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LEASES (Notes) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | O. LEASES Adoption of ASC Topic 842: Leases - We adopted Topic 842 using the modified retrospective method and the optional transition method to record the adoption impact through a cumulative-effect adjustment to retained earnings as of January 1, 2019. Results for reporting periods beginning after January 1, 2019, are presented under Topic 842, while prior periods are not adjusted and continue to be reported under the accounting standards in effect for those periods. Practical Expedients and Policies Elected - We applied the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. We elected the hindsight expedient, which allows us to use hindsight in assessing lease term; the package of practical expedients permitted under the guidance, which among other things, allows us to carry forward the historical lease classification; and the land easement expedient, which allows us to apply the guidance prospectively at adoption for land easements on existing agreements. Adoption - Adoption of Topic 842 resulted in new operating lease assets and lease liabilities on our Consolidated Balance Sheet of $17.5 million and $17.4 million, respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities was recorded as an adjustment to the beginning balance of retained earnings, which represents the cumulative impact of adopting the standard. Our accounting for finance leases did not change. Adoption of Topic 842 did not materially impact our Consolidated Financial Statements. Leases - We lease certain buildings, warehouses, office space, pipeline capacity, land and equipment, including pipeline equipment, rail cars, and information technology equipment. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. Our lease agreements do not include any residual value guarantees or material restrictive covenants. Through ONEOK Leasing Company, L.L.C. and ONEOK Parking Company, L.L.C., we own an office building and a parking garage and lease excess space in these facilities to affiliates and others. Our consolidated lease income is not material. The following table sets forth supplemental information about our cash flows:
|  | Year Ended
|  | December 31, 2019
|  | (Thousands of dollars)
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash flows for operating leases |  | $ | 6,213 |
Financing cash flows for finance lease |  | $ | 1,764 |
Right-of-use assets obtained in exchange for operating lease liabilities (noncash) |  | $ | 4,097 |
The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet for the period indicated:
Leases | Location in our Consolidated Balance Sheet |  | December 31, 2019
|  |  | (Thousands of dollars)
Assets |  |  |
Operating leases | Other assets |  | $ | 15,147 |
Finance lease | Property, plant and equipment |  | 28,286 |
Finance lease | Accumulated depreciation |  | (1,320 | )
Total leased assets |  |  | $ | 42,113 |
Liabilities |  |  |
Current |  |  |
Operating leases | Other current liabilities |  | $ | 1,883 |
Finance lease | Finance lease liability |  | 1,949 |
Noncurrent |  |  |
Operating leases | Other deferred credits |  | 13,509 |
Finance lease | Finance lease liability |  | 24,296 |
Total lease liabilities |  |  | $ | 41,637 |
The following table sets forth information about our leases for the period indicated:
|  |  | Year Ended December 31, 2019 | At December 31, 2019
| Location in our Consolidated Statement of Income | Lease Cost | Weighted-Average Remaining Lease Term |  | Weighted-Average Discount Rate (a)
|  |  | (Thousands of dollars) | (Years) |  |
Operating leases | Operations and maintenance |  | $ | 6,803 |  | 10.4 |  | 4.58%
Finance lease |  |  |  | 8.8 |  | 10.00%
Amortization of lease assets | Depreciation and amortization |  | 1,131 |  |  |  |
Interest on lease liabilities | Interest expense |  | 2,721 |  |  |  |
Total lease cost |  |  | $ | 10,655 |  |  |  |
(a) - Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease. The following table sets forth the maturity of our lease liabilities as of December 31, 2019:
|  | Finance Lease |  | Operating Leases
|  | (Millions of dollars)
2020 |  | $ | 4.5 |  |  | $ | 2.5 |
2021 |  | 4.5 |  |  | 2.1 |
2022 |  | 4.5 |  |  | 2.0 |
2023 |  | 4.5 |  |  | 1.9 |
2024 |  | 4.5 |  |  | 1.9 |
2025 and beyond |  | 17.1 |  |  | 9.2 |
Total lease payments |  | 39.6 |  |  | 19.6 |
Less: Interest |  | 13.4 |  |  | 4.2 |
Present value of lease liabilities |  | $ | 26.2 |  |  | $ | 15.4 |
Our future lease payments presented under the previous accounting standard as of December 31, 2018, are not materially different than those presented above. As of December 31, 2019, we have entered into an additional operating lease that had not yet commenced with an estimated present value of $75.6 million and a lease term of 10 years, which is excluded from our maturities table above and our lease right-of-use assets and liabilities.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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