LEASES (Tables)

3 Months Ended

Mar. 31, 2009

LEASES

Summary of underlying asset class and maximum terms

Lease Type:	Life
Real estate and terminal leases	65 years
Vessel charter leases	10 years
Operations equipment and other leases	8 years

Summary of lease cost

Components of Lease Cost:  Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2019 consisted of the following: 

	Three Months Ended
	March 31,
(In millions)	2019
Operating lease cost	$	16.7
Short-term lease cost		2.4
Variable lease cost		0.1
Total lease cost	$	19.2

Other Lease Information:  Other information related to the Company’s operating leases for the three months ended March 31, 2019 is as follows:

	Three Months Ended
	March 31,
(In millions, except lease term and discount rate)	2019
Cash paid for amounts included in operating lease liabilities	$	16.7
Right of use assets obtained in the exchange for new operating lease liabilities	$	5.8
Weighted-average remaining operating lease term		7.9 years
Weighted-average incremental borrowing rate		4.5%

Summary of maturities of operating lease liabilities at March 31, 2019

	As of
Year (in millions)	March 31, 2019
2019	$	48.6
2020		59.8
2021		45.6
2022		35.6
2023		31.4
Thereafter		83.2
Total lease payments		304.2
Less: Interest		(53.2)
Present value of operating lease liabilities		251.0
Less: Short-term portion		(54.3)
Long-term operating lease liabilities	$	196.7

Summary of future minimum payments under operating lease agreements at December 31, 2018

Future minimum payments under operating lease agreements at December 31, 2018 are as follows:

Year (in millions)	Total
2019	$	68.3
2020		59.2
2021		44.8
2022		34.7
2023		30.5
Thereafter		83.6
Total minimum lease payments	$	321.1