LEASES

At March 31, 2019, DESC had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:



Millions of dollars	March 31, 2019
Lease assets:
Operating lease assets ⁽¹⁾	$	19
Finance lease assets ⁽²⁾	29
Total lease assets	$	48
Lease liabilities:
Operating lease - current ⁽³⁾	$	2
Operating lease - noncurrent ⁽⁴⁾	15
Finance lease - current ⁽⁵⁾	7
Finance lease - noncurrent ⁽⁶⁾	22
Total lease liabilities	$	46

⁽¹⁾ Included in other deferred debits and other assets in the Consolidated Balance Sheets.

⁽²⁾ Included in utility plant, net, in the Consolidated Balance Sheets, net of $18 million of accumulated amortization at March 31, 2019.

⁽³⁾ Included in other current liabilities in the Consolidated Balance Sheets.

⁽⁴⁾ Included in other deferred credits and other liabilities in the Consolidated Balance Sheets.

⁽⁵⁾ Included in current portion of long-term debt in the Consolidated Balance Sheets.

⁽⁶⁾ Included in long-term debt in the Consolidated Balance Sheets.

For the three months ended March 31, 2019, total lease cost consisted of the following:



Millions of dollars	Three Months Ended March 31, 2019
Finance lease cost:
Amortization	$	2
Interest	—
Operating lease cost	1
Short-term lease cost	—
Variable lease cost	—
Total lease cost	$	3

For the three months ended March 31, 2019, cash paid for amounts included in the measurement of lease liabilities consisted of the following amounts, included in the Consolidated Statements of Cash Flows:



Millions of dollars	Three Months Ended March 31, 2019
Operating cash flows from finance leases	$	—
Operating cash flows from operating leases	1
Financing cash flows from finance leases	2

At March 31, 2019, the weighted average remaining lease term and weighted average discount rate for finance and operating leases were as follows:



	March 31, 2019
Weighted average remaining lease term - finance leases	5 years
Weighted average remaining lease term - operating leases	23 years
Weighted average discount rate - finance leases	2.91	%
Weighted average discount rate - operating leases	4.22	%

Lease liabilities have the following scheduled maturities:



Millions of dollars	Operating			Finance
2019	$	2		$	6
2020	1			7
2021	1			6
2022	1			4
2023	1			3
After 2023	23			5
Total undiscounted lease payments	29			31
Present value adjustment	(12		)	(2		)
Present value of lease liabilities	$	17		$	29