XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

13. LEASES

At December 31, 2022 and 2021, DESC had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

 

At December 31,

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

Lease assets:

 

 

 

 

 

 

Operating lease assets(1)

 

$

20

 

 

$

19

 

Finance lease assets(2)

 

 

9

 

 

 

13

 

Total lease assets

 

$

29

 

 

$

32

 

Lease liabilities:

 

 

 

 

 

 

Operating lease - current(3)

 

$

3

 

 

$

2

 

Operating lease - noncurrent(4)

 

 

18

 

 

 

17

 

Finance lease - current(5)

 

 

4

 

 

 

5

 

Finance lease - noncurrent

 

 

6

 

 

 

10

 

Total lease liabilities

 

$

31

 

 

$

34

 

 

(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 $20 million and $20 million of accumulated amortization at December 31, 2022 and December 31, 2021, respectively.
(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 securities due within one year in the Consolidated Balance Sheets.

For the years ended December 31, 2022, 2021 and 2020, total lease cost consisted of the following:

 

Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

Amortization

 

$

4

 

 

$

6

 

 

$

8

 

Interest

 

 

1

 

 

 

1

 

 

 

1

 

Operating lease cost

 

 

4

 

 

 

4

 

 

 

4

 

Short-term lease cost

 

 

2

 

 

 

2

 

 

 

2

 

Total lease cost

 

$

11

 

 

$

13

 

 

$

15

 

 

For the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities consisted of the following amounts, included in the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

(millions)

 

 

 

 

 

 

 

 

 

Operating cash flows from finance leases

 

$

1

 

 

$

1

 

 

$

1

 

Operating cash flows from operating leases

 

 

6

 

 

 

4

 

 

 

4

 

Financing cash flows from finance leases

 

 

4

 

 

 

6

 

 

 

8

 

 

At December 31, 2022 and 2021, the weighted average remaining lease term and weighted average discount rate for finance and operating leases were as follows:

 

At December 31,

 

2022

 

 

2021

 

Weighted average remaining lease term - finance leases

 

3 years

 

 

4 years

 

Weighted average remaining lease term - operating leases

 

17 years

 

 

20 years

 

Weighted average discount rate - finance leases

 

 

2.91

%

 

 

2.91

%

Weighted average discount rate - operating leases

 

 

3.94

%

 

 

3.97

%

 

Lease liabilities have the following scheduled maturities:

 

(millions)

 

Operating

 

 

Finance

 

2023

 

$

4

 

 

$

4

 

2024

 

 

2

 

 

 

3

 

2025

 

 

2

 

 

 

2

 

2026

 

 

2

 

 

 

1

 

2027

 

 

1

 

 

 

—

 

After 2027

 

 

20

 

 

 

—

 

Total undiscounted lease payments

 

 

31

 

 

 

10

 

Present value adjustment

 

 

(10

)

 

 

—

 

Present value of lease liabilities

 

$

21

 

 

$

10