LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES

Summary of underlying asset class and maximum terms

Lease Type:	Term
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 years ended December 31, 2020 and 2019 consisted of the following:

	Years Ended
	December 31,
(In millions)	2020		2019
Operating lease cost	$	83.1	$	71.4
Short-term lease cost		10.6		5.9
Variable lease cost		0.8		0.4
Total lease cost	$	94.5	$	77.7

Other Lease Information: Other information related to the Company’s operating leases for the years ended December 31, 2020 and 2019 are as follows:

	Years Ended
	December 31,
(In millions)	2020		2019
Cash paid for amounts included in operating lease liabilities	$	83.6	$	71.3
Right of use assets obtained in the exchange for new operating lease liabilities	$	70.1	$	65.3

	As of December 31,
	2020		2019
Weighted average remaining operating lease term		7.0 years		7.5 years
Weighted average incremental borrowing rate		3.7%		4.2%

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

	As of
Year (in millions)	December 31, 2020
2021	$	80.5
2022		53.2
2023		47.3
2024		31.8
2025		23.9
Thereafter		65.6
Total lease payments		302.3
Less: Interest		(43.0)
Present value of operating lease liabilities		259.3
Less: Short-term portion		(72.4)
Long-term operating lease liabilities	$	186.9