XML 45 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases Leases
We lease certain pipeline and transportation equipment. 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.
Our leases do not have any outstanding renewal options. Certain leases also include options to purchase the leased equipment.
Certain of our lease agreements include rates based on equipment usage and others include rate inflationary indices based increases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table presents additional information related to our operating leases in accordance ASC 842:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Lease Cost
 
 
 
 
 
 
 
Operating lease cost
$
1,926

 
$
1,472

 
$
2,526

 
$
2,899

Short-term lease cost (1)
757

 
326

 
1,077

 
803

Variable lease costs
60

 

 
272

 

Total lease cost
$
2,743

 
$
1,798

 
$
3,875

 
$
3,702

 
 
 
 
 
 
 
 
Other Information
 
 
 
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
 
 
 
Operating cash flows from operating leases
$
(1,926
)
 
$
(1,472
)
 
$
(2,526
)
 
$
(2,899
)
 
 
 
 
 
 
 
 
Leased assets obtained in exchange for new operating lease liabilities
$
15,779

 
$

 
$
15,779

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2020
 
 
Weighted-average remaining lease term (years) for operating leases
 
 
 
 
3.8

 
 
Weighted-average discount rate (2) operating leases
 
 
 
 
5.8
%
 
 
(1) Includes an immaterial amount of variable lease cost.
(2) Our discount rate is primarily based on our incremental borrowing rate in accordance with ASC 842.