XML 101 R24.htm IDEA: XBRL DOCUMENT
v3.20.4

LEASES (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases of Lessee Disclosure [Text Block] | LEASESWe 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. 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. We apply the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. 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. 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 $69.0 million and $69.9 million, respectively, as of December 31, 2020. The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet for the periods indicated:
Leases | Location in our Consolidated Balance Sheet |  | December 31, 2020 |  | December 31, 2019
|  |  | (Thousands of dollars)
Assets |  |  |  |  |
Operating leases | Other assets |  | $ | 100,154 |  |  | $ | 15,147 |
Finance lease | Property, plant and equipment |  | 28,286 |  |  | 28,286 |
Finance lease | Accumulated depreciation |  | (2,451) |  |  | (1,320) |
Total leased assets |  |  | $ | 125,989 |  |  | $ | 42,113 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating leases | Operating lease liability |  | $ | 13,610 |  |  | $ | 1,883 |
Finance lease | Other current liabilities |  | 2,153 |  |  | 1,949 |
Noncurrent |  |  |  |  |
Operating leases | Operating lease liability |  | 87,610 |  |  | 13,509 |
Finance lease | Other deferred credits |  | 22,143 |  |  | 24,296 |
Total lease liabilities |  |  | $ | 125,516 |  |  | $ | 41,637 |
The following table sets forth supplemental cash flow information related to our leases:
|  | Years Ended December 31,
|  | 2020 |  | 2019
|  | (Thousands of dollars)
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows for operating leases |  | $ | 13,245 |  |  | $ | 6,213 |
Financing cash flows for finance lease |  | $ | 1,949 |  |  | $ | 1,764 |
Right-of-use assets obtained in exchange for operating lease liabilities (noncash) |  | $ | 99,547 |  |  | $ | 4,097 |
The following table sets forth information about our lease costs for the periods indicated:
|  |  | Years Ended December 31,
| Location in our Consolidated Statement of Income |  | 2020 |  | 2019
|  |  | (Thousands of dollars)
Operating leases | Operations and maintenance |  | $ | 17,162 |  |  | $ | 6,803 |
Finance lease |  |  |  |  |
Amortization of lease assets | Depreciation and amortization |  | 1,131 |  |  | 1,131 |
Interest on lease liabilities | Interest expense |  | 2,537 |  |  | 2,721 |
Total lease cost |  |  | $ | 20,830 |  |  | $ | 10,655 |
The following table sets forth information about our leases for the periods indicated:
| December 31, 2020 |  | December 31, 2019
Weighted average remaining lease term (years) |  |  |
Operating leases | 8.3 |  | 10.4
Finance lease | 7.8 |  | 8.8
Weighted average discount rate (a) |  |  |
Operating leases | 3.20% |  | 4.58%
Finance lease | 10.00% |  | 10.00%
(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, 2020:
|  | Finance Lease |  | Operating Leases
|  | (Millions of dollars)
2021 |  | $ | 4.5 |  |  | $ | 16.5 |
2022 |  | 4.5 |  |  | 15.1 |
2023 |  | 4.5 |  |  | 13.8 |
2024 |  | 4.5 |  |  | 12.5 |
2025 |  | 4.5 |  |  | 11.1 |
2026 and beyond |  | 12.6 |  |  | 47.1 |
Total lease payments |  | 35.1 |  |  | 116.1 |
Less: Interest |  | 10.8 |  |  | 14.9 |
Present value of lease liabilities |  | $ | 24.3 |  |  | $ | 101.2 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration