LEASES (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2019 consisted of the following:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2019		2019
Operating lease cost	$	18.8	$	52.3
Short-term lease cost		0.9		5.8
Variable lease cost		0.1		0.3
Total lease cost	$	19.8	$	58.4

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

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2019		2019
Cash paid for amounts included in operating lease liabilities	$	18.9	$	52.2
Right of use assets obtained in the exchange for new operating lease liabilities	$	23.7	$	38.9

	As of
	September 30, 2019
Weighted-average remaining operating lease term		7.6 years
Weighted-average incremental borrowing rate		4.3%

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

	As of
Year (in millions)	September 30, 2019
2019	$	18.9
2020		70.9
2021		49.1
2022		38.5
2023		34.8
Thereafter		92.4
Total lease payments		304.6
Less: Interest		(50.2)
Present value of operating lease liabilities		254.4
Less: Short-term portion		(64.4)
Long-term operating lease liabilities	$	190.0

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