BLACK HILLS CORP /SD/ Leases Disclosure
Income Statement Location | 2019 | |||
Operating lease cost | Operations and maintenance | $ | 1,456 | |
Finance lease cost: | ||||
Amortization of right-of-use asset | Depreciation, depletion and amortization | 100 | ||
Interest on lease liabilities | Interest expense incurred net of amounts capitalized (including amortization of debt issuance costs, premiums and discounts) | 19 | ||
Total lease cost | $ | 1,575 | ||
Balance Sheet Location | 2019 | |||
Assets: | ||||
Operating lease assets | Other assets, non-current | $ | 4,629 | |
Finance lease assets | Other assets, non-current | 465 | ||
Total lease assets | $ | 5,094 | ||
Liabilities: | ||||
Current: | ||||
Operating leases | Accrued liabilities | $ | 1,179 | |
Finance lease | Accrued liabilities | 109 | ||
Noncurrent: | ||||
Operating leases | Other deferred credits and other liabilities | 3,821 | ||
Finance lease | Other deferred credits and other liabilities | 364 | ||
Total lease liabilities | $ | 5,473 | ||
2019 | |||
Cash paid included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ | 1,263 | |
Operating cash flows from finance lease | $ | 19 | |
Financing cash flows from finance lease | $ | 93 | |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | $ | 2,801 | |
Finance lease | $ | 67 | |
2019 | ||
Weighted average remaining lease term (years): | ||
Operating leases | 8 years | |
Finance lease | 4 years | |
Weighted average discount rate: | ||
Operating leases | 4.27 | % |
Finance lease | 4.19 | % |
Operating Leases | Finance Lease | Total | |||||||
2020 | 1,018 | 126 | 1,144 | ||||||
2021 | 865 | 126 | 991 | ||||||
2022 | 743 | 126 | 869 | ||||||
2023 | 718 | 126 | 844 | ||||||
2024 | 714 | 10 | 724 | ||||||
Thereafter | 2,009 | — | 2,009 | ||||||
Total lease payments (a) | $ | 6,067 | $ | 514 | $ | 6,581 | |||
Less imputed interest | 1,067 | 41 | 1,108 | ||||||
Present value of lease liabilities | $ | 5,000 | $ | 473 | $ | 5,473 | |||
(a) | Lease payments exclude payments to landlords for common area maintenance, real estate taxes, and insurance. |
Operating Leases | |||
2019 | $ | 1,052 | |
2020 | 464 | ||
2021 | 344 | ||
2022 | 224 | ||
2023 | 216 | ||
Thereafter | 1,776 | ||
Total lease payments | $ | 4,076 | |
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About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.