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Commitments | 12 Months Ended
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Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract] |
Commitments | Commitments The Company leases land, gasoline stations, and other facilities under operating leases. During the next five years, expected future rental payments under all operating leases are approximately $16.8 million in 2021, $15.9 million in 2022, $15.4 million in 2023, $14.9 million in 2024, and $14.2 million in 2025. Rental expense for noncancellable operating leases, including contingent payments when applicable, was $24.9 million in 2020, $21.6 million in 2019 and $15.2 million in 2018. Commitments for capital expenditures were approximately $286.8 million at December 31, 2020, including $278.3 million approved for potential construction of future Murphy USA and Murphy Express gasoline stations (including land) at year-end, along with $4.1 million for improvements of existing stations, to be financed with our operating cash flow and/or incurrence of indebtedness. The Company has certain take-or-pay contracts primarily to supply terminals with a noncancellable remaining term of 9.8 years. At December 31, 2020, our minimum annual payments under our take-or-pay contracts are estimated to be $9.1 million in 2021 and $4.0 million in 2022, $4.0 million in 2023, $4.0 million in 2024, and $4.0 million in 2025.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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