XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | Leases Effective January 1, 2019 the Company adopted ASC 842, which requires recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet, based on the present value of the future minimum rental payments for existing operating leases. The Company adopted the provisions of ASC 842 on January 1, 2019 using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption in line with the new transition method allowed under ASU 2018-11. Certain of the Company’s leases include rental payments that will adjust periodically for inflation or certain adjustments based on step increases. An insignificant number of the Company’s leases contain residual value guarantees and none of the Company’s agreements contain material restrictive covenants. Variable rent expenses consist primarily of maintenance, property taxes and charges based on usage. The Company rents or subleases certain real estate to third parties. The Company’s sublease portfolio consists mainly of operating leases. The components of lease costs for the twelve months ended December 31, 2020 and December 31, 2019 are as follows:
| Twelve Months Ended December 31, 2020 |  | Twelve Months Ended December 31, 2019
| Cost of Goods Sold |  | Selling, General and Administrative |  | Total |  | Cost of Goods Sold |  | Selling, General and Administrative |  | Total
Operating lease costs |  |  |  |  |  |  |  |  |  |  |
Fixed | $ | 25,067 |  |  | 102,504 |  |  | 127,571 |  |  | 30,002 |  |  | 97,988 |  |  | 127,990 |
Short-term | 11,633 |  |  | 16,021 |  |  | 27,654 |  |  | 9,725 |  |  | 13,933 |  |  | 23,658 |
Variable | 8,285 |  |  | 30,036 |  |  | 38,321 |  |  | 8,123 |  |  | 29,852 |  |  | 37,975 |
Sub-leases | (411) |  |  | (741) |  |  | (1,152) |  |  | (311) |  |  | (537) |  |  | (848) |
| $ | 44,574 |  |  | 147,820 |  |  | 192,394 |  |  | 47,539 |  |  | 141,236 |  |  | 188,775 |
| Twelve Months Ended December 31, 2020 |  | Twelve Months Ended December 31, 2019
| Depreciation and Amortization |  | Interest |  | Total |  | Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets | $ | 6,423 |  |  | — |  |  | 6,423 |  |  | 4,015 |  |  | — |  |  | 4,015 |
Interest on lease liabilities | — |  |  | 690 |  |  | 690 |  |  | — |  |  | 491 |  |  | 491 |
| $ | 6,423 |  |  | 690 |  |  | 7,113 |  |  | 4,015 |  |  | 491 |  |  | 4,506 |
Net lease costs |  |  |  |  | $ | 199,507 |  |  |  |  |  |  | 193,281 |
Rental expense under fixed operating leases was $143,513 in 2018. Supplemental balance sheet information related to leases is as follows:
| Classification |  | At December 31, 2020 |  | At December 31, 2019 |  |
Assets |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Right of use operating lease assets | Right of use operating lease assets |  | $ | 323,138 |  |  | 323,003 |  |  |
Finance Leases |  |  |  |  |  |  |
Property, plant and equipment, gross | Property, plant and equipment |  | 58,170 |  |  | 35,271 |  |  |
Accumulated depreciation | Accumulated depreciation |  | (12,498) |  |  | (5,664) |  |  |
Property, plant and equipment, net | Property, plant and equipment, net |  | 45,672 |  |  | 29,607 |  |  |
Total lease assets |  |  | $ | 368,810 |  |  | 352,610 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Other current | Current operating lease liabilities |  | $ | 98,042 |  |  | 101,945 |  |  |
Non-current | Non-current operating lease liabilities |  | 234,726 |  |  | 228,155 |  |  |
Total operating liabilities |  |  | 332,768 |  |  | 330,100 |  |  |
Finance Leases |  |  |  |  |  |  |
Short-term debt | Short-term debt and current portion of long-term debt |  | 8,025 |  |  | 4,835 |  |  |
Long-term debt | Long-term debt, less current portion |  | 38,098 |  |  | 25,214 |  |  |
Total finance liabilities |  |  | 46,123 |  |  | 30,049 |  |  |
Total lease liabilities |  |  | $ | 378,891 |  |  | 360,149 |  |  |
Maturities of lease liabilities as of December 31, 2020 are as follows:
Year ending December 31, | Finance Leases |  | Operating Leases |  | Total
2021 | $ | 8,830 |  |  | 113,151 |  |  | 121,981 |
2022 | 8,399 |  |  | 88,607 |  |  | 97,006 |
2023 | 7,632 |  |  | 60,118 |  |  | 67,750 |
2024 | 5,870 |  |  | 38,785 |  |  | 44,655 |
2025 | 4,453 |  |  | 26,837 |  |  | 31,290 |
Thereafter | 14,599 |  |  | 27,454 |  |  | 42,053 |
Total lease payments | 49,783 |  |  | 354,952 |  |  | 404,735 |
Less imputed interest | 3,660 |  |  | 22,184 |  |  |
Present value, Total | $ | 46,123 |  |  | 332,768 |  |  |
The Company had approximately $12,375 of leases that commenced after December 31, 2020 that created rights and obligations to the Company. These leases are not included in the above maturity schedule. Lease term and discount rate are as follows:
| At December 31, 2020 |  | At December 31, 2019 |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating Leases | 4.5 years |  | 4.3 years |  |
Finance Leases | 7.7 years |  | 8.4 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating Leases | 2.8 | % |  | 3.3 | % |  |
Finance Leases | 1.4 | % |  | 1.4 | % |  |
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended |  |
| December 31, 2020 |  | December 31, 2019 |  |  |  |  |  |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 124,708 |  |  | 127,213 |  |  |  |  |  |  |
Operating cash flows from finance leases | 690 |  |  | 349 |  |  |  |  |  |  |
Financing cash flows from finance leases | 6,386 |  |  | 3,975 |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |
Operating leases | 110,036 |  |  | 133,959 |  |  |  |  |  |  |
Finance leases | 18,248 |  |  | 20,464 |  |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |  |  |
Amortization of right of use operating lease assets(1) | 113,898 |  |  | 109,884 |  |  |  |  |  |  |
(1) Amortization of Right of use operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows.
Leases | Leases Effective January 1, 2019 the Company adopted ASC 842, which requires recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet, based on the present value of the future minimum rental payments for existing operating leases. The Company adopted the provisions of ASC 842 on January 1, 2019 using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of the beginning of the period of adoption in line with the new transition method allowed under ASU 2018-11. Certain of the Company’s leases include rental payments that will adjust periodically for inflation or certain adjustments based on step increases. An insignificant number of the Company’s leases contain residual value guarantees and none of the Company’s agreements contain material restrictive covenants. Variable rent expenses consist primarily of maintenance, property taxes and charges based on usage. The Company rents or subleases certain real estate to third parties. The Company’s sublease portfolio consists mainly of operating leases. The components of lease costs for the twelve months ended December 31, 2020 and December 31, 2019 are as follows:
| Twelve Months Ended December 31, 2020 |  | Twelve Months Ended December 31, 2019
| Cost of Goods Sold |  | Selling, General and Administrative |  | Total |  | Cost of Goods Sold |  | Selling, General and Administrative |  | Total
Operating lease costs |  |  |  |  |  |  |  |  |  |  |
Fixed | $ | 25,067 |  |  | 102,504 |  |  | 127,571 |  |  | 30,002 |  |  | 97,988 |  |  | 127,990 |
Short-term | 11,633 |  |  | 16,021 |  |  | 27,654 |  |  | 9,725 |  |  | 13,933 |  |  | 23,658 |
Variable | 8,285 |  |  | 30,036 |  |  | 38,321 |  |  | 8,123 |  |  | 29,852 |  |  | 37,975 |
Sub-leases | (411) |  |  | (741) |  |  | (1,152) |  |  | (311) |  |  | (537) |  |  | (848) |
| $ | 44,574 |  |  | 147,820 |  |  | 192,394 |  |  | 47,539 |  |  | 141,236 |  |  | 188,775 |
| Twelve Months Ended December 31, 2020 |  | Twelve Months Ended December 31, 2019
| Depreciation and Amortization |  | Interest |  | Total |  | Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets | $ | 6,423 |  |  | — |  |  | 6,423 |  |  | 4,015 |  |  | — |  |  | 4,015 |
Interest on lease liabilities | — |  |  | 690 |  |  | 690 |  |  | — |  |  | 491 |  |  | 491 |
| $ | 6,423 |  |  | 690 |  |  | 7,113 |  |  | 4,015 |  |  | 491 |  |  | 4,506 |
Net lease costs |  |  |  |  | $ | 199,507 |  |  |  |  |  |  | 193,281 |
Rental expense under fixed operating leases was $143,513 in 2018. Supplemental balance sheet information related to leases is as follows:
| Classification |  | At December 31, 2020 |  | At December 31, 2019 |  |
Assets |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Right of use operating lease assets | Right of use operating lease assets |  | $ | 323,138 |  |  | 323,003 |  |  |
Finance Leases |  |  |  |  |  |  |
Property, plant and equipment, gross | Property, plant and equipment |  | 58,170 |  |  | 35,271 |  |  |
Accumulated depreciation | Accumulated depreciation |  | (12,498) |  |  | (5,664) |  |  |
Property, plant and equipment, net | Property, plant and equipment, net |  | 45,672 |  |  | 29,607 |  |  |
Total lease assets |  |  | $ | 368,810 |  |  | 352,610 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Other current | Current operating lease liabilities |  | $ | 98,042 |  |  | 101,945 |  |  |
Non-current | Non-current operating lease liabilities |  | 234,726 |  |  | 228,155 |  |  |
Total operating liabilities |  |  | 332,768 |  |  | 330,100 |  |  |
Finance Leases |  |  |  |  |  |  |
Short-term debt | Short-term debt and current portion of long-term debt |  | 8,025 |  |  | 4,835 |  |  |
Long-term debt | Long-term debt, less current portion |  | 38,098 |  |  | 25,214 |  |  |
Total finance liabilities |  |  | 46,123 |  |  | 30,049 |  |  |
Total lease liabilities |  |  | $ | 378,891 |  |  | 360,149 |  |  |
Maturities of lease liabilities as of December 31, 2020 are as follows:
Year ending December 31, | Finance Leases |  | Operating Leases |  | Total
2021 | $ | 8,830 |  |  | 113,151 |  |  | 121,981 |
2022 | 8,399 |  |  | 88,607 |  |  | 97,006 |
2023 | 7,632 |  |  | 60,118 |  |  | 67,750 |
2024 | 5,870 |  |  | 38,785 |  |  | 44,655 |
2025 | 4,453 |  |  | 26,837 |  |  | 31,290 |
Thereafter | 14,599 |  |  | 27,454 |  |  | 42,053 |
Total lease payments | 49,783 |  |  | 354,952 |  |  | 404,735 |
Less imputed interest | 3,660 |  |  | 22,184 |  |  |
Present value, Total | $ | 46,123 |  |  | 332,768 |  |  |
The Company had approximately $12,375 of leases that commenced after December 31, 2020 that created rights and obligations to the Company. These leases are not included in the above maturity schedule. Lease term and discount rate are as follows:
| At December 31, 2020 |  | At December 31, 2019 |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating Leases | 4.5 years |  | 4.3 years |  |
Finance Leases | 7.7 years |  | 8.4 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating Leases | 2.8 | % |  | 3.3 | % |  |
Finance Leases | 1.4 | % |  | 1.4 | % |  |
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended |  |
| December 31, 2020 |  | December 31, 2019 |  |  |  |  |  |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 124,708 |  |  | 127,213 |  |  |  |  |  |  |
Operating cash flows from finance leases | 690 |  |  | 349 |  |  |  |  |  |  |
Financing cash flows from finance leases | 6,386 |  |  | 3,975 |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |
Operating leases | 110,036 |  |  | 133,959 |  |  |  |  |  |  |
Finance leases | 18,248 |  |  | 20,464 |  |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |  |  |
Amortization of right of use operating lease assets(1) | 113,898 |  |  | 109,884 |  |  |  |  |  |  |
(1) Amortization of Right of use operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows.

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