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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases Our leases are for land, real estate, railcars, vehicles, pipelines, plant equipment, and office equipment. We have both operating and finance leases with remaining terms ranging from less than one year to 50 years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
|  |  |  | Years Ended December 31,
(in thousands) |  |  |  |  |  | 2020 |  | 2019 |  |
Operating lease cost |  |  |  |  |  | $ | 17,371 |  |  | $ | 17,414 |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of assets |  |  |  |  |  | 3,047 |  |  | 2,723 |  |  |
Interest on lease liabilities |  |  |  |  |  | 417 |  |  | 426 |  |  |
Short-term lease cost |  |  |  |  |  | 4,665 |  |  | 3,459 |  |  |
Variable lease cost |  |  |  |  |  | 4,579 |  |  | 3,206 |  |  |
Total lease cost |  |  |  |  |  | 30,079 |  |  | $ | 27,228 |  |  |
Variable lease costs also include leases that do not have a right-of-use asset or lease liability, but are capitalized as part of inventory. Rental expense was $23 million in 2018 under the authoritative accounting guidance in effect during that year. Supplemental balance sheet information related to leases was as follows:
|  | December 31,
(in thousands) | Balance Sheet Classification |  | 2020 |  | 2019 |  |
Operating leases: |  |  |  |  |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets |  | $ | 61,329 |  |  | $ | 60,505 |  |  |
Current liability | Operating lease liabilities |  | $ | 13,410 |  |  | $ | 14,036 |  |  |
Noncurrent liability | Operating lease liabilities-noncurrent |  | 48,324 |  |  | 46,792 |  |  |
|  |  | $ | 61,734 |  |  | $ | 60,828 |  |  |
Finance leases: |  |  |  |  |  |  |
Finance lease right-of-use assets | Deferred charges and other assets |  | $ | 10,774 |  |  | $ | 12,840 |  |  |
Current liability | Other current liabilities |  | $ | 2,142 |  |  | $ | 3,019 |  |  |
Noncurrent liability | Other noncurrent liabilities |  | 10,077 |  |  | 11,119 |  |  |
|  |  | $ | 12,219 |  |  | $ | 14,138 |  |  |
|  | December 31, |  |
|  | 2020 |  | 2019 |  |
Weighted average remaining lease term (in years): |  |  |  |  |  |
Operating leases |  | 13 |  | 14 |  |
Finance leases |  | 10 |  | 9 |  |
Weighted average incremental borrowing rate: |  |  |  |  |  |
Operating leases |  | 3.33 | % |  | 3.88 | % |  |
Finance leases |  | 3.05 | % |  | 3.41 | % |  |
Supplemental cash flow information related to leases was as follows:
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 17,563 |  |  | $ | 16,765 |  |  |
Operating cash flows from finance leases |  | 417 |  |  | 426 |  |  |
Financing cash flows from finance leases |  | 3,031 |  |  | 2,649 |  |  |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 17,694 |  |  | $ | 18,826 |  |  |
Finance leases |  | 982 |  |  | 10,555 |  |  |
Maturities of lease liabilities as of December 31, 2020 were as follows:
(in thousands) |  | Operating Leases |  | Finance Leases
2021 |  | $ | 15,093 |  |  | $ | 2,463 |
2022 |  | 12,103 |  |  | 1,428 |
2023 |  | 9,854 |  |  | 1,211 |
2024 |  | 6,091 |  |  | 1,164 |
2025 |  | 4,437 |  |  | 1,143 |
Thereafter |  | 33,426 |  |  | 6,628 |
Total lease payments |  | 81,004 |  |  | 14,037 |
Less: imputed interest |  | 19,270 |  |  | 1,818 |
Total lease obligations |  | $ | 61,734 |  |  | $ | 12,219 |
Operating lease payments in the table above include approximately $16 million related to options to extend lease terms that are reasonably certain of being exercised. At December 31, 2020, we have entered into leases that have not yet commenced, but provide for right-of-use assets of approximately $38 million with remaining related lease obligations of $25 million, which are not included in the above table. Most of the commitments relate to plant and equipment that is being constructed or procured by the future lessors. These leases are expected to commence in 2021.

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