XML 61 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense were as follows:
Lease expenseClassification20232022
Operating lease costCost of sales or SM&A (1)$48,577 $48,988 
Finance lease cost:
Amortization of ROU assetsDepreciation and amortization (1)8,140 7,043 
Interest on lease liabilitiesInterest expense, net4,593 4,192 
Net lease cost (2)$61,310 $60,223 
(1)Supply chain-related amounts were included in cost of sales.
(2)Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial.
Information regarding our lease terms and discount rates were as follows:
20232022
Weighted-average remaining lease term (years)
Operating leases14.415.0
Finance leases25.927.7
Weighted-average discount rate
Operating leases3.5 %3.2 %
Finance leases6.2 %6.1 %
Schedule of Supplemental Balance Sheet Information
Supplemental balance sheet information related to leases were as follows:
LeasesClassification20232022
Assets
Operating lease ROU assetsOther non-current assets$307,976 $326,472 
Finance lease ROU assets, at costProperty, plant and equipment, gross89,335 86,703 
Accumulated amortizationAccumulated depreciation(19,472)(14,543)
Finance lease ROU assets, netProperty, plant and equipment, net69,863 72,160 
Total leased assets$377,839 $398,632 
Liabilities
Current
OperatingAccrued liabilities$34,494 $31,787 
FinanceCurrent portion of long-term debt5,900 4,285 
Non-current
OperatingOther long-term liabilities277,089 294,849 
FinanceLong-term debt70,485 69,194 
Total lease liabilities$387,968 $400,115 
December 31,20232022
Inventories:
Raw materials$481,111 $372,612 
Goods in process192,232 137,298 
Finished goods948,974 855,217 
Inventories at FIFO1,622,317 1,365,127 
Adjustment to LIFO(281,321)(192,008)
Total inventories$1,340,996 $1,173,119 
Prepaid expenses and other:
Prepaid expenses$227,567 $143,888 
Other current assets118,021 128,307 
Total prepaid expenses and other$345,588 $272,195 
Property, plant and equipment:
Land$180,751 $155,963 
Buildings1,763,070 1,545,053 
Machinery and equipment3,861,006 3,592,251 
Construction in progress644,244 416,220 
Property, plant and equipment, gross6,449,071 5,709,487 
Accumulated depreciation(3,139,393)(2,939,785)
Property, plant and equipment, net$3,309,678 $2,769,702 
Other non-current assets:
Pension$48,506 $53,495 
Capitalized software, net360,205320,034 
Operating lease ROU assets307,976 326,472 
Investments in unconsolidated affiliates207,177 133,029 
Other non-current assets137,563 111,959 
Total other non-current assets$1,061,427 $944,989 
The components of certain liability and stockholders’ equity accounts included within our Consolidated Balance Sheet accounts are as follows:
December 31,20232022
Accounts Payable:
Accounts Payable—trade$630,536 $636,472 
Supplier finance program obligations149,261105,293
Other306,386228,793
Total accounts payable$1,086,183 $970,558 
Accrued liabilities:
Payroll, compensation and benefits$261,961 $293,865 
Advertising, promotion and product allowances343,444 337,024 
Operating lease liabilities34,494 31,787 
Other227,916 169,842 
Total accrued liabilities$867,815 $832,518 
Other long-term liabilities:
Post-retirement benefits liabilities$90,718 $147,174 
Pension benefits liabilities28,949 27,696 
Operating lease liabilities277,089 294,849 
Other263,917 250,023 
Total other long-term liabilities$660,673 $719,742 
Accumulated other comprehensive loss:
Foreign currency translation adjustments$(87,706)$(110,364)
Pension and post-retirement benefit plans, net of tax(126,800)(118,254)
Cash flow hedges, net of tax(15,572)(23,715)
Total accumulated other comprehensive loss$(230,078)$(252,333)
Schedule of Maturity of Operating Lease Liabilities
The maturity of our lease liabilities as of December 31, 2023 were as follows:
Operating leasesFinance leasesTotal
2024$44,708 $10,240 $54,948 
202531,395 8,651 40,046 
202626,669 5,442 32,111 
202726,063 4,288 30,351 
202825,064 4,189 29,253 
Thereafter243,161 137,877 381,038 
Total lease payments397,060 170,687 567,747 
Less: Imputed interest85,477 94,302 179,779 
Total lease liabilities$311,583 $76,385 $387,968 
Schedule of Maturity of Finance Lease Liabilities
The maturity of our lease liabilities as of December 31, 2023 were as follows:
Operating leasesFinance leasesTotal
2024$44,708 $10,240 $54,948 
202531,395 8,651 40,046 
202626,669 5,442 32,111 
202726,063 4,288 30,351 
202825,064 4,189 29,253 
Thereafter243,161 137,877 381,038 
Total lease payments397,060 170,687 567,747 
Less: Imputed interest85,477 94,302 179,779 
Total lease liabilities$311,583 $76,385 $387,968 
Schedule of Supplemental Cash Flow Information Related To Leases
Supplemental cash flow and other information related to leases were as follows:
20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$45,176 $45,179 
Operating cash flows from finance leases$4,593 $4,192 
Financing cash flows from finance leases$5,381 $4,717 
ROU assets obtained in exchange for lease liabilities:
Operating leases$18,469 $13,998 
Finance leases$7,448 $9,617