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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease Cost | Income statement presentation for these costs (when ultimately recognized on the income statement) is also included:
Year Ended December 31, (in millions) | Income Statement Classification | 2024 |  | 2023
Finance lease cost |  |  |  |
Amortization of right-of-use assets | Depreciation and amortization | $ | 27.1 |  |  | $ | 32.0 |
Interest on lease liabilities | Interest expense, net | 13.5 |  |  | 8.6 |
Total finance lease cost |  | 40.6 |  |  | 40.6 |
Operating lease cost | Operation and maintenance | 14.7 |  |  | 11.3 |
Total lease cost |  | $ | 55.3 |  |  | $ | 51.9 |
Right-of-Use Assets and Liabilities | Our right-of-use assets and liabilities are presented in the following lines on the Consolidated Balance Sheets:
At December 31, (in millions) | Balance Sheet Classification | 2024 |  | 2023
Assets |  |  |  |
Finance leases | Net Property, Plant and Equipment | $ | 222.9 |  |  | $ | 184.3 |
Operating leases | Deferred charges and other | 26.4 |  |  | 32.9
Total leased assets |  | $ | 249.3 |  |  | 217.2
Liabilities |  |  |  |
Current |  |  |  |
Finance leases | Current portion of long-term debt | $ | 22.9 |  |  | 23.8
Operating leases | Other accruals | 9.1 |  |  | 8.3
Noncurrent |  |  |  |
Finance leases | Long-term debt, excluding amounts due within one year | 223.3 |  |  | 181.6
Operating leases | Other noncurrent liabilities and deferred credits | 18.2 |  |  | 25.8
Total lease liabilities |  | $ | 273.5 |  |  | $ | 239.5 |
Lease Information | Other pertinent information related to leases was as follows:
Year Ended December 31, (in millions) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows used for finance leases | $ | 11.2 |  |  | $ | 9.3 |
Operating cash flows used for operating leases | 14.5 |  |  | 11.1
Financing cash flows used for finance leases | 26.9 |  |  | 33.1
Right-of-use assets obtained in exchange for lease obligations |  |  |
Finance leases | 65.9 |  |  | 64.5
Operating leases | $ | 12.2 |  |  | $ | 5.6 |
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term (years) |  |  |
Finance leases | 20.5 |  | 16.4
Operating leases | 5.6 |  | 6.7
Weighted-average discount rate |  |  |
Finance leases | 5.6 | % |  | 5.5 | %
Operating leases | 4.5 | % |  | 4.3 | %
Lease Maturity | Maturities of our lease liabilities as of December 31, 2024 were as follows:
As of December 31, 2024, (in millions) | Total | Finance Leases | Operating Leases
2025 | $ | 44.6 |  | $ | 34.6 |  | $ | 10.0 |
2026 | 34.7 |  | 29.4 |  | 5.3 |
2027 | 28.5 |  | 24.2 |  | 4.3 |
2028 | 26.1 |  | 23.0 |  | 3.1 |
2029 | 21.5 |  | 19.0 |  | 2.5 |
Thereafter | 304.9 |  | 299.2 |  | 5.7 |
Total lease payments | 460.3 |  | 429.4 |  | 30.9 |
Less: Imputed interest | (186.8) |  | (183.2) |  | (3.6) |
Total | $ | 273.5 |  | $ | 246.2 |  | $ | 27.3 |
Reported as of December 31, 2024 |  |  |
Short-term lease liabilities | 32.0 |  | 22.9 |  | 9.1 |
Long-term lease liabilities | 241.5 |  | 223.3 |  | 18.2 |
Total lease liabilities | $ | 273.5 |  | $ | 246.2 |  | $ | 27.3 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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