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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 3. Leases The following table presents lease terms and discount rates:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (in years): |  |  |  |  |  |
Finance leases |  |  | 38.8 |  |  |  | 29.0 |
Operating leases |  |  | 8.9 |  |  |  | 7.0 |
Weighted-average discount rate: |  |  |  |  |  |
Finance leases |  |  | 5.31 | % |  |  | 3.51 | %
Operating leases |  |  | 4.35 | % |  |  | 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 |  | 2023 |  |  | 2022 |
Operating lease assets |  | Operating lease assets |  | $ | 32.6 |  |  | $ | 39.1 |
Finance lease assets |  | Property, plant and equipment, net |  | $ | 14.3 |  |  | $ | 6.7 |
Current operating lease liabilities |  | Other accrued liabilities |  | $ | 8.0 |  |  | $ | 9.1 |
Non-current operating lease liabilities |  | Long-term portion of operating lease liabilities |  | $ | 29.2 |  |  | $ | 35.4 |
Total operating lease liabilities |  |  |  | $ | 37.2 |  |  | $ | 44.5 |
Current finance lease liabilities |  | Other accrued liabilities |  | $ | 2.1 |  |  | $ | 2.1 |
Non-current finance lease liabilities |  | Long-term liabilities |  | $ | 12.9 |  |  | $ | 5.0 |
Total finance lease liabilities |  |  |  | $ | 15.0 |  |  | $ | 7.1 |
The following table summarizes the components of lease cost in our Statements of Consolidated Income (Loss) (in millions of dollars):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 11.6 |  |  | $ | 12.1 |  |  | $ | 11.0 |
Short-term lease cost |  |  | 4.3 |  |  |  | 4.3 |  |  |  | 3.2 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 2.4 |  |  |  | 2.5 |  |  |  | 2.1 |
Interest on lease liabilities |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 0.3 |
Total lease cost |  | $ | 19.0 |  |  | $ | 19.2 |  |  | $ | 16.6 |
The following table presents the maturity of our lease liabilities as of December 31, 2023 (in millions of dollars):
|  | Finance Leases |  |  | Operating Leases |
2024 |  | $ | 2.9 |  |  | $ | 9.4 |
2025 |  |  | 2.2 |  |  |  | 6.8 |
2026 |  |  | 1.7 |  |  |  | 4.4 |
2027 |  |  | 0.8 |  |  |  | 3.7 |
2028 |  |  | 0.6 |  |  |  | 3.4 |
Thereafter |  |  | 26.9 |  |  |  | 19.2 |
Total minimum lease payments |  | $ | 35.1 |  |  | $ | 46.9 |
Less: interest |  |  | (20.1 | ) |  |  | (9.7 | )
Present value |  | $ | 15.0 |  |  | $ | 37.2 |

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- References No definition available. + Details
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