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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Components of Lease Costs | 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 Operating Leases | 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 Discount Rates | 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 | %
Outstanding Lease Assets and Liabilities | 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 | 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 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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