LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Summary of lease type by underlying asset class and maximum terms

Lease Type:	Term
Real estate and terminal leases	50 years
Vessel and barge charter leases	4 years
Operations equipment and other leases	14 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, 2023, 2022 and 2021:

	Years Ended
	December 31,
(In millions)	2023		2022		2021
Operating lease cost	$	151.0	$	162.2	$	110.7
Short-term lease cost		7.7		0.6		3.1
Variable lease cost		0.6		0.8		0.6
Total lease cost	$	159.3	$	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, 2023 and 2022:

	Years Ended
	December 31,
(In millions)	2023		2022
Cash paid for amounts included in operating lease liabilities	$	154.3	$	163.4
Right of use assets obtained in the exchange for new operating lease liabilities	$	40.0	$	131.4

	As of December 31,
	2023		2022
Weighted average remaining operating lease term		4.8 years		4.9 years
Weighted average incremental borrowing rate		3.1%		2.4%

Summary of maturities of operating lease liabilities

	As of
Year (in millions)	December 31, 2023
2024	$	143.3
2025		80.8
2026		32.1
2027		15.3
2028		6.7
Thereafter		51.1
Total lease payments		329.3
Less: Interest		(33.3)
Present value of operating lease liabilities		296.0
Less: Short-term portion		(136.7)
Long-term operating lease liabilities	$	159.3