LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

LEASES

The Company has operating leases for fleet vehicles, transfer sites, processing facilities, communication centers, corporate and regional offices, and certain equipment.

The components of net lease cost were as follows for the years ended December 31:

In millions
	2021		2020
Operating lease cost	$	108.2	$	114.2
Finance lease cost:
Amortization of leased assets	3.4		4.7
Interest on lease liabilities	1.1		1.9
Net lease cost	$	112.7	$	120.8

Short-term lease costs were $11.8 million for the period ended December 31, 2021. Variable lease cost and sublease income were not material during the years ended December 31, 2021 and 2020.

Supplemental cash flow information related to leases were as follows for the years ended December 31:

In millions
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	107.1	$	117.1
Operating cash flows from finance leases (interest)	1.1		1.9
Financing cash flows from finance leases (principal)	3.9		4.3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	96.8		79.8
Finance leases	0.5		1.1

Finance lease assets, net of accumulated amortization, were $19.5 million and $24.8 million as of December 31, 2021 and 2020, respectively, and are included in Property, Plant and Equipment, net on the Consolidated Balance Sheet.

Information regarding lease terms and discount rates as of December 31 were as follows:

In millions
	2021		2020
Weighted average remaining lease term (years):
Operating leases	5.9		6.1
Finance leases	14.4		14.4
Weighted average discount rate:
Operating leases	4.19	%	4.07	%
Finance leases	5.22	%	5.15	%

Maturities of lease liabilities as of December 31, 2021, were as follows:

In millions
	Operating Leases		Finance Leases
2022	$	96.0	$	3.6
2023	81.2		3.9
2024	70.2		2.8
2025	49.8		2.5
2026	30.0		2.2
Thereafter	86.1		20.4
Total lease payments	413.3		35.4
Less: Interest	48.0		14.0
Present value of lease liabilities	$	365.3	$	21.4

As of December 31, 2021, the Company had additional operating leases of $2.1 million which have not yet commenced.  These operating leases are expected to commence in fiscal year 2022 with lease terms up to approximately 7 years.

LEASES

LEASES

The Company has operating leases for fleet vehicles, transfer sites, processing facilities, communication centers, corporate and regional offices, and certain equipment.

The components of net lease cost were as follows for the years ended December 31:

In millions
	2021		2020
Operating lease cost	$	108.2	$	114.2
Finance lease cost:
Amortization of leased assets	3.4		4.7
Interest on lease liabilities	1.1		1.9
Net lease cost	$	112.7	$	120.8

Short-term lease costs were $11.8 million for the period ended December 31, 2021. Variable lease cost and sublease income were not material during the years ended December 31, 2021 and 2020.

Supplemental cash flow information related to leases were as follows for the years ended December 31:

In millions
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	107.1	$	117.1
Operating cash flows from finance leases (interest)	1.1		1.9
Financing cash flows from finance leases (principal)	3.9		4.3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	96.8		79.8
Finance leases	0.5		1.1

Finance lease assets, net of accumulated amortization, were $19.5 million and $24.8 million as of December 31, 2021 and 2020, respectively, and are included in Property, Plant and Equipment, net on the Consolidated Balance Sheet.

Information regarding lease terms and discount rates as of December 31 were as follows:

In millions
	2021		2020
Weighted average remaining lease term (years):
Operating leases	5.9		6.1
Finance leases	14.4		14.4
Weighted average discount rate:
Operating leases	4.19	%	4.07	%
Finance leases	5.22	%	5.15	%

Maturities of lease liabilities as of December 31, 2021, were as follows:

In millions
	Operating Leases		Finance Leases
2022	$	96.0	$	3.6
2023	81.2		3.9
2024	70.2		2.8
2025	49.8		2.5
2026	30.0		2.2
Thereafter	86.1		20.4
Total lease payments	413.3		35.4
Less: Interest	48.0		14.0
Present value of lease liabilities	$	365.3	$	21.4

As of December 31, 2021, the Company had additional operating leases of $2.1 million which have not yet commenced.  These operating leases are expected to commence in fiscal year 2022 with lease terms up to approximately 7 years.