LEASES (Tables)

6 Months Ended

Jun. 30, 2019

LEASES

Summary of underlying asset class and maximum terms

Lease Type:	Life
Real estate and terminal leases	65 years
Vessel charter leases	10 years
Operations equipment and other leases	8 years

Summary of lease cost

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three and six months ended June 30, 2019 consisted of the following:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(In millions)	2019		2019
Operating lease cost	$	16.8	$	33.5
Short-term lease cost		2.5		4.9
Variable lease cost		0.1		0.2
Total lease cost	$	19.4	$	38.6

Other Lease Information: Other information related to the Company’s operating leases for the three and six months ended June 30, 2019 is as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(In millions, except lease term and discount rate)	2019		2019
Cash paid for amounts included in operating lease liabilities	$	16.6	$	33.3
Right of use assets obtained in the exchange for new operating lease liabilities	$	9.4	$	15.2

	As of
	June 30, 2019
Weighted-average remaining operating lease term		7.8 years
Weighted-average incremental borrowing rate		4.4%

Summary of maturities of operating lease liabilities at June 30, 2019

	As of
Year (in millions)	June 30, 2019
2019	$	34.0
2020		62.2
2021		46.7
2022		36.6
2023		32.3
Thereafter		85.8
Total lease payments		297.6
Less: Interest		(51.2)
Present value of operating lease liabilities		246.4
Less: Short-term portion		(57.4)
Long-term operating lease liabilities	$	189.0

Summary of future minimum payments under operating lease agreements at December 31, 2018

Future minimum payments under non-cancellable operating lease agreements at December 31, 2018 are as follows:

Year (in millions)	Total
2019	$	68.3
2020		59.2
2021		44.8
2022		34.7
2023		30.5
Thereafter		83.6
Total minimum lease payments	$	321.1