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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2021
LEASES |
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 years ended December 31, 2021 and 2020 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended
​ | ​ | December 31,
(In millions) |  | 2021 | ​ | 2020
Operating lease cost | ​ | $ | 110.7 | ​ | $ | 83.1
Short-term lease cost | ​ |  | 3.1 | ​ |  | 10.6
Variable lease cost | ​ |  | 0.6 | ​ |  | 0.8
Total lease cost | ​ | $ | 114.4 | ​ | $ | 94.5
​ Other Lease Information: Other information related to the Company’s operating leases for the years ended December 31, 2021 and 2020 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended
​ | ​ | December 31,
(In millions) |  | 2021 | ​ | 2020
Cash paid for amounts included in operating lease liabilities | ​ | $ | 107.9 | ​ | $ | 83.6
Right of use assets obtained in the exchange for new operating lease liabilities | ​ | $ | 321.7 | ​ | $ | 70.1
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2021 |  | 2020
Weighted average remaining operating lease term | ​ | ​ | 5.1 years | ​ | ​ | 7.0 years
Weighted average incremental borrowing rate | ​ | ​ | 2.1% | ​ | ​ | 3.7%
​
Summary of underlying asset class and maximum terms | ​
​ | ​ | ​
Lease Type: |  | Term
Real estate and terminal leases |  | 65 years
Vessel charter leases |  | 10 years
Operations equipment and other leases |  | 8 years
Summary of maturities of operating lease liabilities at December 31, 2021 | ​
​ | ​ | ​ | ​
​ |  | As of
Year (in millions) |  | December 31, 2021
2022 | ​ | $ | 145.1
2023 | ​ |  | 118.5
2024 | ​ |  | 98.3
2025 | ​ |  | 48.7
2026 | ​ |  | 20.0
Thereafter | ​ |  | 52.7
Total lease payments | ​ | ​ | 483.3
Less: Interest | ​ | ​ | (38.3)
Present value of operating lease liabilities | ​ | ​ | 445.0
Less: Short-term portion | ​ | ​ | (137.6)
Long-term operating lease liabilities | ​ | $ | 307.4

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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=123408670&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=123408670&loc=SL77918701-209980 + Details
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