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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Note M: Leases The Company has leases, primarily for equipment, railcars, fleet vehicles, office space, land, information technology equipment and software. The Company’s leases have remaining lease terms of one year to 98 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. The components of lease cost are as follows:
years ended December 31 (in millions) |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 72.9 |  |  | $ | 79.0 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 14.3 |  |  |  | 3.6 |
Interest on lease liabilities |  |  | 3.5 |  |  |  | 0.6 |
Variable lease cost |  |  | 17.9 |  |  |  | 16.9 |
Short-term lease cost |  |  | 32.3 |  |  |  | 31.3 |
Total lease cost |  | $ | 140.9 |  |  | $ | 131.4 |
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 $67.1 million, $60.8 million and $58.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. The balance sheet classifications of operating and finance leases are as follows:
December 31 (in millions) |  | 2021 |  |  | 2020 |
Operating Leases: |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 426.7 |  |  | $ | 453.0 |
Current operating lease liabilities |  | $ | 53.9 |  |  | $ | 48.6 |
Noncurrent operating lease liabilities |  |  | 379.4 |  |  |  | 410.4 |
Total operating lease liabilities |  | $ | 433.3 |  |  | $ | 459.0 |
Finance Leases: |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 225.9 |  |  | $ | 37.8 |
Accumulated depreciation |  |  | (21.2 | ) |  |  | (6.9 | )
Property, plant and equipment, net |  | $ | 204.7 |  |  | $ | 30.9 |
Other current liabilities |  | $ | 13.3 |  |  | $ | 3.3 |
Other noncurrent liabilities |  |  | 191.1 |  |  |  | 21.2 |
Total finance lease liabilities |  | $ | 204.4 |  |  | $ | 24.5 |
The incremental borrowing rate ranged from 0.4% to 6.0% and 0.7% to 6.0%, for the years ended December 31, 2021 and 2020, respectively. Weighted-average remaining lease terms and discount rates are as follows:
December 31 |  | 2021 |  |  | 2020 |
Weighted-average remaining lease terms (years): |  |  |  |  |  |  |  |
Operating leases |  |  | 12.6 |  |  |  | 13.9 |
Finance leases |  |  | 19.5 |  |  |  | 14.3 |
Weighted-average discount rates: |  |  |  |  |  |  |  |
Operating leases |  | 3.9% |  |  | 4.2% |
Finance leases |  | 2.3% |  |  | 3.3% |
Future lease payments as of December 31, 2021 are as follows:
|  | Operating |  |  | Finance |
(in millions) |  | Leases |  |  | Leases |
2022 |  | $ | 76.1 |  |  | $ | 19.1 |
2023 |  |  | 69.9 |  |  |  | 19.0 |
2024 |  |  | 51.9 |  |  |  | 18.8 |
2025 |  |  | 45.1 |  |  |  | 18.2 |
2026 |  |  | 38.2 |  |  |  | 12.3 |
Thereafter |  |  | 311.2 |  |  |  | 190.0 |
Total lease payments |  |  | 592.4 |  |  |  | 277.4 |
Less: imputed interest |  |  | (141.0 | ) |  |  | (61.6 | )
Present value of lease payments |  |  | 451.4 |  |  |  | 215.8 |
Less: leases classified as held for sale |  |  | (18.1 | ) |  |  | (11.4 | )
Less: current lease obligations |  |  | (53.9 | ) |  |  | (13.3 | )
Total long-term lease obligations |  | $ | 379.4 |  |  | $ | 191.1 |
The undiscounted fixed payment commitments of leases entered into but not yet commenced as of December 31, 2021 was $2.0 million.

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