Leases Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of lease terms and discount rates

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

	Finance Leases		Operating Leases
Weighted-average lease term (in years):	5.8		10.4
Weighted-average discount rate:	4.5	%	5.8	%

Classification of lease assets and lease liabilities

The following table summarizes the classification of lease assets and lease liabilities on our Consolidated Balance Sheet as of the period presented (in millions of dollars):

Leases	Classification	December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	25.8
Finance lease assets	Property, plant and equipment, net	6.6
Total lease assets		$	32.4
Liabilities
Current:
Operating lease liabilities	Other accrued liabilities	$	3.9
Finance lease liabilities	Other accrued liabilities	1.2
Non-current:
Operating lease liabilities	Long-term portion of operating lease liabilities	25.2
Finance lease liabilities	Long-term liabilities	5.4
Total lease liabilities		$	35.7

Components of lease cost

The following table summarizes the components of lease cost on our Statements of Consolidated Income for the period presented (in millions of dollars):

Lease Cost	December 31, 2019
Operating lease cost	$	7.5
Short-term lease cost	1.2
Finance lease cost:
Amortization of leased assets	1.5
Interest on lease liabilities	0.3
Total lease cost	$	10.5

Maturity of lease liabilities

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

Maturity of Lease Liabilities	Finance Leases			Operating Leases
2020	$	1.6		$	5.4
2021	1.4			4.6
2022	1.3			3.8
2023	1.2			3.5
2024	0.7			3.3
2025 and thereafter	1.3			18.7
Total minimum lease payments	$	7.5		$	39.3
Less: interest	(0.9		)	(10.2		)
Present value	$	6.6		$	29.1

Schedule of future minimum rental payments

Minimum rental commitments at December 31, 2018 were as follows (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

_________________________

^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.