LEASES (Tables)

12 Months Ended

Dec. 31, 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 Consolidated Statement of Income and Comprehensive Income for the year ended December 31, 2019 consisted of the following:

	Year Ended
	December 31,
(In millions)	2019
Operating lease cost	$	71.4
Short-term lease cost		5.9
Variable lease cost		0.4
Total lease cost	$	77.7

Other Lease Information: Other information related to the Company’s operating leases for the year ended December 31, 2019 is as follows:

	Year Ended
	December 31,
(In millions)	2019
Cash paid for amounts included in operating lease liabilities	$	71.3
Right of use assets obtained in the exchange for new operating lease liabilities	$	65.3

	As of
	December 31, 2019
Weighted-average remaining operating lease term		7.5 years
Weighted-average incremental borrowing rate		4.2%

Summary of maturities of operating lease liabilities at December 31, 2019

	As of
Year (in millions)	December 31, 2019
2020	$	75.9
2021		55.1
2022		43.6
2023		38.0
2024		23.0
Thereafter		78.7
Total lease payments		314.3
Less: Interest		(49.7)
Present value of operating lease liabilities		264.6
Less: Short-term portion		(66.6)
Long-term operating lease liabilities	$	198.0

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

Future minimum payments under 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