelated third party (the “Amazon Owner”) and leased back under a long-term bareboat charter that gave us the right to use the vessel and was recorded as an operating lease. On July 27, 2018, we entered into agreements (the “Amazon Modification Agreements”) providing for certain modifications to the Amazon vessel and related financing and amended bareboat charter arrangements. The total cost of the modifications, including project management and other fees and expenses, is expected to be in the range of approximately $260 million to $290 million. The Amazon Owner is expected to fund the cost of the modifications primarily through an export credit-backed senior loan provided by a group of lenders, supplemented by expected direct capital expenditures by us of approximately $58 million over the course of the modifications. The amended bareboat charter arrangement is accounted for as a finance lease, recognizing Property, plant and equipment and Lease obligation for the present value of future minimum lease payments. The cost of modifications will be recorded in Property, plant and equipment with a corresponding liability for direct capital expenditures not incurred by us. The finance lease obligation will increase upon completion of the modifications and funding by the Amazon Owner. As of December 31, 2019 and 2018, Property, plant and equipment, net included a $49 million and $52 million asset, respectively (net of accumulated amortization of $6 million and $3 million, respectively), and a finance lease liability of approximately $46 million and $53 million, respectively, associated with the Amazon vessel.

Our finance leases as of December 31, 2018 also included $17 million associated with the jack-up barge in our MENA region, leased under a charter agreement, stipulating a purchase obligation at the end of the lease term. On November 11, 2019, we signed a charter modification agreement. Under the modified terms the lease is no longer considered a finance lease and is accounted for as an operating lease as of December 31, 2019.

The commencement of the Chapter 11 Cases constituted events of default under the Amazon charter and the jack-up barge charter. However, the ability of the owners to exercise remedies was stayed upon commencement of the Chapter 11 Cases and continues to be stayed.

		Year ended
		December 31, 2019
Lease cost	Classification in the Statement of Operations	(In millions)
Operating lease cost ⁽¹⁾	SG&A expenses	$	52
Operating lease cost ⁽¹⁾	Cost of operations		89
Finance lease cost
Amortization of leased assets	Cost of operations		3
Interest on lease liabilities	Net interest expense		4
Net lease cost		$	148

Future minimum lease payments for our operating and finance lease obligations as of December 31, 2019 are as follows:

	Operating leases			Finance leases			Total
	(In millions)
2020	$	102		$	8		$	110
2021		89			8			97
2022		77			8			85
2023		61			8			69
2024		54			8			62
After 2024		287			24			311
Total lease payments		670			64			734
Less: Interest		(268	)		(17	)		(285	)
Present value of lease liabilities	$	402		$	47		$	449

Lease term and discount rates for our operating and finance lease obligations are as follows:

Supplemental information for our operating and finance lease obligations are as follows: