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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 3. Le ases Our leases have remaining lease terms of approximately one to 59 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, 2022:
|  | Finance Leases |  |  | Operating Leases |
Weighted-average lease term (in years) |  |  | 29.0 |  |  |  | 7.0 |
Weighted-average discount rate |  |  | 3.51 | % |  |  | 3.95 | %
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, |
Description |  | Classification |  | 2022 |  |  | 2021 |
Operating lease assets |  | Operating lease assets |  | $ | 39.1 |  |  | $ | 46.2 |
Finance lease assets |  | Property, plant and equipment, net |  | $ | 6.7 |  |  | $ | 8.2 |
Current operating lease liabilities |  | Other accrued liabilities |  | $ | 9.1 |  |  | $ | 9.0 |
Current finance lease liabilities |  | Other accrued liabilities |  | $ | 2.1 |  |  | $ | 2.1 |
Non-current operating lease liabilities |  | Long-term portion of operating lease liabilities |  | $ | 35.4 |  |  | $ | 40.8 |
Non-current finance lease liabilities |  | Long-term liabilities |  | $ | 5.0 |  |  | $ | 6.1 |
The following table summarizes the components of lease cost in our Statements of Consolidated (Loss) Income (in millions of dollars):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 12.1 |  |  | $ | 11.0 |  |  | $ | 6.8 |
Short-term lease cost |  |  | 4.3 |  |  |  | 3.2 |  |  |  | 1.6 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 2.5 |  |  |  | 2.1 |  |  |  | 1.6 |
Interest on lease liabilities |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Total lease cost |  | $ | 19.2 |  |  | $ | 16.6 |  |  | $ | 10.3 |
The following table presents the maturity of our lease liabilities as of December 31, 2022 (in millions of dollars):
|  | Finance Leases |  |  | Operating Leases |
2023 |  | $ | 2.3 |  |  | $ | 10.6 |
2024 |  |  | 1.7 |  |  |  | 9.8 |
2025 |  |  | 1.3 |  |  |  | 6.4 |
2026 |  |  | 0.7 |  |  |  | 4.2 |
2027 |  |  | 0.1 |  |  |  | 3.6 |
Thereafter |  |  | 5.7 |  |  |  | 17.6 |
Total minimum lease payments |  | $ | 11.8 |  |  | $ | 52.2 |
Less: interest |  |  | (4.7 | ) |  |  | (7.7 | )
Present value |  | $ | 7.1 |  |  | $ | 44.5 |

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