LEASES (Tables)

12 Months Ended

Dec. 31, 2021

LEASES

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, 2021 and 2020 consisted of the following:

	Years Ended
	December 31,
(In millions)	2021		2020
Operating lease cost	$	110.7	$	83.1
Short-term lease cost		3.1		10.6
Variable lease cost		0.6		0.8
Total lease cost	$	114.4	$	94.5

Other Lease Information: Other information related to the Company’s operating leases for the years ended December 31, 2021 and 2020 are as follows:

	Years Ended
	December 31,
(In millions)	2021		2020
Cash paid for amounts included in operating lease liabilities	$	107.9	$	83.6
Right of use assets obtained in the exchange for new operating lease liabilities	$	321.7	$	70.1

	As of December 31,
	2021		2020
Weighted average remaining operating lease term		5.1 years		7.0 years
Weighted average incremental borrowing rate		2.1%		3.7%

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 maturities of operating lease liabilities at December 31, 2021

	As of
Year (in millions)	December 31, 2021
2022	$	145.1
2023		118.5
2024		98.3
2025		48.7
2026		20.0
Thereafter		52.7
Total lease payments		483.3
Less: Interest		(38.3)
Present value of operating lease liabilities		445.0
Less: Short-term portion		(137.6)
Long-term operating lease liabilities	$	307.4