The Company has leases, primarily for equipment, railcars, fleet vehicles, office space, land and information technology equipment and software. The Company’s leases have remaining lease terms of one year to 53 years, some of which may include options to extend the leases for up to 30 years, and some of which may include options to terminate the leases within one year.

Certain of the Company’s lease agreements include payments based upon variable rates, including, but not limited, to hours used, tonnage processed and factors related to indices. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

year ended December 31 (in millions)	2019
Operating lease cost	$	80.9
Finance lease cost:
Amortization of right-of-use assets		3.4
Interest on lease liabilities		0.5
Variable lease cost		21.1
Short-term lease cost		33.0
Total lease cost	$	138.9

The Company has royalty agreements that are prescriptively excluded from the scope of ASC 842 and generally require royalty payments based on tons produced, tons sold or total sales dollars and also contain minimum payments. Royalty expense was $58.2 million for the year ended December 31, 2019.

The balance sheet classifications of operating and finance leases are as follows:

December 31 (in millions)	2019
Operating Leases:
Operating lease right-of-use assets	$	481.9

Current operating lease liabilities	$	52.7
Noncurrent operating lease liabilities		433.9
Total operating lease liabilities	$	486.6

Finance Leases:
Property, plant and equipment	$	18.3
Accumulated depreciation		(3.1	)
Property, plant and equipment, net	$	15.2

Other current liabilities	$	2.8
Other noncurrent liabilities		5.9
Total finance lease liabilities	$	8.7

The incremental borrowing rate range used was 2.1% to 5.5%. Weighted-average remaining lease terms and discount rates are as follows:

December 31	2019
Weighted-average remaining lease terms (years):
Operating leases		14.5
Finance leases		9.0

Weighted-average discount rates:
Operating leases	4.3%
Finance leases	5.2%

	Operating			Finance
(in millions)	Leases			Leases
2020	$	71.9		$	3.2
2021		58.9			1.9
2022		53.1			1.1
2023		49.2			0.8
2024		42.1			0.7
Thereafter		396.1			3.5
Total lease payments		671.3			11.2
Less: imputed interest		(184.7	)		(2.5	)
Present value of lease payments		486.6			8.7
Less: current lease obligations		(52.7	)		(2.8	)
Total long-term lease obligations	$	433.9		$	5.9

Leases entered into but not yet commenced as of December 31, 2019 are immaterial.

Subsequent to December 31, 2019, the Company entered into a lease for its corporate headquarters in Raleigh, North Carolina to commence in 2021. The agreement represents a 15-year lease with fixed rent payments totaling approximately $56 million over the term of the lease.

Lease disclosures for the years ended December 31, 2018 and 2017 prior to the adoption of ASC 842 are as follows:

Total lease expense for operating leases was $122.5 million and $90.7 million for the years ended December 31, 2018 and 2017, respectively. Total royalties, principally for leased properties, were $52.5 million and $51.8 million for the years ended December 31, 2018 and 2017, respectively. The Company also has capital lease obligations for machinery and equipment. Future minimum lease and royalty commitments for all noncancelable agreements and capital lease obligations as of December 31, 2018 were as follows:

(in millions)	Capital Leases			Operating Leases		Royalty Commitments
2019	$	3.7		$	106.0	$	14.6
2020		2.7			70.5		11.4
2021		1.7			60.4		10.3
2022		1.0			57.5		9.5
2023		0.7			56.5		8.1
Thereafter		3.9			318.1		66.0
Total		13.7		$	669.0	$	119.9
Less: imputed interest		(2.9	)
Present value of minimum lease payments		10.8
Less: current capital lease obligations		(3.2	)
Long-term capital lease obligations	$	7.6