LEASE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Right-of-use assets and lease liabilities included in our consolidated balance sheet were as follows:



	Balance Sheet Location	December 31, 2019
		(Thousands of Dollars)
Right-of-Use Assets:
Operating	Other long-term assets, net	$	81,219
Finance	Property, plant and equipment, net of accumulated amortization of $3,748	$	74,953

Lease Liabilities:
Operating:
Current	Accrued liabilities	$	10,416
Noncurrent	Other long-term liabilities	70,083
Total operating lease liabilities		$	80,499
Finance:
Current	Short-term debt and current portion of finance leases	$	4,546
Noncurrent	Long-term debt, less current portion	55,446
Total finance lease liabilities		$	59,992

As of December 31, 2019, maturities of our operating and finance lease liabilities were as follows:



	Operating Leases		Finance Leases
	(Thousands of Dollars)
2020	$	12,647	$	6,702
2021	9,419		5,252
2022	8,717		4,582
2023	7,605		4,480
2024	6,739		4,067
Thereafter	60,354		59,681
Total lease payments	$	105,481	$	84,764
Less: Interest	24,982		24,772
Present value of lease liabilities	$	80,499	$	59,992

Costs incurred for leases, including costs associated with discontinued operations, were as follows:



	Year Ended December 31, 2019
	(Thousands of Dollars)
Operating lease cost	$	29,167
Finance lease cost:
Amortization of right-of-use assets	3,748
Interest expense on lease liability	2,212
Short-term lease cost	19,140
Variable lease cost	6,990
Total lease cost	$	61,257

The table below presents additional information regarding our leases:



	Operating Leases			Finance Leases
	(Thousands of Dollars, Except Term and Rate Data)
For the year ended December 31, 2019:
Cash outflows from operating activities	$	27,567		$	2,027
Cash outflows from financing activities	$	—		$	3,700
Right-of-use assets obtained in exchange for lease liabilities	$	2,153		$	4,430
As of December 31, 2019:
Weighted-average remaining lease term (in years)	15			20
Weighted-average discount rate	3.6		%	3.7		%