LEASES (Notes)

9 Months Ended

Sep. 30, 2020

Leases of Lessee Disclosure [Text Block]

LEASES

In December 2019, we entered into an operating lease for pipeline capacity with a lease term of 10 years that commenced January 1, 2020. In connection with this lease, we recognized an operating lease right-of-use asset and a lease liability with remaining balances of $70.7 million and $71.4 million, respectively, as of September 30, 2020. During the nine months ended September 30, 2020, we entered into certain operating leases and recognized operating lease right-of-use assets and lease liabilities with remaining balances of $16.2 million at the end of the period. At September 30, 2020, the weighted-average remaining lease term and the weighted-average discount rate for our operating leases were 8.5 years and 3.19%, respectively.

The following table sets forth supplemental cash flow information related to our leases:


	Nine Months Ended
	September 30,
	2020		2019
	(Thousands of dollars)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	9,662	$	4,972
Financing cash flows for finance lease	$	1,443	$	1,307
Right-of-use assets obtained in exchange for operating lease liabilities (noncash)	$	99,197	$	3,663

The following table sets forth the maturity of our lease liabilities as of September 30, 2020:


	Finance Lease		Operating Leases
	(Millions of dollars)
Remainder of 2020	$	1.2	$	4.1
2021	4.5		16.4
2022	4.5		15.1
2023	4.5		13.8
2024	4.5		12.5
2025 and beyond	17.1		58.2
Total lease payments	36.3		120.1
Less: Interest	11.5		15.6
Present value of lease liabilities	$	24.8	$	104.5