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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases of Lessee Disclosure | Leases Most of the leases the Company enters into are for equipment, buildings, easements and vehicles as part of their ongoing operations. The Company also leases certain equipment to third parties through its utility and construction services segments. The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. For more information on the adoption of ASC 842, see Note 1. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the Consolidated Financial Statements depends on, among other things, management's estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease. Lessee accounting The leases the Company has entered into as part of its ongoing operations are considered operating leases and are recognized on the Consolidated Balance Sheets as right-of-use assets, current lease liabilities and, if applicable, noncurrent lease liabilities. The corresponding lease costs are included in operation and maintenance expense on the Consolidated Statements of Income. Generally, the leases for vehicles and equipment have a term of five years or less and buildings and easements have a longer term of up to 35 years or more. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties. The following tables provide information on the Company's operating leases at and for the year ended December 31, 2019:
| (In thousands)
Lease costs: |
Operating lease cost | $ | 43,759 |
Variable lease cost | 1,555 |
Short-term lease cost | 120,030 |
Total lease costs | $ | 165,344 |
| (Dollars in thousands)
Weighted average remaining lease term | 3.13 years |
Weighted average discount rate | 4.41 | %
Cash paid for amounts included in the measurement of lease liabilities | $ | 43,477 |
The reconciliation of the future undiscounted cash flows to the operating lease liabilities presented on the Consolidated Balance Sheet at December 31, 2019, was as follows:
| (In thousands)
2020 | $ | 35,156 |
2021 | 24,893 |
2022 | 16,932 |
2023 | 10,227 |
2024 | 7,368 |
Thereafter | 47,926 |
Total | 142,502 |
Less discount | 27,096 |
Total operating lease liabilities | $ | 115,406 |
The undiscounted annual minimum lease payments due under the Company's leases following the previous lease accounting standard as of December 31, 2018, were as follows:
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |
| (In thousands)
Operating leases | $ | 37,740 |  | $ | 26,255 |  | $ | 17,868 |  | $ | 11,647 |  | $ | 7,278 |  | $ | 49,098 |
Leases of Lessor Disclosure | Lessor accounting The Company leases certain equipment to third parties, which are considered operating leases. The Company recognized revenue from operating leases of $51.5 million for the year ended December 31, 2019. The majority of the Company's operating leases are short-term leases of less than 12 months. At December 31, 2019, the Company had $11.3 million of lease receivables with a majority due within 12 months or less.

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- 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
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- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + 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
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