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v3.23.3

Lease Accounting (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Schedule of Leases Reflected on Balance Sheet | Leases are reflected in the following balance sheet accounts:
(Millions of dollars) | Classification |  | September 30, 2023 |  | December 31, 2022
Assets |  |  |  |  |
Operating (Right-of-use) | Operating lease right-of-use assets, net |  | $ | 451.9 |  |  | $ | 449.6 |
Finance | Property, plant, and equipment, at cost, less accumulated depreciation of $38.9 at September 30, 2023 and $30.5 at December 31, 2022 |  | 116.3 |  |  | 124.6 |
Total leased assets |  |  | $ | 568.2 |  |  | $ | 574.2 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating | Trade accounts payable and accrued liabilities |  | $ | 21.6 |  |  | $ | 20.5 |
Finance | Current maturities of long-term debt |  | 11.0 |  |  | 11.0 |
Noncurrent |  |  |  |  |
Operating | Non-current operating lease liabilities |  | 449.8 |  |  | 444.2 |
Finance | Long-term debt, including capitalized lease obligations |  | 117.3 |  |  | 122.6 |
Total lease liabilities |  |  | $ | 599.7 |  |  | $ | 598.3 |
Schedule of Lease Cost, Cash flow Information, Lease Term and Discount Rate | Lease Cost:
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Millions of dollars) |  | Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost |  | Store and other operating expenses |  | $ | 14.2 |  |  | $ | 13.6 |  |  | $ | 40.8 |  |  | $ | 38.1 |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  | Depreciation and amortization |  | 3.8 |  |  | 4.0 |  |  | 11.4 |  |  | 11.9 |
Interest on lease liabilities |  | Interest expense |  | 2.1 |  |  | 2.2 |  |  | 6.7 |  |  | 6.8 |
Net lease costs |  |  |  | $ | 20.1 |  |  | $ | 19.8 |  |  | $ | 58.9 |  |  | $ | 56.8 |
Cash flow information:
|  |  | Nine Months Ended September 30,
(Millions of dollars) |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of liabilities |  |  |
Operating cash flows from operating leases |  |  | $ | 37.6 |  |  | $ | 33.8 |
Operating cash flows from finance leases |  |  | $ | 6.7 |  |  | $ | 6.8 |
Financing cash flows from finance leases |  |  | $ | 8.6 |  |  | $ | 8.4 |
Lease Term and Discount Rate:
|  |  | Nine Months Ended September 30,
|  |  | 2023
Weighted average remaining lease term (years) |  |  |
Finance leases |  |  | 12.4
Operating leases |  |  | 15.2
Weighted average discount rate |  |  |
Finance leases |  |  | 6.7 | %
Operating leases |  |  | 6.5 | %
Schedule of Finance Lease Liability Maturity | Maturity of Lease Liabilities at September 30, 2023:
(Millions of dollars) |  | Operating leases |  | Finance leases
2023 |  | $ | 12.9 |  |  | $ | 4.9 |
2024 |  | 52.2 |  |  | 18.8 |
2025 |  | 51.1 |  |  | 17.7 |
2026 |  | 50.4 |  |  | 16.5 |
2027 |  | 49.6 |  |  | 15.8 |
After 2027 |  | 568.4 |  |  | 122.2 |
Total lease payments |  | 784.6 |  |  | 195.9 |
less: interest |  | 313.2 |  |  | 67.6 |
Present value of lease liabilities |  | $ | 471.4 |  |  | $ | 128.3 |
Schedule of Operating Lease Liability Maturity | Maturity of Lease Liabilities at September 30, 2023:
(Millions of dollars) |  | Operating leases |  | Finance leases
2023 |  | $ | 12.9 |  |  | $ | 4.9 |
2024 |  | 52.2 |  |  | 18.8 |
2025 |  | 51.1 |  |  | 17.7 |
2026 |  | 50.4 |  |  | 16.5 |
2027 |  | 49.6 |  |  | 15.8 |
After 2027 |  | 568.4 |  |  | 122.2 |
Total lease payments |  | 784.6 |  |  | 195.9 |
less: interest |  | 313.2 |  |  | 67.6 |
Present value of lease liabilities |  | $ | 471.4 |  |  | $ | 128.3 |

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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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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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