Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Lease Terms and Discount Rates

The following table presents lease terms and discount rates as of March 31, 2021:

	Finance Leases			Operating Leases
Weighted-average lease term (in years)		24.0			7.5
Weighted-average discount rate		3.5	%		4.2	%

Schedule of Lease Assets and Lease Liabilities

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

Leases	Classification	As of March 31, 2021		As of December 31, 2020
Assets
Operating lease assets	Operating lease assets	$	38.9	$	26.5
Finance lease assets	Property, plant and equipment, net		9.6		8.1
Total lease assets		$	48.5	$	34.6
Liabilities
Current:
Operating lease liabilities	Other accrued liabilities	$	8.1	$	4.4
Finance lease liabilities	Other accrued liabilities		2.0		1.9
Non-current:
Operating lease liabilities	Long-term portion of operating lease liabilities		34.1		25.6
Finance lease liabilities	Long-term liabilities		7.6		6.2
Total lease liabilities		$	51.8	$	38.1

Components of Lease Cost

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

	Quarter Ended March 31,
	2021		2020
Operating lease cost	$	2.0	$	1.8
Short-term lease cost		0.2		0.3
Finance lease cost:
Amortization of leased assets		0.5		0.4
Interest on lease liabilities		0.1		0.1
Total lease cost	$	2.8	$	2.6

Schedule of Maturity of Our Lease Liabilities

The following table presents the maturity of our lease liabilities as of March 31, 2021 (in millions of dollars):

Maturity of Lease Liabilities	Finance Leases			Operating Leases
Remainder of 2021	$	1.8		$	7.3
2022		2.1			8.9
2023		1.8			7.5
2024		1.3			6.7
2025		1.1			3.6
Thereafter		6.6			17.0
Total minimum lease payments	$	14.7		$	51.0
Less: interest		(5.1	)		(8.8	)
Present value	$	9.6		$	42.2