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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | 3. Leases Our leases have remaining lease terms of approximately one to 60 years, some of which may include options to extend the lease for up to 60 years, and some of which may include options to terminate the lease within one year. The following table presents lease terms and discount rates as of December 31, 2021:
|  | Finance Leases |  |  | Operating Leases |
Weighted-average lease term (in years) |  |  | 26.1 |  |  |  | 7.4 |
Weighted-average discount rate |  |  | 3.4 | % |  |  | 3.8 | %
The following table summarizes the classification of lease assets and lease liabilities on our Consolidated Balance Sheets (in millions of dollars):
|  |  |  | As of December 31, |
Leases |  | Classification |  | 2021 |  |  | 2020 |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 46.2 |  |  | $ | 26.5 |
Finance lease assets |  | Property, plant and equipment, net |  |  | 8.2 |  |  |  | 8.1 |
Total lease assets |  |  |  | $ | 54.4 |  |  | $ | 34.6 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other accrued liabilities |  | $ | 9.0 |  |  | $ | 4.4 |
Finance lease liabilities |  | Other accrued liabilities |  |  | 2.1 |  |  |  | 1.9 |
Non-current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Long-term portion of operating lease liabilities |  |  | 40.8 |  |  |  | 25.6 |
Finance lease liabilities |  | Long-term liabilities |  |  | 6.1 |  |  |  | 6.2 |
Total lease liabilities |  |  |  | $ | 58.0 |  |  | $ | 38.1 |
The following table summarizes the components of lease cost on our Statements of Consolidated (Loss) Income (in millions of dollars):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Operating lease cost |  | $ | 11.0 |  |  | $ | 6.8 |  |  | $ | 7.5 |
Short-term lease cost |  |  | 3.2 |  |  |  | 1.6 |  |  |  | 1.2 |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 2.1 |  |  |  | 1.6 |  |  |  | 1.5 |
Interest on lease liabilities |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Total lease cost |  | $ | 16.6 |  |  | $ | 10.3 |  |  | $ | 10.5 |
The following table presents the maturity of our lease liabilities as of December 31, 2021 (in millions of dollars):
|  | Finance Leases |  |  | Operating Leases |
2022 |  | $ | 2.3 |  |  | $ | 9.4 |
2023 |  |  | 2.0 |  |  |  | 9.8 |
2024 |  |  | 1.4 |  |  |  | 9.1 |
2025 |  |  | 1.0 |  |  |  | 5.9 |
2026 |  |  | 0.7 |  |  |  | 4.0 |
Thereafter |  |  | 5.7 |  |  |  | 20.7 |
Total minimum lease payments |  | $ | 13.1 |  |  | $ | 58.9 |
Less: interest |  |  | (4.9 | ) |  |  | (9.1 | )
Present value |  | $ | 8.2 |  |  | $ | 49.8 |

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