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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases:

We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.

Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our 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. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides details of our lease contracts for the three-month periods ended March 31, 2021 and 2020 (in thousands):

									Three Months Ended March 31,
															2021						2020
Operating lease cost															$	9,412					$	8,740
Finance lease cost:
Amortization of right of use assets															157						154
Interest on lease liabilities															755						650
Total finance lease cost															912						804
Short-term lease cost															2,604						2,883
Variable lease cost															2,365						1,948
Total lease cost															$	15,293					$	14,375

Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2021 and 2020 is as follows (in thousands):

			Three Months Ended March 31,
			2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	8,381					$	11,177
Operating cash flows from finance leases			439						380
Financing cash flows from finance leases			159						172
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			707						16,021

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2021 and December 31, 2020 is as follows (in thousands, except as noted):

			March 31, 2021						December 31, 2020
Operating leases:
Other assets			$	128,211					$	136,292
Accrued expenses			19,784						22,297
Other noncurrent liabilities			111,719						116,765
Total operating lease liabilities			131,503						139,062
Finance leases:
Net property, plant and equipment			58,701						58,963
Current portion of long-term debt(a)			2,046						1,752
Long-term debt			58,294						58,543
Total finance lease liabilities			60,340						60,295
Weighted average remaining lease term (in years):
Operating leases			15.7						15.3
Finance leases			27.4						27.5
Weighted average discount rate (%):
Operating leases			3.96		%				3.94		%
Finance leases			4.56		%				4.56		%

(a)    Balance includes accrued interest of finance lease recorded in Accrued liabilities.

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):

			Operating Leases						Finance Leases
Remainder of 2021			$	17,556					$	1,631
2022			20,458						4,454
2023			21,684						4,454
2024			10,680						4,454
2025			9,563						4,454
Thereafter			131,824						89,916
Total lease payments			211,765						109,363
Less imputed interest			80,262						49,023
Total			$	131,503					$	60,340

Leases

Leases:

We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.

Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our 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. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The following table provides details of our lease contracts for the three-month periods ended March 31, 2021 and 2020 (in thousands):

									Three Months Ended March 31,
															2021						2020
Operating lease cost															$	9,412					$	8,740
Finance lease cost:
Amortization of right of use assets															157						154
Interest on lease liabilities															755						650
Total finance lease cost															912						804
Short-term lease cost															2,604						2,883
Variable lease cost															2,365						1,948
Total lease cost															$	15,293					$	14,375

Supplemental cash flow information related to our lease contracts for the three-month periods ended March 31, 2021 and 2020 is as follows (in thousands):

			Three Months Ended March 31,
			2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	8,381					$	11,177
Operating cash flows from finance leases			439						380
Financing cash flows from finance leases			159						172
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			707						16,021

Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at March 31, 2021 and December 31, 2020 is as follows (in thousands, except as noted):

			March 31, 2021						December 31, 2020
Operating leases:
Other assets			$	128,211					$	136,292
Accrued expenses			19,784						22,297
Other noncurrent liabilities			111,719						116,765
Total operating lease liabilities			131,503						139,062
Finance leases:
Net property, plant and equipment			58,701						58,963
Current portion of long-term debt(a)			2,046						1,752
Long-term debt			58,294						58,543
Total finance lease liabilities			60,340						60,295
Weighted average remaining lease term (in years):
Operating leases			15.7						15.3
Finance leases			27.4						27.5
Weighted average discount rate (%):
Operating leases			3.96		%				3.94		%
Finance leases			4.56		%				4.56		%

(a)    Balance includes accrued interest of finance lease recorded in Accrued liabilities.

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):

			Operating Leases						Finance Leases
Remainder of 2021			$	17,556					$	1,631
2022			20,458						4,454
2023			21,684						4,454
2024			10,680						4,454
2025			9,563						4,454
Thereafter			131,824						89,916
Total lease payments			211,765						109,363
Less imputed interest			80,262						49,023
Total			$	131,503					$	60,340

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- References

No definition available.

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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

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- 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

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