Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Lease Terms and Discount Rates

The following table presents lease terms and discount rates as of March 31, 2019:

	Finance Leases		Operating Leases
Weighted-average lease term (in years):	6.1		10.9
Weighted-average discount rate:	4.7	%	5.8	%

Schedule of Lease Assets and Liabilities

The following table summarizes the classification of lease assets and lease liabilities in our Consolidated Balance Sheet at March 31, 2019 (in millions of dollars):

Leases	Classification	March 31, 2019
Assets
Operating lease assets	Operating lease assets	$	27.4
Finance lease assets	Property, plant and equipment, net	6.7
Total lease assets		$	34.1
Liabilities
Current:
Operating lease liabilities	Other accrued liabilities	$	3.5
Finance lease liabilities	Other accrued liabilities	1.3
Non-current:
Operating lease liabilities	Long-term portion of operating lease liabilities	26.6
Finance lease liabilities	Long-term liabilities	5.4
Total lease liabilities		$	36.8

Schedule of Lease Cost Classification

The following table summarizes the components of lease cost in our Statements of Consolidated Income during the quarter ended March 31, 2019 (in millions of dollars):

Lease Cost	Quarter Ended March 31, 2019
Operating lease cost	$	2.0
Short-term lease cost	0.3
Finance lease cost:
Amortization of leased assets	0.4
Interest on lease liabilities	0.1
Total lease cost	$	2.8

Lease Liability Maturity Schedule

The following table presents the maturity of our lease liabilities as of March 31, 2019 (in millions of dollars):

Maturity of Lease Liabilities	Finance Leases			Operating Leases
Remainder of 2019	$	1.2		$	3.7
2020	1.4			4.7
2021	1.2			4.1
2022	1.1			3.6
2023	1.0			3.4
2024	0.6			3.3
2025 and thereafter	1.2			18.7
Total minimum lease payments	$	7.7		$	41.5
Less: interest	(1.0		)	(11.4		)
Present value	$	6.7		$	30.1

Schedule of Future Minimum Rental Payments

The following table presents minimum rental commitments at December 31, 2018 (in millions of dollars):

Year Ended December 31,	Finance Leases			Operating Leases
2019	$	1.7		$	6.1
2020	1.4			3.7
2021	1.2			2.8
2022	1.1			2.4
2023	1.0			2.2
2024 and thereafter	1.8			20.8
Total minimum lease payments	$	8.2		$	38.0
Less: interest	(1.2		)
Present value1	$	7.0

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^1. 

Of the $7.0 million in finance lease obligations as of December 31, 2018, $1.4 million was included in Other accrued liabilities and $5.6 million was included in Long-term liabilities. Assets recorded under finance leases and the accumulated amortization thereon were $8.3 million and $1.3 million, respectively, as of December 31, 2018.