Lease Accounting (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lessee, Lease

Leases are reflected in the following balance sheet accounts:

(Millions of dollars)	Classification	September 30, 2020		December 31, 2019
Assets
Operating (Right-of-use)	Other Assets	$	146.3	$	124.2
Finance	Property, plant, and equipment, at cost, less accumulated depreciation of $2.7 at September 30, 2020 and $2.2 at December 31, 2019	2.6		3.0
Total leased assets		$	148.9	$	127.2
Liabilities
Current
Operating	Trade accounts payable and accrued liabilities	$	7.7	$	6.8
Finance	Current maturities of long-term debt	1.2		1.2
Noncurrent
Operating	Deferred credits and other liabilities	140.7		118.5
Finance	Long-term debt, including capitalized lease obligations	0.9		1.2
Total lease liabilities		$	150.5	$	127.7

Lease, Cost

Lease Cost:

		Three Months Ended September 30,				Nine Months Ended September 30,
(Millions of dollars)	Classification	2020		2019		2020		2019
Operating lease cost	Station and other operating expenses	$	4.4	$	3.7	$	12.4	$	10.8
Finance lease cost
Amortization of leased assets	Depreciation & amortization expense	0.3		0.3		1.0		0.9
Interest on lease liabilities	Interest expense	—		—		0.1		0.1
Net lease costs		$	4.7	$	4.0	$	13.5	$	11.8

Cash flow information:

	Nine Months Ended September 30,
(Millions of dollars)	2020		2019
Cash paid for amounts included in the measurement of liabilities
Operating cash flows from operating leases	$	11.4	$	10.2
Operating cash flows from finance leases	$	0.1	$	0.1
Financing cash flows from finance leases	$	1.1	$	1.1

Maturity of Lease Liabilities at September 30, 2020:

(Millions of dollars)	Operating leases		Finance leases
2020	$	4.1	$	0.4
2021	16.5		1.1
2022	15.6		0.6
2023	15.1		0.1
2024	14.6		—
After 2024	176.7		—
Total lease payments	242.6		2.2
less: interest	94.2		0.1
Present value of lease liabilities	$	148.4	$	2.1

	Nine Months Ended September 30,
	2020
Weighted average remaining lease term (years)
Finance leases	1.9
Operating leases	15.8
Weighted average discount rate
Finance leases	4.6	%
Operating leases	5.8	%

Finance Lease, Liability, Maturity

Maturity of Lease Liabilities at September 30, 2020:

(Millions of dollars)	Operating leases		Finance leases
2020	$	4.1	$	0.4
2021	16.5		1.1
2022	15.6		0.6
2023	15.1		0.1
2024	14.6		—
After 2024	176.7		—
Total lease payments	242.6		2.2
less: interest	94.2		0.1
Present value of lease liabilities	$	148.4	$	2.1

Lessee, Operating Lease, Liability, Maturity

Maturity of Lease Liabilities at September 30, 2020:

(Millions of dollars)	Operating leases		Finance leases
2020	$	4.1	$	0.4
2021	16.5		1.1
2022	15.6		0.6
2023	15.1		0.1
2024	14.6		—
After 2024	176.7		—
Total lease payments	242.6		2.2
less: interest	94.2		0.1
Present value of lease liabilities	$	148.4	$	2.1