Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

LEASES

We have operating leases for office facilities, gas storage facilities, IT equipment and right-of-way contracts. Our leases have remaining lease terms of 1 to 6 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within specified time frames. We have not entered into any finance leases.

Our right-of-use asset is $21.0 million and $23.3 million as of December 31, 2023 and 2022, respectively, and is reported within other assets in our consolidated balance sheets. Operating lease liabilities are reported within our other current liabilities and other liabilities in our consolidated balance sheets. Total operating lease cost including immaterial amounts attributable to short-term operating leases was $7.7 million, $7.8 million, and $8.2 million in 2023, 2022 and 2021, respectively.

In 2023, we reassessed certain operating leases for office facilities and IT equipment which were extended or modified, resulting in an increase of $3.9 million in our right-of-use asset and operating lease liability.

	Year Ended
	December 31,
Other information related to operating leases	2023			2022			2021
	(Millions of dollars)
Weighted-average remaining lease term	4 years			5 years			6 years
Weighted-average discount rate	4.28		%	4.04		%	2.78		%
Supplemental cash flows information
Lease payments	$	(8.3)		$	(8.2)		$	(8.0)
Right-of-use assets obtained in exchange for lease obligations	$	3.9		$	0.3		$	0.4

	December 31,
Future minimum lease payments under non-cancellable operating leases	2023
	(Millions of dollars)
2024	$	6.7
2025	4.9
2026	3.3
2027	3.1
2028	2.8
Thereafter	1.4
Total future minimum lease payments	$	22.2
Imputed interest	(1.9)
Total operating lease liability	$	20.3
Consolidated balance sheets as of December 31, 2023
Current operating lease liability	$	6.0
Long-term operating lease liability	14.3
Total operating lease liability	$	20.3