Analyzing and Interpreting Footnote on Operating and Capital Leases

Verizon Communications Inc. provides the following footnote relating to adoption of the new lease accounting standards (Topic 842) in its 10-Q report for the quarter ended March 31, 2019.

The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of Topic 842 were as follows:

Adjustments

($ millions) At Dec. 31, 2018 due to Topic 842 At Jan. 1, 2019

Prepaid expenses and other $4,362 $(263) $4,099

Operating lease right-of-use assets - 18,593 18,593

Other assets 9,374 (1,638) 7,736

Accounts payable and accrued liabilities 22,501 (3) 22,498

Other current liabilities 8,239 (2) 8,237

Current operating lease liabilities - 2,345 2,345

Deferred income taxes 33,795 139 33,934

Noncurrent operating lease liabilities - 15,362 15,362

Other liabilities 13,922 (1,815) 12,107

Retained earnings 34,834 328 35,162

Noncontrolling interests 1,252 1 1,253

Rent expense for operating leases is recognized on a straight-line basis over the term of the lease and is included in either Cost of services of Selling, general and administrative expense in our condensed consolidated statements of income, based on the use of the facility on which rent is being paid.

What is the amount of the right-of-use asset the company added to its balance sheet upon adoption of the new standard?

$Answer________million

Assume the right-of-use assets had a weighted average lease term of 12 years. Approximate the effect the operating leases had on Verizon's income statement in Q1 2019.

Round to the nearest million.

The rental expense in Q1 would be $Answer________million

What is the amount of the total operating lease liabilities the company added to its balance sheet upon adoption of the new standard?

$Answer________million