XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company leases retail stores, manufacturing and distribution facilities, office space and equipment under operating and finance lease agreements. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to several years, with the longest renewal period extending through 2034. The exercise of lease renewal options are at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2020 and 2019:
(in millions) |  |  |  | December 31, 2020 |  | December 31, 2019 |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 304.3 |  |  | $ | 245.4 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 61.2 |  |  | 54.4 |  |  |
Total leased assets |  |  |  | $ | 365.5 |  |  | $ | 299.8 |  |  |
Liabilities |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 61.0 |  |  | $ | 50.8 |  |  |
Finance lease obligations |  | Current portion of long-term debt |  | 11.4 |  |  | 8.2 |  |  |
Long-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 275.1 |  |  | 205.4 |  |  |
Finance lease obligations |  | Long-term debt, net |  | 60.0 |  |  | 55.9 |  |  |
Total lease obligations |  |  |  | $ | 407.5 |  |  | $ | 320.3 |  |  |
The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019
Operating lease expense: |  |  |  |
Operating lease expense |  | $ | 75.4 |  |  | $ | 63.8 |
Short-term lease expense |  | 11.1 |  |  | 9.0 |
Variable lease expense |  | 22.2 |  |  | 18.8 |
Finance lease expense: |  |  |  |
Amortization of right-of-use assets |  | 9.3 |  |  | 8.5 |
Interest on lease obligations |  | 4.7 |  |  | 4.7 |
Total lease expense |  | $ | 122.7 |  |  | $ | 104.8 |
The following table sets forth the scheduled maturities of lease obligations as of December 31, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 |  | $ | 74.1 |  |  | $ | 15.3 |  |  | $ | 89.4 |
2022 |  | 67.9 |  |  | 13.4 |  |  | 81.3 |
2023 |  | 55.5 |  |  | 10.7 |  |  | 66.2 |
2024 |  | 46.0 |  |  | 8.6 |  |  | 54.6 |
2025 |  | 39.3 |  |  | 7.7 |  |  | 47.0 |
Thereafter |  | 112.3 |  |  | 34.2 |  |  | 146.5 |
Total lease payments |  | 395.1 |  |  | 89.9 |  |  | 485.0 |
Less: Interest |  | (59.0) |  |  | (18.5) |  |  | (77.5) |
Present value of lease obligations |  | $ | 336.1 |  |  | $ | 71.4 |  |  | $ | 407.5 |
The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2020:
|  | December 31, 2020
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.66
Finance leases |  | 7.91
Weighted average discount rate: |  |
Operating leases |  | 4.90 | %
Finance leases |  | 5.80 | %
The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 70.1 |  |  | $ | 62.7 |  |  |
Operating cash flows paid for finance leases |  | $ | 4.7 |  |  | $ | 3.7 |  |  |
Financing cash flows paid for finance leases |  | $ | 10.2 |  |  | $ | 7.7 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 109.4 |  |  | $ | 60.9 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 17.6 |  |  | $ | 4.1 |  |  |
(a)Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.
Leases | Leases The Company leases retail stores, manufacturing and distribution facilities, office space and equipment under operating and finance lease agreements. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to several years, with the longest renewal period extending through 2034. The exercise of lease renewal options are at the Company's sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheet as of December 31, 2020 and 2019:
(in millions) |  |  |  | December 31, 2020 |  | December 31, 2019 |  |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease right-of-use assets |  | $ | 304.3 |  |  | $ | 245.4 |  |  |
Finance lease assets |  | Property, plant and equipment, net |  | 61.2 |  |  | 54.4 |  |  |
Total leased assets |  |  |  | $ | 365.5 |  |  | $ | 299.8 |  |  |
Liabilities |  |  |  |  |  |  |  |
Short-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Accrued expenses and other current liabilities |  | $ | 61.0 |  |  | $ | 50.8 |  |  |
Finance lease obligations |  | Current portion of long-term debt |  | 11.4 |  |  | 8.2 |  |  |
Long-term: |  |  |  |  |  |  |  |
Operating lease obligations |  | Long-term operating lease obligations |  | 275.1 |  |  | 205.4 |  |  |
Finance lease obligations |  | Long-term debt, net |  | 60.0 |  |  | 55.9 |  |  |
Total lease obligations |  |  |  | $ | 407.5 |  |  | $ | 320.3 |  |  |
The following table summarizes the classification of lease expense in the Company's Consolidated Statements of Income for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019
Operating lease expense: |  |  |  |
Operating lease expense |  | $ | 75.4 |  |  | $ | 63.8 |
Short-term lease expense |  | 11.1 |  |  | 9.0 |
Variable lease expense |  | 22.2 |  |  | 18.8 |
Finance lease expense: |  |  |  |
Amortization of right-of-use assets |  | 9.3 |  |  | 8.5 |
Interest on lease obligations |  | 4.7 |  |  | 4.7 |
Total lease expense |  | $ | 122.7 |  |  | $ | 104.8 |
The following table sets forth the scheduled maturities of lease obligations as of December 31, 2020:
(in millions) |  | Operating Leases |  | Finance Leases |  | Total
Year Ended December 31, |  |  |  |  |  |
2021 |  | $ | 74.1 |  |  | $ | 15.3 |  |  | $ | 89.4 |
2022 |  | 67.9 |  |  | 13.4 |  |  | 81.3 |
2023 |  | 55.5 |  |  | 10.7 |  |  | 66.2 |
2024 |  | 46.0 |  |  | 8.6 |  |  | 54.6 |
2025 |  | 39.3 |  |  | 7.7 |  |  | 47.0 |
Thereafter |  | 112.3 |  |  | 34.2 |  |  | 146.5 |
Total lease payments |  | 395.1 |  |  | 89.9 |  |  | 485.0 |
Less: Interest |  | (59.0) |  |  | (18.5) |  |  | (77.5) |
Present value of lease obligations |  | $ | 336.1 |  |  | $ | 71.4 |  |  | $ | 407.5 |
The following table provides lease term and discount rate information related to operating and finance leases as of December 31, 2020:
|  | December 31, 2020
Weighted average remaining lease term (years): |  |
Operating leases |  | 6.66
Finance leases |  | 7.91
Weighted average discount rate: |  |
Operating leases |  | 4.90 | %
Finance leases |  | 5.80 | %
The following table provides supplemental information related to the Company's Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019:
|  | Twelve Months Ended
(in millions) |  | December 31, 2020 |  | December 31, 2019 |  |
Cash paid for amounts included in the measurement of lease obligations: |  |  |  |  |  |
Operating cash flows paid for operating leases (a) |  | $ | 70.1 |  |  | $ | 62.7 |  |  |
Operating cash flows paid for finance leases |  | $ | 4.7 |  |  | $ | 3.7 |  |  |
Financing cash flows paid for finance leases |  | $ | 10.2 |  |  | $ | 7.7 |  |  |
Right-of-use assets obtained in exchange for new operating lease obligations |  | $ | 109.4 |  |  | $ | 60.9 |  |  |
Right-of-use assets obtained in exchange for new finance lease obligations |  | $ | 17.6 |  |  | $ | 4.1 |  |  |
(a)Operating cash flows paid for operating leases are included within the change in other assets and liabilities within the Consolidated Statement of Cash Flows offset by non-cash right-of-use asset amortization and lease liability accretion.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration