Leases (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Lease Terms and Discount Rates

The following table presents lease terms and discount rates as of September 30, 2020:

	Finance Leases			Operating Leases
Weighted-average lease term (in years)		5.3			9.4
Weighted-average discount rate		4.2	%		5.4	%

Schedule of Lease Assets and Lease Liabilities

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

Leases	Classification	September 30, 2020		December 31, 2019
Assets
Operating lease assets	Operating lease assets	$	27.2	$	25.8
Finance lease assets	Property, plant and equipment, net		7.6		6.6
Total lease assets		$	34.8	$	32.4

Liabilities
Current:
Operating lease liabilities	Other accrued liabilities	$	4.5	$	3.9
Finance lease liabilities	Other accrued liabilities		1.6		1.2
Non-current:
Operating lease liabilities	Long-term portion of operating lease liabilities		26.3		25.2
Finance lease liabilities	Long-term liabilities		6.0		5.4
Total lease liabilities		$	38.4	$	35.7

Components of Lease Cost

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

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
Lease Cost	2020		2019		2020		2019
Operating lease cost	$	1.6	$	1.8	$	5.2	$	5.6
Short-term lease cost		0.5		0.3		1.1		0.8
Finance lease cost:
Amortization of leased assets		0.5		0.5		1.2		1.2
Interest on lease liabilities		—		—		0.2		0.2
Total lease cost	$	2.6	$	2.6	$	7.7	$	7.8

Schedule of Maturity of Our Lease Liabilities

The following table presents the maturity of our lease liabilities as of September 30, 2020 (in millions of dollars):

Maturity of Lease Liabilities	Finance Leases			Operating Leases
Remainder of 2020	$	0.5		$	1.5
2021		1.9			5.8
2022		1.6			4.9
2023		1.5			4.5
2024		1.1			4.1
2025 and thereafter		1.9			19.3
Total minimum lease payments	$	8.5		$	40.1

Less: interest		(0.9	)		(9.3	)
Present value	$	7.6		$	30.8