Note 2. Leases

We determine if an arrangement is a lease at inception. The Company has operating leases for premises, equipment, rail cars and automobiles. Our leases have remaining lease terms of 1 year to 50 years, some of which may include options to extend the leases further. The Company considers these options in determining the lease term used to establish the right-of-use assets and lease liabilities. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based upon the information available at commencement date, or as of implementation of ASC 842, in determining the present value of lease payments.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements contain both lease and non-lease components. We account for lease components together with non-lease components.

Operating lease cost for the quarter ended March 31, 2019 was $4.1 million. Components of lease cost of are as follows:

(millions of dollars)	Mar. 31, 2019

Operating lease cost	$	4.0
Short-term lease cost	$	0.1

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

(millions of dollars)	Mar. 31, 2019

Operating cash flows information:
Cash paid for amounts included in the measurement of lease liabilities	$	4.0
Non-cash activity:
Right-of-use assets obtained in the exchange for operating lease liabilities	$	0.2

Weighted average remaining lease term, and weighted average discount rates related to the Company’s operating leases were as follows:


Weighted-average remaining operating lease term (in years)		7.87
Weighted-average operating leases discount rate		5.0%

The following table summarizes the Company's outstanding lease assets and liabilities and their classification on the Condensed Consolidated Balance Sheet:

(millions of dollars)	Balance Sheet Classification	Mar. 31, 2019

Right-of-use asset	Other assets and deferred charges	$	47.4
Lease liability - current	Other current liabilities		12.3
Lease liability - non-current	Other non-current liabilities		46.1

Future minimum lease payments under the Company's operating leases as of March 31, 2019 were as follows:

(millions of dollars)	Mar. 31, 2019

For the remainder of 2019	$	11.5
2020		12.3
2021		9.0
2022		7.2
2023		5.9
Thereafter		25.3
Total future minimum lease payments		71.2
Less imputed interest		(13.0	)
Total	$	58.2

As of December 31, 2018, minimum lease payments under non-cancellable operating leases were expected to be as follows:

(millions of dollars)	Dec. 31, 2018

2019	$	17.3
2020		13.0
2021		9.5
2022		8.2
2023		7.0
Thereafter		24.8
Total	$	79.8

A summary of rent expense for the fiscal years ended December 31, 2018 and December 31, 2017 was as follows:

(millions of dollars)	Dec. 31, 2018		Dec. 31, 2017

Rent expense	$	19.5	$	19.3

The Company has certain arrangements under which we are the lessor. Lease income associated with these leases is not material.