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Leases
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Leases

Note 11 – Leases

 

We have non-cancellable operating leases primarily associated with our office facilities, rail assets, land, and storage and terminal assets. We have finance leases primarily associated with our tractors and vehicles. Our leases have remaining lease terms of 1 to 11 years, some of which include options to extend the lease term for up to 20 years.

 

The balances of right-of-use assets and liabilities of finance leases and operating leases, and their locations on our Consolidated Balance Sheets are as follows:

 

 

 

Balance Sheet Location

 

March 31, 2019

 

Right-of-use assets

 

 

 

 

 

 

   Operating leases, gross

 

Other long-term assets

 

$

35.6

 

   Finance leases, gross

 

Property, plant and equipment

 

 

40.9

 

 

 

 

 

 

 

 

Lease liabilities

 

 

 

 

 

 

Current:

 

 

 

 

 

 

   Operating leases

 

Accounts payable and accrued liabilities

 

$

2.7

 

   Finance leases

 

Current debt obligations

 

 

10.5

 

Non-current:

 

 

 

 

 

 

   Operating leases

 

Other long-term liabilities

 

 

47.8

 

   Finance leases

 

Long-term debt

 

 

27.7

 

 

Operating lease costs and short-term lease costs are included in Operating expenses or General and administrative expense in our Consolidated Statements of Operations, depending on the nature of the leases. Finance lease costs are included in Depreciation and amortization expense and Interest income (expense) in our Consolidated Statements of Operations. The components of lease expense were as follows:

 

 

 

Three Months Ended

March 31, 2019

 

Lease cost

 

 

 

 

Operating lease cost

 

$

2.3

 

Short-term lease cost

 

 

7.6

 

Variable lease cost

 

 

1.2

 

Finance lease cost

 

 

 

 

              Amortization of right-of-use assets

 

 

3.1

 

              Interest expense

 

 

0.4

 

Total lease cost

 

$

14.6

 

 

Other supplemental information related to our leases are as follows:

 

 

 

Three Months Ended March 31, 2019

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

       Operating cash flows for operating leases

 

$

2.0

 

       Operating cash flows for finance leases

 

 

0.4

 

       Financing cash flows for finance leases

 

 

2.7

 

 

The weighted-average remaining lease terms for operating leases and finance leases are 8 years and 3 years, respectively. The weighted-average discount rates for operating leases and finance leases are 4.0% and 3.9%, respectively.

 

The following table presents the maturities of our lease liabilities under non-cancellable leases as of March 31, 2019:

 

 

 

Operating Leases

 

 

Finance Leases

 

Future Minimum Lease Payments Beginning After March 31,

 

 

 

 

 

 

 

 

2019

 

$

4.7

 

 

$

11.8

 

2020

 

 

8.9

 

 

 

11.0

 

2021

 

 

9.0

 

 

 

9.2

 

2022

 

 

8.0

 

 

 

8.2

 

2023

 

 

6.2

 

 

 

1.0

 

Thereafter

 

 

23.5

 

 

 

 

Total undiscounted cash flows

 

 

60.3

 

 

 

41.2

 

Less imputed interest

 

 

(9.8

)

 

 

(3.0

)

Total lease liabilities

 

$

50.5

 

 

$

38.2

 

 

 

The following table presents future minimum payments under non-cancellable leases as of December 31, 2018:

 

 

 

Leases

 

2019

 

$

20.9

 

2020

 

 

20.2

 

2021

 

 

18.5

 

2022

 

 

16.5

 

2023

 

 

9.8

 

Thereafter

 

 

24.9

 

Total payments

 

$

110.8