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LEASES (Tables)
12 Months Ended
Dec. 31, 2024
LEASES  
Summary of lease type by underlying asset class and maximum terms

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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, 2024, 2023 and 2022:

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Years Ended

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December 31, 

(In millions)

    

2024

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2023

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2022

Operating lease cost

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$

143.4

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$

151.0

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$

162.2

Short-term lease cost

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10.4

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7.7

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0.6

Variable lease cost

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0.6

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0.6

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0.8

Total lease cost

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$

154.4

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$

159.3

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$

163.6

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Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2024 and 2023:

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Years Ended

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December 31, 

(In millions)

    

2024

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2023

Cash paid for amounts included in operating lease liabilities

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$

148.7

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$

154.3

Right of use assets obtained in the exchange for new operating lease liabilities

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$

205.8

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$

40.0

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As of December 31, 

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2024

    

2023

Weighted average remaining operating lease term

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5.3 years

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4.8 years

Weighted average incremental borrowing rate

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4.3%

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3.1%

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Summary of maturities of operating lease liabilities

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As of

Year (in millions)

    

December 31, 2024

2025

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$

133.3

2026

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98.0

2027

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71.2

2028

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21.4

2029

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10.1

Thereafter

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79.9

Total lease payments

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413.9

Less: Interest

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(55.4)

Present value of operating lease liabilities

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358.5

Less: Short-term portion

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(129.0)

Long-term operating lease liabilities

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$

229.5

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