Leases (Tables)

9 Months Ended

Sep. 30, 2021

The following table presents lease terms and discount rates as of September 30, 2021:

	Finance Leases			Operating Leases
Weighted-average lease term (in years)		25.1			7.7
Weighted-average discount rate		3.5	%		3.9	%

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

Leases	Classification	As of September 30, 2021		As of December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	45.2	$	26.5
Finance lease assets	Property, plant and equipment, net		8.6		8.1
Total lease assets		$	53.8	$	34.6
Liabilities
Current:
Operating lease liabilities	Other accrued liabilities	$	8.4	$	4.4
Finance lease liabilities	Other accrued liabilities		2.1		1.9
Non-current:
Operating lease liabilities	Long-term portion of operating lease liabilities		40.2		25.6
Finance lease liabilities	Long-term liabilities		6.5		6.2
Total lease liabilities		$	57.2	$	38.1

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

	Quarter Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	2.8	$	1.6	$	7.7	$	5.2
Short-term lease cost		1.5		0.5		2.5		1.1
Finance lease cost:
Amortization of leased assets		0.5		0.5		1.5		1.2
Interest on lease liabilities		—		—		0.2		0.2
Total lease cost	$	4.8	$	2.6	$	11.9	$	7.7

The following table presents the maturity of our lease liabilities as of September 30, 2021 (in millions of dollars):

Maturity of Lease Liabilities	Finance Leases			Operating Leases
Remainder of 2021	$	0.6		$	2.6
2022		2.3			8.6
2023		1.9			9.0
2024		1.4			8.3
2025		1.0			5.1
Thereafter		6.4			24.5
Total minimum lease payments	$	13.6		$	58.1
Less: interest		(5.0	)		(9.5	)
Present value	$	8.6		$	48.6