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	$5,453	$(329)	$5,124
Operating lease right-of-use assets	-	23,241	23,241
Other assets	11,717	(2,048)	9,669
Accounts payable and accrued liabilities	22,501	(3)	22,498
Other current liabilities	8,239	(2)	8,237
Current operating lease liabilities	-	2,931	2,931
Deferred income taxes	33,795	139	33,934
Noncurrent operating lease liabilities	-	19,203	19,203
Other liabilities	13,922	(1,815)	12,107
Retained earnings	43,542	410	43,952
Noncontrolling interests	1,565	1	1,566

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