LEASES (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

	Years Ended
	December 31,
(In millions)	2024		2023		2022
Operating lease cost	$	143.4	$	151.0	$	162.2
Short-term lease cost		10.4		7.7		0.6
Variable lease cost		0.6		0.6		0.8
Total lease cost	$	154.4	$	159.3	$	163.6

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:

	Years Ended
	December 31,
(In millions)	2024		2023
Cash paid for amounts included in operating lease liabilities	$	148.7	$	154.3
Right of use assets obtained in the exchange for new operating lease liabilities	$	205.8	$	40.0

	As of December 31,
	2024		2023
Weighted average remaining operating lease term		5.3 years		4.8 years
Weighted average incremental borrowing rate		4.3%		3.1%

Summary of maturities of operating lease liabilities

	As of
Year (in millions)	December 31, 2024
2025	$	133.3
2026		98.0
2027		71.2
2028		21.4
2029		10.1
Thereafter		79.9
Total lease payments		413.9
Less: Interest		(55.4)
Present value of operating lease liabilities		358.5
Less: Short-term portion		(129.0)
Long-term operating lease liabilities	$	229.5