Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

13. LEASES

At December 31, 2020 and 2019, DESC had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

At December 31,	2020		2019
(millions)
Lease assets:
Operating lease assets(1)	$	21	$	23
Finance lease assets(2)		20		26
Total lease assets	$	41	$	49
Lease liabilities:
Operating lease - current(3)	$	3	$	3
Operating lease - noncurrent(4)		18		20
Finance lease - current(5)		6		7
Finance lease - noncurrent		15		20
Total lease liabilities	$	42	$	50

(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 $24 million of accumulated amortization at both December 31, 2020 and 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.

For the years ended December 31, 2020 and 2019, total lease cost consisted of the following:

Year Ended December 31,	2020		2019
(millions)
Finance lease cost:
Amortization	$	8	$	7
Interest		1		1
Operating lease cost		4		4
Short-term lease cost		2		1
Total lease cost	$	15	$	13

For the years ended December 31, 2020 and 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:

Year Ended December 31,	2020		2019
(millions)
Operating cash flows from finance leases	$	1	$	1
Operating cash flows from operating leases		4		3
Financing cash flows from finance leases		8		7

At December 31, 2020 and 2019, the weighted average remaining lease term and weighted average discount rate for finance and operating leases were as follows:

At December 31,	2020			2019
Weighted average remaining lease term - finance leases	4 years			5 years
Weighted average remaining lease term - operating leases	19 years			18 years
Weighted average discount rate - finance leases		2.92	%		2.94	%
Weighted average discount rate - operating leases		3.95	%		3.94	%

Lease liabilities have the following scheduled maturities:

(millions)	Operating			Finance
2021	$	4		$	7
2022		3			6
2023		2			4
2024		2			3
2025		1			2
After 2025		21			2
Total undiscounted lease payments		33			24
Present value adjustment		(12	)		(3	)
Present value of lease liabilities	$	21		$	21