LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Summary of lease type by underlying asset class and maximum terms

Lease Type:	Term
Real estate and terminal leases	65 years
Vessel and barge charter leases	8 years
Operations equipment and other leases	8 years

Components of Lease Cost

Components of Lease Cost: Components of lease cost recorded in the Company’s Consolidated Statement of Income and Comprehensive Income consists of the following for the years ended December 31, 2022 and 2021:

	Years Ended
	December 31,
(In millions)	2022		2021
Operating lease cost	$	162.2	$	110.7
Short-term lease cost		0.6		3.1
Variable lease cost		0.8		0.6
Total lease cost	$	163.6	$	114.4

Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2022 and 2021:

	Years Ended
	December 31,
(In millions)	2022		2021
Cash paid for amounts included in operating lease liabilities	$	163.4	$	107.9
Right of use assets obtained in the exchange for new operating lease liabilities	$	131.4	$	321.7

	As of December 31,
	2022		2021
Weighted average remaining operating lease term		4.9 years		5.1 years
Weighted average incremental borrowing rate		2.4%		2.1%

Summary of maturities of operating lease liabilities

	As of
Year (in millions)	December 31, 2022
2023	$	151.0
2024		123.2
2025		72.1
2026		29.6
2027		13.9
Thereafter		53.2
Total lease payments		443.0
Less: Interest		(36.9)
Present value of operating lease liabilities		406.1
Less: Short-term portion		(143.6)
Long-term operating lease liabilities	$	262.5