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Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
Leases | 7. 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 — Description of Business and Summary of Significant Accounting Policies for further detail on ROU assets and lease liabilities. The components of lease costs were as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Operating Lease Costs: |  |  |  |  |
Fixed | $ | 54,397 |  |  | $ | 52,875 |  |  | $ | 52,317 |
Variable | 6,281 |  |  | 5,973 |  |  | 6,584 |
Short-term | 17,847 |  |  | 18,436 |  |  | 17,387 |
Total(1) | $ | 78,525 |  |  | $ | 77,284 |  |  | $ | 76,288 |
(1) Finance lease cost and sublease income were immaterial. Supplemental cash flow information related to leases was as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 55,921 |  |  | $ | 53,903 |  |  | $ | 53,450 |
Operating cash flows for finance leases | 357 |  | 434 |  |  | 425 |
Financing cash flows for finance leases | 3,073 |  | 2,523 |  |  | 1,915 |
Total | $ | 59,351 |  |  | $ | 56,860 |  |  | $ | 55,790 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 47,666 |  |  | $ | 21,381 |  |  | $ | 41,598 |
Financing leases | 2,016 |  | 3,708 |  |  | 1,542 |
Total | $ | 49,682 |  |  | $ | 25,089 |  |  | $ | 43,140 |
Supplemental balance sheet information related to leases were as follows:
| December 31, 2021 |  | December 31, 2020
Operating Leases |  |  |
Right-of-use assets: |  |  |
Other assets and deferred charges | $ | 169,022 |  |  | $ | 170,089 |
Lease liabilities: |  |  |
Other accrued expenses | $ | 43,086 |  |  | $ | 48,834 |
Other liabilities | 134,448 |  |  | 133,989 |
Total operating lease liabilities | $ | 177,534 |  |  | $ | 182,823 |
Finance Leases |  |  |
Right-of-use assets: |  |  |
Property, plant and equipment, net (1) | $ | 8,588 |  |  | $ | 10,388 |
Lease liabilities: |  |  |
Other accrued expenses | $ | 2,475 |  |  | $ | 2,641 |
Other liabilities | 6,767 |  |  | 8,709 |
Total financing lease liabilities | $ | 9,242 |  |  | $ | 11,350 |
(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $7,675 and $7,205 for the years ended December 31, 2021 and December 31, 2020, respectively. The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:
| Operating |  | Finance
2022 | $ | 47,649 |  |  | $ | 2,822 |
2023 | 35,713 |  |  | 2,372 |
2024 | 28,124 |  |  | 1,845 |
2025 | 23,756 |  |  | 1,433 |
2026 | 16,058 |  |  | 1,204 |
Thereafter | 39,539 |  |  | 767 |
Total lease payments | 190,839 |  |  | 10,443 |
Less interest | (13,305) |  |  | (1,201) |
Present value of lease liabilities | $ | 177,534 |  |  | $ | 9,242 |
Average lease terms and discount rates were as follows:
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Weighted-average remaining lease term (years) |  |  |  |  |
Operating leases | 5.8 |  | 5.9 |  | 5.9
Finance leases | 4.2 |  | 4.8 |  | 5.9
Weighted-average discount rate |  |  |  |  |
Operating leases | 2.7% |  | 2.9% |  | 3.2%
Finance leases | 3.4% |  | 3.6% |  | 4.1%
Leases | 7. 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 — Description of Business and Summary of Significant Accounting Policies for further detail on ROU assets and lease liabilities. The components of lease costs were as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Operating Lease Costs: |  |  |  |  |
Fixed | $ | 54,397 |  |  | $ | 52,875 |  |  | $ | 52,317 |
Variable | 6,281 |  |  | 5,973 |  |  | 6,584 |
Short-term | 17,847 |  |  | 18,436 |  |  | 17,387 |
Total(1) | $ | 78,525 |  |  | $ | 77,284 |  |  | $ | 76,288 |
(1) Finance lease cost and sublease income were immaterial. Supplemental cash flow information related to leases was as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases | $ | 55,921 |  |  | $ | 53,903 |  |  | $ | 53,450 |
Operating cash flows for finance leases | 357 |  | 434 |  |  | 425 |
Financing cash flows for finance leases | 3,073 |  | 2,523 |  |  | 1,915 |
Total | $ | 59,351 |  |  | $ | 56,860 |  |  | $ | 55,790 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 47,666 |  |  | $ | 21,381 |  |  | $ | 41,598 |
Financing leases | 2,016 |  | 3,708 |  |  | 1,542 |
Total | $ | 49,682 |  |  | $ | 25,089 |  |  | $ | 43,140 |
Supplemental balance sheet information related to leases were as follows:
| December 31, 2021 |  | December 31, 2020
Operating Leases |  |  |
Right-of-use assets: |  |  |
Other assets and deferred charges | $ | 169,022 |  |  | $ | 170,089 |
Lease liabilities: |  |  |
Other accrued expenses | $ | 43,086 |  |  | $ | 48,834 |
Other liabilities | 134,448 |  |  | 133,989 |
Total operating lease liabilities | $ | 177,534 |  |  | $ | 182,823 |
Finance Leases |  |  |
Right-of-use assets: |  |  |
Property, plant and equipment, net (1) | $ | 8,588 |  |  | $ | 10,388 |
Lease liabilities: |  |  |
Other accrued expenses | $ | 2,475 |  |  | $ | 2,641 |
Other liabilities | 6,767 |  |  | 8,709 |
Total financing lease liabilities | $ | 9,242 |  |  | $ | 11,350 |
(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $7,675 and $7,205 for the years ended December 31, 2021 and December 31, 2020, respectively. The aggregate future lease payments for operating and finance leases as of December 31, 2021 were as follows:
| Operating |  | Finance
2022 | $ | 47,649 |  |  | $ | 2,822 |
2023 | 35,713 |  |  | 2,372 |
2024 | 28,124 |  |  | 1,845 |
2025 | 23,756 |  |  | 1,433 |
2026 | 16,058 |  |  | 1,204 |
Thereafter | 39,539 |  |  | 767 |
Total lease payments | 190,839 |  |  | 10,443 |
Less interest | (13,305) |  |  | (1,201) |
Present value of lease liabilities | $ | 177,534 |  |  | $ | 9,242 |
Average lease terms and discount rates were as follows:
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Weighted-average remaining lease term (years) |  |  |  |  |
Operating leases | 5.8 |  | 5.9 |  | 5.9
Finance leases | 4.2 |  | 4.8 |  | 5.9
Weighted-average discount rate |  |  |  |  |
Operating leases | 2.7% |  | 2.9% |  | 3.2%
Finance leases | 3.4% |  | 3.6% |  | 4.1%

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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