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Leases (Tables) | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Schedule of Lease Terms and Discount Rates | The following table presents lease terms and discount rates as of June 30, 2021:
|  | Finance Leases |  |  | Operating Leases |
Weighted-average lease term (in years) |  |  | 24.7 |  |  |  | 7.3 |
Weighted-average discount rate |  |  | 3.5 | % |  |  | 4.1 | %
Schedule of Lease Assets and Lease Liabilities | The following table summarizes the classification of lease assets and lease liabilities on our Consolidated Balance Sheets (in millions of dollars):
Leases |  | Classification |  | As of June 30, 2021 |  |  | As of December 31, 2020 |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 39.5 |  |  | $ | 26.5 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 8.9 |  |  |  | 8.1 |
Total lease assets |  |  |  | $ | 48.4 |  |  | $ | 34.6 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other accrued liabilities |  | $ | 8.4 |  |  | $ | 4.4 |
Finance lease liabilities |  | Other accrued liabilities |  |  | 2.0 |  |  |  | 1.9 |
Non-current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Long-term portion of operating lease liabilities |  |  | 34.4 |  |  |  | 25.6 |
Finance lease liabilities |  | Long-term liabilities |  |  | 6.9 |  |  |  | 6.2 |
Total lease liabilities |  |  |  | $ | 51.7 |  |  | $ | 38.1 |
Components of Lease Cost | The following table summarizes the components of lease cost on our Statements of Consolidated (Loss) Income (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 2.9 |  |  | $ | 1.8 |  |  | $ | 4.9 |  |  | $ | 3.6 |
Short-term lease cost |  |  | 0.8 |  |  |  | 0.3 |  |  |  | 1.0 |  |  |  | 0.6 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 1.0 |  |  |  | 0.7 |
Interest on lease liabilities |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.2 |
Total lease cost |  | $ | 4.3 |  |  | $ | 2.5 |  |  | $ | 7.1 |  |  | $ | 5.1 |
Schedule of Maturity of Our Lease Liabilities | The following table presents the maturity of our lease liabilities as of June 30, 2021 (in millions of dollars):
Maturity of Lease Liabilities |  | Finance Leases |  |  | Operating Leases |
Remainder of 2021 |  | $ | 2.3 |  |  | $ | 5.1 |
2022 |  |  | 2.0 |  |  |  | 9.5 |
2023 |  |  | 1.6 |  |  |  | 8.0 |
2024 |  |  | 1.2 |  |  |  | 7.2 |
2025 |  |  | 0.8 |  |  |  | 4.0 |
Thereafter |  |  | 6.1 |  |  |  | 17.5 |
Total minimum lease payments |  | $ | 14.0 |  |  | $ | 51.3 |
Less: interest |  |  | (5.1 | ) |  |  | (8.5 | )
Present value |  | $ | 8.9 |  |  | $ | 42.8 |

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