Lease Accounting (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lessee, Lease

Leases are reflected in the following balance sheet accounts:

(Millions of dollars)	Classification	December 31, 2019		December 31, 2018
Assets
Operating (Right-of-use)	Other Assets	$	124.2	$	—
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.2 in 2019 and$1.8 in 2018	3.0		2.9
Total leased assets		$	127.2	$	2.9
Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	6.8	$	—
Finance	Current maturities of long-term debt	1.2		1.2
Noncurrent
Operating	Deferred credits and other liabilities	118.5		—
Finance	Long-term debt, including capitalized lease obligations	1.2		1.1
Total lease liabilities		$	127.7	$	2.3

Lease, Cost

Lease Term and Discount Rate:

	Year Ended December 31,
	2019
Weighted average remaining lease term (years)
Finance leases	2.0
Operating leases	15.6
Weighted average discount rate
Finance leases	4.8	%
Operating leases	6.0	%

Lease Cost:

		Year Ended December 31,
(Millions of dollars)	Classification	2019
Operating lease cost	Station and other operating expenses	$	14.5
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	1.2
Interest on lease liabilities	Interest expense	0.1
Net lease costs		$	15.8

Cash flow information:

	Year Ended December 31,
(Millions of dollars)	2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows required by operating leases	$	13.8
Operating cash flows required by finance leases	$	0.1
Financing cash flows required by finance leases	$	1.4

Maturity of Operating Lease Liability

Maturity of Lease Liabilities:

(Millions of dollars)	Operating leases		Finance leases
2020	$	14.9	$	1.3
2021	14.3		0.9
2022	13.5		0.3
2023	13.0		—
2024	12.2		—
After 2024	148.9		—
Total lease payments	216.8		2.5
less: interest	91.5		0.1
Present value of lease liabilities	$	125.3	$	2.4

Maturity of Finance Lease Liabilities

Maturity of Lease Liabilities:

(Millions of dollars)	Operating leases		Finance leases
2020	$	14.9	$	1.3
2021	14.3		0.9
2022	13.5		0.3
2023	13.0		—
2024	12.2		—
After 2024	148.9		—
Total lease payments	216.8		2.5
less: interest	91.5		0.1
Present value of lease liabilities	$	125.3	$	2.4

Schedule of Future Minimum Lease Payments for Capital Leases

Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:

(Millions of dollars)	Operating leases		Capital leases
2019	$	13.7	$	1.5
2020	13.3		1.1
2021	12.5		0.6
2022	11.7		0.1
2023	11.1		—
After 2023	122.6		—
Total lease payments	184.9		3.3
less: interest	—		0.2
Present value of minimum payments	$	184.9	$	3.1

Schedule of Future Minimum Rental Payments for Operating Leases

Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows:

(Millions of dollars)	Operating leases		Capital leases
2019	$	13.7	$	1.5
2020	13.3		1.1
2021	12.5		0.6
2022	11.7		0.1
2023	11.1		—
After 2023	122.6		—
Total lease payments	184.9		3.3
less: interest	—		0.2
Present value of minimum payments	$	184.9	$	3.1