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LEASES (Notes)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block] LEASES
We lease certain buildings, warehouses, office space, pipeline capacity, land and equipment, including pipeline equipment, rail cars and information technology equipment. Our lease payments are generally straight-line and the exercise of lease renewal options, which vary in term, is at our sole discretion. We include renewal periods in a lease term if we are reasonably certain to exercise available renewal options. We apply the short-term policy election, which allows us to exclude from recognition leases with an initial term of 12 months or less. Our lease agreements do not include any residual value guarantees or material restrictive covenants.

Through ONEOK Leasing Company, L.L.C. and ONEOK Parking Company, L.L.C., we own an office building and a parking garage and lease excess space in these facilities to affiliates and others. Our consolidated lease income is not material.
The following table sets forth information about our lease assets and liabilities included in our Consolidated Balance Sheet as of the dates indicated:
LeasesLocation in our Consolidated Balance SheetDecember 31, 2022December 31, 2021
 
(Thousands of dollars)
Assets
Operating leasesOther assets$82,838 $89,558 
Finance leaseProperty, plant and equipment31,264 29,962 
Finance leaseAccumulated depreciation(4,769)(3,590)
Total leased assets$109,333 $115,930 
Liabilities
Current
Operating leasesOperating lease liability$12,289 $13,783 
Finance leaseOther current liabilities2,954 2,584 
Noncurrent
Operating leasesOperating lease liability68,110 75,636 
Finance leaseOther deferred credits19,299 21,082 
Total lease liabilities$102,652 $113,085 

The following table sets forth information about our leases for the periods indicated:
December 31, 2022December 31, 2021
Weighted average remaining lease term (years)
Operating leases7.57.8
Finance lease5.56.6
Weighted average discount rate (a)
Operating leases3.54%3.40%
Finance lease9.43%9.60%
(a) - Our weighted-average discount rates represent the rate implicit in the lease or our incremental borrowing rate for a term equal to the remaining term of the lease.

The following table sets forth the maturity of our lease liabilities as of December 31, 2022:
Finance
Lease
Operating
Leases
(Millions of dollars)
2023$4.9 $14.6 
20244.9 13.2 
20255.6 11.8 
20265.3 12.0 
20274.5 11.5 
2028 and beyond3.7 29.4 
Total lease payments28.9 92.5 
Less: Interest6.6 12.1 
Present value of lease liabilities$22.3 $80.4 
Our lease costs and supplemental cash flow information related to our leases for the periods ended December 31, 2022 and 2021 are not material.