LEASES (Tables)

3 Months Ended

Mar. 31, 2020

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 months ended March 31, 2020 and 2019 consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2020		2019
Operating lease cost	$	20.0	$	16.7
Short-term lease cost		0.1		2.4
Variable lease cost		0.2		0.1
Total lease cost	$	20.3	$	19.2

Other Lease Information: Other information related to the Company’s operating leases for the three months ended March 31, 2020 and 2019 consisted of the following:

	Three Months Ended
	March 31,
(In millions)	2020		2019
Cash paid for amounts included in operating lease liabilities	$	20.5	$	16.7
Right of use assets obtained in the exchange for new operating lease liabilities	$	16.1	$	5.8

	March 31, 2020		December 31, 2019
Weighted average remaining operating lease term		7.4 years		7.5 years
Weighted average incremental borrowing rate		4.1%		4.2%

Summary of maturities of operating lease liabilities at March 31, 2020

	As of
Year (in millions)	March 31, 2020
2020	$	58.7
2021		58.4
2022		46.7
2023		41.2
2024		26.2
Thereafter		79.8
Total lease payments		311.0
Less: Interest		(48.3)
Present value of operating lease liabilities		262.7
Less: Short-term portion		(65.5)
Long-term operating lease liabilities	$	197.2