Leases (Notes)

12 Months Ended

Dec. 31, 2020

LEASESThe Company has leases for corporate offices, manufacturing facilities, research and development facilities, and certain transportation and office equipment, the majority of which are operating leases. The Company's leases have remaining lease terms of up to 40 years, some of which include options to extend the leases for up to 5 years.

The components of lease expense were as follows:


	December 31,
(DOLLARS IN THOUSANDS)	2020		2019
Operating lease cost	$	61,624	$	52,213
Financing lease cost	3,984		2,235

The total rental expense, as calculated prior to the adoption of ASU 2016-02, for 2018 was approximately $42.4 million.

Supplemental cash flow information related to leases was as follows:


	December 31,
(DOLLARS IN THOUSANDS)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow for operating leases	$	52,013	$	51,444
Operating cash flow for finance leases	167		64
Financing cash flow for finance leases	3,667		2,204
Right-of-use assets obtained in exchange for lease obligations
Operating leases	62,609		29,823
Finance leases	6,073		2,833

Supplemental balance sheet information related to leases was as follows:


	December 31,
(DOLLARS IN THOUSANDS)	2020		2019
Operating Leases
Operating lease right-of-use assets(1)	$	299,266	$	287,870

Other current liabilities(2)	40,515		37,744
Operating lease liabilities(3)	264,717		253,367
Total operating lease liabilities	305,232		291,111
Financing Leases
Financing lease right-of-use assets(1)	7,773		4,792

Other current liabilities(2)	3,107		1,931
Financing lease liabilities(3)	3,923		2,525
Total financing lease liabilities	7,030		4,456

_______________________

(1)Presented in Other assets in the Consolidated Balance Sheet.

(2)Presented in Other current liabilities in the Consolidated Balance Sheet.

(3)Presented in Other liabilities in the Consolidated Balance Sheet.

Weighted average remaining lease term and discount rate were as follows:


	December 31,
	2020		2019
Weighted average remaining lease term in years
Operating leases	10.5		11.3
Finance leases	2.9		3.3
Weighted average discount rate
Operating leases	3.82	%	3.89	%
Finance leases	1.81	%	1.69	%

Maturities of lease liabilities were as follows:


	December 31,
(DOLLARS IN THOUSANDS)	2020		2019
Operating Leases
Less than 1 Year	$	48,873	$	49,199
1-3 Years	83,679		81,829
3-5 Years	63,788		60,489
After 5 years	176,041		178,231
Less: Imputed Interest	(67,149)		(78,637)
Total	$	305,232	$	291,111
Financing Leases
Less than 1 Year	$	3,127	$	2,036
1-3 Years	3,691		2,073
3-5 Years	642		486
After 5 years	5		26
Less: Imputed Interest	(435)		(165)
Total	$	7,030	$	4,456

Right-of-use assets by region were as follows:


	December 31,
(DOLLARS IN THOUSANDS)	2020		2019
Operating Leases
North America	$	132,330	$	143,556
Europe, Africa and Middle East	130,812		110,552
Greater Asia	16,307		20,492
Latin America	19,817		13,270
Consolidated	$	299,266	$	287,870
Financing Leases
North America	$	130	$	246
Europe, Africa and Middle East	4,994		3,221
Greater Asia	1,472		516
Latin America	1,177		809
Consolidated	$	7,773	$	4,792