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Leases | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Leases | 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 was $4.0 million and $8.1 million for the three and six-month periods ended June 30, 2019, respectively. The components of lease costs are as follows:
(millions of dollars) |  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2019 |  |  | June 30, 2019 |
Operating lease cost |  | $ | 3.9 |  |  | $ | 7.9 |
Short-term lease cost |  |  | 0.1 |  |  |  | 0.2 |
Total |  | $ | 4.0 |  |  | $ | 8.1 |
Supplemental cash flow information and non-cash activity related to our operating leases are as follows:
(millions of dollars) |  | June 30, 2019 |
Operating cash flows information: |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 8.3 |
Non-cash activity: |  |  |  |
Right-of-use assets obtained in the exchange for operating lease liabilities |  | $ | 3.3 |
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) |  |  | 7.80 |
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 |  | June 30, 2019 |
Right-of-use asset | Other assets and deferred charges |  | $ | 47.1 |
Lease liability - current | Other current liabilities |  |  | 12.0 |
Lease liability - non-current | Other non-current liabilities |  |  | 46.1 |
Future minimum lease payments under the Company's operating leases as of June 30, 2019 were as follows:
(millions of dollars) |  | June 30, 2019 |
For the remainder of 2019 |  | $ | 7.7 |
2020 |  |  | 13.0 |
2021 |  |  | 9.6 |
2022 |  |  | 7.7 |
2023 |  |  | 6.2 |
Thereafter |  |  | 26.3 |
Total future minimum lease payments |  |  | 70.5 |
Less imputed interest |  |  | (12.6 | )
Total |  | $ | 57.9 |
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.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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