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LEASES

12 Months Ended

Dec. 31, 2020

NOTE 18 – LEASES

On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition option. The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities for the Company’s operating leases. The table below summarizes the right-of-use assets and lease liabilities in the Company’s Consolidated Balance sheets:


Operating Leases	Balance Sheet Classification	December 31, 2020		December 31, 2019
Right-of-use assets	Other assets	$	43,570	$	51,533

Current liabilities	Other current liabilities	$	11,502	$	13,572
Noncurrent liabilities	Other liabilities		33,988		39,076
Total lease liabilities		$	45,490	$	52,648

Topic 842 did not materially impact the Company’s consolidated net earnings, cash flows or debt covenants.

Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $23,499, $25,389 and $25,720 in the years ended December 31, 2020, 2019 and 2018, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2020 and 2019 was $15,488 and $17,800, respectively, are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the years ended December 31, 2020 and 2019 were $4,387 and $19,216, respectively.

The total future minimum lease payments for noncancelable operating leases were as follows:


	December 31, 2020
2021	$	12,702
2022		9,648
2023		7,661
2024		6,133
2025		3,336
After 2026		11,941
Total lease payments	$	51,421
Less: Imputed interest		(5,931)
Operating lease liabilities	$	45,490

As of December 31, 2020 and 2019, the weighted average remaining lease term was 7.3 years and 6.3 years, respectively. As of December 31, 2020 and 2019, the weighted average discount rate used to determine the operating lease liability was 3.5% and 3.6%, respectively.