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v3.21.1

Lease Accounting (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Lessee, Lease | Leases are reflected in the following balance sheet accounts:
(Millions of dollars) | Classification |  | March 31, 2021 |  | December 31, 2020
Assets |  |  |  |  |
Operating (Right-of-use) | Operating lease right-of-use assets |  | $ | 395.6 |  |  | $ | 147.7 |
Finance | Property, plant, and equipment, at cost, less accumulated depreciation of $5.0 at March 31, 2021 and $2.8 at December 31, 2020 |  | 137.3 |  |  | 2.6 |
Total leased assets |  |  | $ | 532.9 |  |  | $ | 150.3 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating | Trade accounts payable and accrued liabilities |  | $ | 17.0 |  |  | $ | 7.8 |
Finance | Current maturities of long-term debt |  | 10.2 |  |  | 1.2 |
Noncurrent |  |  |  |  |
Operating | Non current operating lease liabilities |  | 382.3 |  |  | 142.5 |
Finance | Long-term debt, including capitalized lease obligations |  | 127.2 |  |  | 0.9 |
Total lease liabilities |  |  | $ | 536.7 |  |  | $ | 152.4 |
Lease, Cost | Lease Cost:
|  |  |  |  | Three Months Ended March 31,
(Millions of dollars) | Classification |  |  |  |  |  | 2021 |  | 2020
Operating lease cost | Station and other operating expenses |  |  |  |  |  | $ | 8.9 |  |  | $ | 3.9 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization of leased assets | Depreciation & amortization expense |  |  |  |  |  | 2.6 |  |  | 0.3 |
Interest on lease liabilities | Interest expense |  |  |  |  |  | 1.4 |  |  | — |
Net lease costs |  |  |  |  |  |  | $ | 12.9 |  |  | $ | 4.2 |
Cash flow information:
|  |  | Three Months Ended March 31,
(Millions of dollars) |  |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of liabilities |  |  |
Operating cash flows from operating leases |  |  | $ | 8.2 |  |  | $ | 3.7 |
Operating cash flows from finance leases |  |  | $ | 1.4 |  |  | $ | — |
Financing cash flows from finance leases |  |  | $ | 1.8 |  |  | $ | 0.4 |
Maturity of Lease Liabilities at March 31, 2021:
(Millions of dollars) |  | Operating leases |  | Finance leases
2021 |  | $ | 30.9 |  |  | $ | 14.1 |
2022 |  | 41.0 |  |  | 18.0 |
2023 |  | 40.0 |  |  | 16.7 |
2024 |  | 39.7 |  |  | 15.2 |
2025 |  | 39.3 |  |  | 14.5 |
After 2025 |  | 468.0 |  |  | 148.9 |
Total lease payments |  | 658.9 |  |  | 227.4 |
less: interest |  | 259.6 |  |  | 90.0 |
Present value of lease liabilities |  | $ | 399.3 |  |  | $ | 137.4 |
Lease Term and Discount Rate:
|  |  | Three Months Ended March 31,
|  |  | 2021
Weighted average remaining lease term (years) |  |  |
Finance leases |  |  | 14.9
Operating leases |  |  | 18.0
Weighted average discount rate |  |  |
Finance leases |  |  | 5.2 | %
Operating leases |  |  | 6.0 | %
Finance Lease, Liability, Maturity | Maturity of Lease Liabilities at March 31, 2021:
(Millions of dollars) |  | Operating leases |  | Finance leases
2021 |  | $ | 30.9 |  |  | $ | 14.1 |
2022 |  | 41.0 |  |  | 18.0 |
2023 |  | 40.0 |  |  | 16.7 |
2024 |  | 39.7 |  |  | 15.2 |
2025 |  | 39.3 |  |  | 14.5 |
After 2025 |  | 468.0 |  |  | 148.9 |
Total lease payments |  | 658.9 |  |  | 227.4 |
less: interest |  | 259.6 |  |  | 90.0 |
Present value of lease liabilities |  | $ | 399.3 |  |  | $ | 137.4 |
Lessee, Operating Lease, Liability, Maturity | Maturity of Lease Liabilities at March 31, 2021:
(Millions of dollars) |  | Operating leases |  | Finance leases
2021 |  | $ | 30.9 |  |  | $ | 14.1 |
2022 |  | 41.0 |  |  | 18.0 |
2023 |  | 40.0 |  |  | 16.7 |
2024 |  | 39.7 |  |  | 15.2 |
2025 |  | 39.3 |  |  | 14.5 |
After 2025 |  | 468.0 |  |  | 148.9 |
Total lease payments |  | 658.9 |  |  | 227.4 |
less: interest |  | 259.6 |  |  | 90.0 |
Present value of lease liabilities |  | $ | 399.3 |  |  | $ | 137.4 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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