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LEASES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
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 Consolidated Statement of Income and Comprehensive Income for the year ended December 31, 2019 consisted of the following:
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 31,
(In millions) | ​ | 2019
Operating lease cost | ​ | $ | 71.4
Short-term lease cost | ​ |  | 5.9
Variable lease cost | ​ |  | 0.4
Total lease cost | ​ | $ | 77.7
​ Other Lease Information: Other information related to the Company’s operating leases for the year ended December 31, 2019 is as follows:
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 31,
(In millions) | ​ | 2019
Cash paid for amounts included in operating lease liabilities | ​ | $ | 71.3
Right of use assets obtained in the exchange for new operating lease liabilities | ​ | $ | 65.3
​
​ | ​ | ​ | ​
​ |  | As of
​ |  | December 31, 2019
Weighted-average remaining operating lease term | ​ | ​ | 7.5 years
Weighted-average incremental borrowing rate | ​ | ​ | 4.2%
​
Summary of maturities of operating lease liabilities at December 31, 2019 | ​
​ | ​ | ​ | ​
​ |  | As of
Year (in millions) |  | December 31, 2019
2020 | ​ | $ | 75.9
2021 | ​ |  | 55.1
2022 | ​ |  | 43.6
2023 | ​ |  | 38.0
2024 | ​ |  | 23.0
Thereafter | ​ |  | 78.7
Total lease payments | ​ | ​ | 314.3
Less: Interest | ​ | ​ | (49.7)
Present value of operating lease liabilities | ​ | ​ | 264.6
Less: Short-term portion | ​ | ​ | (66.6)
Long-term operating lease liabilities | ​ | $ | 198.0
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

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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