Leases

12 Months Ended

Dec. 31, 2022

3. Leases

Our leases have remaining lease terms of approximately one to 59 years, some of which may include options to extend the lease for up to 60 years, and some of which may include options to terminate the lease within one year.

The following table presents lease terms and discount rates as of December 31, 2022:


	Finance Leases			Operating Leases
Weighted-average lease term (in years)		29.0			7.0
Weighted-average discount rate		3.51	%		3.95	%

The following table summarizes the classification of lease assets and lease liabilities on our Consolidated Balance Sheets (in millions of dollars):


		As of December 31,
Description	Classification	2022		2021
Operating lease assets	Operating lease assets	$	39.1	$	46.2
Finance lease assets	Property, plant and equipment, net	$	6.7	$	8.2
Current operating lease liabilities	Other accrued liabilities	$	9.1	$	9.0
Current finance lease liabilities	Other accrued liabilities	$	2.1	$	2.1
Non-current operating lease liabilities	Long-term portion of operating lease liabilities	$	35.4	$	40.8
Non-current finance lease liabilities	Long-term liabilities	$	5.0	$	6.1

The following table summarizes the components of lease cost in our Statements of Consolidated (Loss) Income (in millions of dollars):


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	12.1	$	11.0	$	6.8
Short-term lease cost		4.3		3.2		1.6
Finance lease cost:
Amortization of leased assets		2.5		2.1		1.6
Interest on lease liabilities		0.3		0.3		0.3
Total lease cost	$	19.2	$	16.6	$	10.3

The following table presents the maturity of our lease liabilities as of December 31, 2022 (in millions of dollars):


	Finance Leases			Operating Leases
2023	$	2.3		$	10.6
2024		1.7			9.8
2025		1.3			6.4
2026		0.7			4.2
2027		0.1			3.6
Thereafter		5.7			17.6
Total minimum lease payments	$	11.8		$	52.2
Less: interest		(4.7	)		(7.7	)
Present value	$	7.1		$	44.5