Leases (Tables)

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Components of Lease Cost

Operating lease cost was $3.8 million and $11.9 million for the three and nine-month periods ended September 29, 2019, respectively.  The components of lease costs are as follows:

(millions of dollars)	Three Months Ended		Nine Months Ended
	Sep. 29, 2019		Sep. 29, 2019
Operating lease cost	$	3.8	$	11.7
Short-term lease cost		—		0.2
Total	$	3.8	$	11.9

Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

(millions of dollars)	September 29, 2019
Operating cash flows information:
Cash paid for amounts included in the measurement of lease liabilities	$	12.3
Non-cash activity:
Right-of-use assets obtained in the exchange for operating lease liabilities	$	4.3

Weighted Average Remaining Lease Term and Discount Rates

Weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases were as follows:

Weighted-average remaining operating lease term (in years)	7.70
Weighted-average operating leases discount rate	5.0	%

Outstanding Lease Assets and Liabilities

 The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Condensed Consolidated Balance Sheet:

(millions of dollars)	Balance Sheet Classification	September 29, 2019
Right-of-use asset	Other assets and deferred charges	$	44.5
Lease liability - current	Other current liabilities		11.7
Lease liability - non-current	Other non-current liabilities		43.4

Future Minimum Lease Payments

Future minimum lease payments under the Company's operating leases as of September 29, 2019 were as follows:

(millions of dollars)	September 29, 2019
For the remainder of 2019	$	3.7
2020		13.3
2021		9.8
2022		7.8
2023		6.3
Thereafter		26.0
Total future minimum lease payments		66.9
Less imputed interest		(11.8	)
Total	$	55.1

Minimum Lease Payments under Non-cancellable Operating Lease

As of December 31, 2018, minimum lease payments under non-cancellable operating leases were expected to be as follows:

(millions of dollars)	Dec. 31, 2018
2019	$	17.3
2020		13.0
2021		9.5
2022		8.2
2023		7.0
Thereafter		24.8
Total	$	79.8

Summary of Rent Expense

A summary of rent expense for the fiscal years ended December 31, 2018 and December 31, 2017 was as follows:

(millions of dollars)	Dec. 31, 2018		Dec. 31, 2017
Rent expense	$	19.5	$	19.3