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Leases and Other Commitments | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases and Other Commitments | Leases and Other Commitments Leases The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company has lease agreements which include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of underlying assets. Lease expense for variable lease components are recognized when the obligation is probable. Operating leases are included in right-of-use ("ROU") assets, accrued liabilities and other, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term. The Company has no finance leases. The Company primarily leases buildings (real estate) and automobiles which are classified as operating leases. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As an implicit interest rate is not readily determinable in our leases, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Options for lease renewals have been excluded from the lease term (and lease liability) for the majority of the Company’s leases as the reasonably certain threshold is not met. In a small number of the Company’s leases, the options for renewals have been included in the lease term as the reasonably certain threshold is met due to the Company having significant economic incentive for extending the lease. Lease payments included in the measurement of the lease liability are comprised of fixed payments, variable payments that depend on an index or rate and amounts probable to be payable under the exercise of the Company option to purchase the underlying asset if reasonably certain. Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the events, activities, or circumstances in the lease agreement on which those payments are assessed are probable. Variable lease payments are presented as operating expense in the Company’s income statement in the same line item as expense arising from fixed lease payments. Cash used in operations for operating leases is not materially different than total lease costs. The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Our leases have initial lease terms ranging from 1 month to 16 years, with the exception of a single land lease with 62 years remaining. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows:
| 2021 |  | 2020 |  | 2019
| (In thousands)
Operating lease cost | $ | 61,680 |  |  | $ | 44,498 |  |  | $ | 45,438 |
Variable lease cost | 7,724 |  |  | 4,526 |  |  | 7,813 |
Total lease cost | $ | 69,404 |  |  | $ | 49,024 |  |  | $ | 53,251 |
Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2021 |  | 2020
| (In thousands)
Right of use assets, net | $ | 169,924 |  |  | $ | 167,233 |
Lease liabilities included in Accrued liabilities and other | 47,353 |  |  | 44,948 |
Lease liabilities included in Other long-term liabilities | 129,101 |  |  | 128,173 |
Total lease liabilities | $ | 176,454 |  |  | $ | 173,121 |
Supplemental cash flow information and other information related to leases was as follows for the year ended December 31:
| 2021 |  | 2020
| (In thousands)
Right-of-use assets obtained in exchange for new operating liabilities | $ | 64,653 |  |  | $ | 35,923 |
Weighted-average remaining lease terms – operating leases (years) | 5.36 |  | 5.44
Weighted-average discount rate – operating leases | 2.91 | % |  | 3.40 | %
Maturities of lease liabilities as of December 31, 2021 were as follows:
Lease Liability Maturity Analysis | Operating Leases
| (In thousands)
2022 | $ | 50,854 |
2023 | 41,993 |
2024 | 30,070 |
2025 | 22,186 |
2026 | 15,638 |
Thereafter | 30,839 |
Total lease payments | 191,580 |
Less: imputed interest | 15,126 |
| $ | 176,454 |
The Company does not have any significant leases that have not yet commenced. Other Commitments As of December 31, 2021, and 2020, the Company had $890.9 million and $494.1 million, respectively, in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase certain inventories at fixed prices. The Company does not provide significant guarantees on a routine basis. The Company primarily issues guarantees, stand-by letters of credit and surety bonds in the ordinary course of its business to provide financial or performance assurance to third parties on behalf of its consolidated subsidiaries to support or enhance the subsidiary’s stand-alone creditworthiness. The amounts subject to certain of these agreements vary depending on the covered contracts outstanding at any particular point in time. At December 31, 2021, the maximum amount of future payment obligations relative to these various guarantees was $107.9 million and the outstanding liability under certain of those guarantees was $1.0 million

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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- References No definition available. + Details
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