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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 2. Leases The Company determines 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 $16.8 million, $15.7 million and $15.3 for the years ended December 31, 2023 , December 31, 2022 and December 31, 2021, respectively. The components of lease costs are as follows:
| December 31, |
(millions of dollars) | 2023 |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 16.7 |  |  | $ | 15.6 |  |  | $ | 15.2 |
Short-term lease cost |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Total |  | $ | 16.8 |  |  | $ | 15.7 |  |  | $ | 15.3 |
Supplemental cash flow information and non-cash activity related to our leases are as follows:
(millions of dollars) |  | December 31, 2023 |
Operating cash flows information: |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 16.8 |
Non-cash activity: |  |  |  |
Right-of-use assets obtained in the exchange for operating lease liabilities |  | $ | 10.0 |
Weighted average remaining lease term, and weighted average discount rates related to the Company’s leases were as follows:
Weighted-average remaining operating lease term (in years) |  |  | 5.55 |
Weighted-average operating leases discount rate |  |  | 5.1 | %
The following table summarizes the Company’s outstanding lease assets and liabilities and their classification on the Consolidated Balance Sheet:
|  |  | December 31, |
(millions of dollars) | Balance Sheet Classification |  | 2023 |  |  | 2022 |
Right-of-use-asset | Other assets and deferred charges |  | $ | 44.1 |  |  | $ | 49.1 |
Lease liability - current | Other current liabilities |  |  | 13.5 |  |  |  | 13.5 |
Lease liability - non-current | Other non-current liabilities |  |  | 37.9 |  |  |  | 43.9 |
Future minimum lease payments under the Company’s leases as of December 31, 2023 were as follows:
(millions of dollars) |  | December 31, 2023 |
2024 |  | $ | 15.7 |
2025 |  |  | 12.5 |
2026 |  |  | 10.6 |
2027 |  |  | 7.3 |
2028 |  |  | 5.9 |
Thereafter |  |  | 7.6 |
Total future minimum lease payments |  |  | 59.6 |
Less imputed interest |  |  | (8.2 | )
Total |  | $ | 51.4 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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