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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 20 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to station location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities.

As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial.
Lessee —We lease land for 232 stations, one terminal, and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Leases are reflected in the following balance sheet accounts:
(Millions of dollars)ClassificationDecember 31,
2020
December 31,
2019
Assets
Operating (Right-of-use)Other Assets$147.7 $124.2 
Finance
Property, plant, and equipment, at cost, less accumulated depreciation of $2.8 in 2020 and $2.2 in 2019
2.6 3.0 
Total leased assets$150.3 $127.2 
(Millions of dollars)ClassificationDecember 31,
2020
December 31,
2019
Liabilities
Current
     OperatingTrade accounts payable and accrued liabilities$7.8 $6.8 
     FinanceCurrent maturities of long-term debt 1.2 1.2 
Noncurrent
     OperatingDeferred credits and other liabilities142.5 118.5 
     FinanceLong-term debt, including capitalized lease obligations0.9 1.2 
Total lease liabilities$152.4 $127.7 

Lease Cost:
Year Ended December 31,
(Millions of dollars)Classification20202019
Operating lease costStation and other operating expenses$16.6 $14.5 
Finance lease cost
   Amortization of leased assetsDepreciation & amortization expense1.3 1.2 
   Interest on lease liabilitiesInterest expense0.1 0.1 
Net lease costs$18.0 $15.8 


Cash flow information:
Year Ended December 31,
(Millions of dollars)20202019
Cash paid for amounts included in the measurement of liabilities
   Operating cash flows required by operating leases$15.5 $13.8 
   Operating cash flows required by finance leases$0.1 $0.1 
   Financing cash flows required by finance leases$1.4 $1.4 


Maturity of Lease Liabilities:
(Millions of dollars)Operating leasesFinance leases
2021$16.8 $1.2 
202215.9 0.7 
202315.4 0.3 
202414.9 — 
202514.2 — 
After 2025166.9 — 
Total lease payments244.1 2.2 
 less: interest93.8 0.1 
Present value of lease liabilities$150.3 $2.1 
Lease Term and Discount Rate:
Year Ended December 31,
2020
Weighted average remaining lease term (years)
   Finance leases2.0
   Operating leases15.7
Weighted average discount rate
    Finance leases4.2 %
   Operating leases5.7 %
Leases Leases
The Company determines if an arrangement is a lease or contains a lease at inception. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The Company's leases have remaining lease terms of approximately 1 year to 20 years, which may include the option to extend the lease when it is reasonably certain the Company will exercise the option. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 20 years or more. The exercise of lease renewal options is at the Company's sole discretion. Due to the uncertainties of future markets, economic factors, technology changes, demographic shifts and behavior, environmental regulatory requirements and other information that impacts decisions as to station location, management has determined that it was not reasonably certain to exercise contract options and they are not included in the lease term. Additionally, short-term leases and leases with variable lease costs are immaterial. The Company reviews all options to extend, terminate, or otherwise modify its lease agreements to determine if changes are required to the right of use assets and liabilities.

As the implicit interest rate is not readily determinable in most of the Company's lease agreements, the Company uses its estimated secured incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Lessor — We have various arrangements for certain spaces for food service and vending equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is immaterial.
Lessee —We lease land for 232 stations, one terminal, and various equipment. Our lease agreements do not contain any material residual value guarantees and approximately 102 sites leased from Walmart contain restrictive covenants, though the restrictions are deemed to have an immaterial impact.

Leases are reflected in the following balance sheet accounts:
(Millions of dollars)ClassificationDecember 31,
2020
December 31,
2019
Assets
Operating (Right-of-use)Other Assets$147.7 $124.2 
Finance
Property, plant, and equipment, at cost, less accumulated depreciation of $2.8 in 2020 and $2.2 in 2019
2.6 3.0 
Total leased assets$150.3 $127.2 
(Millions of dollars)ClassificationDecember 31,
2020
December 31,
2019
Liabilities
Current
     OperatingTrade accounts payable and accrued liabilities$7.8 $6.8 
     FinanceCurrent maturities of long-term debt 1.2 1.2 
Noncurrent
     OperatingDeferred credits and other liabilities142.5 118.5 
     FinanceLong-term debt, including capitalized lease obligations0.9 1.2 
Total lease liabilities$152.4 $127.7 

Lease Cost:
Year Ended December 31,
(Millions of dollars)Classification20202019
Operating lease costStation and other operating expenses$16.6 $14.5 
Finance lease cost
   Amortization of leased assetsDepreciation & amortization expense1.3 1.2 
   Interest on lease liabilitiesInterest expense0.1 0.1 
Net lease costs$18.0 $15.8 


Cash flow information:
Year Ended December 31,
(Millions of dollars)20202019
Cash paid for amounts included in the measurement of liabilities
   Operating cash flows required by operating leases$15.5 $13.8 
   Operating cash flows required by finance leases$0.1 $0.1 
   Financing cash flows required by finance leases$1.4 $1.4 


Maturity of Lease Liabilities:
(Millions of dollars)Operating leasesFinance leases
2021$16.8 $1.2 
202215.9 0.7 
202315.4 0.3 
202414.9 — 
202514.2 — 
After 2025166.9 — 
Total lease payments244.1 2.2 
 less: interest93.8 0.1 
Present value of lease liabilities$150.3 $2.1 
Lease Term and Discount Rate:
Year Ended December 31,
2020
Weighted average remaining lease term (years)
   Finance leases2.0
   Operating leases15.7
Weighted average discount rate
    Finance leases4.2 %
   Operating leases5.7 %