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, 2018due to Topic 842At Jan. 1, 2019Prepaid expenses and other$4,908$(296)$4,612Operating lease right-of-use assets-20,91720,917Other assets10,545(1,843)8,702Accounts payable and accrued liabilities22,501(3)22,498Other current liabilities8,239(2)8,237Current operating lease liabilities-2,6382,638Deferred income taxes33,79513933,934Noncurrent operating lease liabilities-17,28317,283Other liabilities13,922(1,815)12,107Retained earnings39,18836939,557Noncontrolling interests1,40911,410

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