Leases

12 Months Ended

Dec. 31, 2020

8. Leases

The Company adopted ASC Topic 842, Leases as of January 1, 2019, using the transition method per ASU No. 2018-11 wherein entities were allowed to initially apply the new leases standard at adoption date. Adoption of ASC Topic 842 resulted in an increase to total assets and liabilities due to the recording of operating lease ROU assets and operating lease liabilities of approximately $163 million, as of January 1, 2019. The adoption did not materially impact the Company’s Consolidated Statements of Earnings or Cash Flows. See Note 1 — Basis of Presentation for further detail on ROU assets and lease liabilities.

The components of lease costs were as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019
Operating Lease Costs:
Fixed	$	52,875	$	52,317
Variable	5,973		6,584
Short-term	18,436		17,387
Total(1)	$	77,284	$	76,288

(1) Finance lease cost and sublease income were immaterial.

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	53,903	$	53,450
Operating cash flows for finance leases	434		425
Financing cash flows for finance leases	2,523		1,915
Total	$	56,860	$	55,790
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	21,381	$	41,598
Financing leases	3,708		1,542
Total	$	25,089	$	43,140

Supplemental balance sheet information related to leases were as follows:


	December 31, 2020		December 31, 2019

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	170,089	$	155,019

Lease liabilities:
Other accrued expenses	$	48,834	$	41,835
Other liabilities	133,989		121,298
Total operating lease liabilities	$	182,823	$	163,133

Finance Leases
Right of use assets:


Property and equipment, net (1)	$	10,388	$	9,008

Lease liabilities:
Other accrued expenses	$	2,641	$	1,794
Other liabilities	8,709		8,078
Total financing lease liabilities	$	11,350	$	9,872

(1) Finance lease assets are recorded net of accumulated depreciation of $7,205 and $4,614 for the years ended December 31, 2020 and December 31, 2019, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2020 were as follows:


	Operating		Finance
2021	$	53,019	$	3,091
2022	38,561		2,767
2023	26,485		2,059
2024	21,253		1,550
2025	17,700		1,281
Thereafter	42,275		1,991
Total lease payments	199,293		12,739
Less: Interest	(16,470)		(1,389)
Present value of lease liabilities	$	182,823	$	11,350

Average lease terms and discount rates were as follows:


	December 31, 2020	December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	5.9	5.9
Finance leases	4.8	5.9
Weighted-average discount rate
Operating leases	2.9%	3.2%
Finance leases	3.6%	4.1%