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v3.22.4

Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. 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. 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, 2022, 2021 and 2020, respectively, are as follows:
December 31, 2022 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 21,321 |  |  | 110,716 |  |  | 132,037 |
Short-term | 17,005 |  |  | 19,154 |  |  | 36,159 |
Variable | 7,689 |  |  | 35,985 |  |  | 43,674 |
Sub-leases | (691) |  |  | (1,652) |  |  | (2,343) |
| $ | 45,324 |  |  | 164,203 |  |  | 209,527 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 11,108 |  |  | — |  |  | 11,108 |
Interest on lease liabilities | — |  |  | 816 |  |  | 816 |
| $ | 11,108 |  |  | 816 |  |  | 11,924 |
Net lease costs |  |  |  |  | $ | 221,451 |
December 31, 2021 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 20,130 |  |  | 104,651 |  |  | 124,781 |
Short-term | 13,415 |  |  | 18,434 |  |  | 31,849 |
Variable | 7,949 |  |  | 30,127 |  |  | 38,076 |
Sub-leases | (529) |  |  | (1,113) |  |  | (1,642) |
| $ | 40,965 |  |  | 152,099 |  |  | 193,064 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 9,193 |  |  | — |  |  | 9,193 |
Interest on lease liabilities | — |  |  | 772 |  |  | 772 |
| $ | 9,193 |  |  | 772 |  |  | 9,965 |
Net lease costs |  |  |  |  | $ | 203,029 |
December 31, 2020 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 25,067 |  |  | 102,504 |  |  | 127,571 |
Short-term | 11,633 |  |  | 16,021 |  |  | 27,654 |
Variable | 8,285 |  |  | 30,036 |  |  | 38,321 |
Sub-leases | (411) |  |  | (741) |  |  | (1,152) |
| $ | 44,574 |  |  | 147,820 |  |  | 192,394 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 6,423 |  |  | — |  |  | 6,423 |
Interest on lease liabilities | — |  |  | 690 |  |  | 690 |
| $ | 6,423 |  |  | 690 |  |  | 7,113 |
Net lease costs |  |  |  |  | $ | 199,507 |
Supplemental balance sheet information related to leases is as follows:
| Classification |  | December 31, 2022 |  | December 31, 2021 |  |
Assets |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
ROU operating lease assets | ROU operating lease assets |  | $ | 387,816 |  |  | 389,967 |  |  |
Finance Leases |  |  |  |  |  |  |
Property, plant and equipment, gross | Property, plant and equipment |  | 82,653 |  |  | 67,984 |  |  |
Accumulated depreciation | Accumulated depreciation |  | (30,218) |  |  | (19,902) |  |  |
Property, plant and equipment, net | Property, plant and equipment, net |  | 52,435 |  |  | 48,082 |  |  |
Total lease assets |  |  | $ | 440,251 |  |  | 438,049 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Other current | Current operating lease liabilities |  | $ | 105,266 |  |  | 104,434 |  |  |
Non-current | Non-current operating lease liabilities |  | 296,136 |  |  | 297,390 |  |  |
Total operating liabilities |  |  | 401,402 |  |  | 401,824 |  |  |
Finance Leases |  |  |  |  |  |  |
Short-term debt | Short-term debt and current portion of long-term debt |  | 11,765 |  |  | 9,560 |  |  |
Long-term debt | Long-term debt, less current portion |  | 40,285 |  |  | 38,390 |  |  |
Total finance liabilities |  |  | 52,050 |  |  | 47,950 |  |  |
Total lease liabilities |  |  | $ | 453,452 |  |  | 449,774 |  |  |
Maturities of lease liabilities as of December 31, 2022 are as follows:
Year ending December 31, | Finance Leases |  | Operating Leases |  | Total
2023 | $ | 12,574 |  |  | 125,068 |  |  | 137,642 |
2024 | 10,939 |  |  | 103,229 |  |  | 114,168 |
2025 | 9,498 |  |  | 82,839 |  |  | 92,337 |
2026 | 7,344 |  |  | 61,815 |  |  | 69,159 |
2027 | 4,433 |  |  | 34,829 |  |  | 39,262 |
Thereafter | 10,509 |  |  | 27,414 |  |  | 37,923 |
Total lease payments | 55,297 |  |  | 435,194 |  |  | 490,491 |
Less imputed interest | 3,247 |  |  | 33,792 |  |  |
Present value, Total | $ | 52,050 |  |  | 401,402 |  |  |
The Company had approximately $6,516 of leases that commenced after December 31, 2022 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:
| December 31, 2022 |  | December 31, 2021 |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating Leases | 4.5 years |  | 4.7 years |  |
Finance Leases | 6.2 years |  | 7.2 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating Leases | 3.8 | % |  | 2.4 | % |  |
Finance Leases | 1.5 | % |  | 1.3 | % |  |
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended |  |
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020 |  |  |  |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 129,895 |  |  | 122,886 |  |  | 124,708 |  |  |  |  |
Operating cash flows from finance leases | 816 |  |  | 772 |  |  | 690 |  |  |  |
Financing cash flows from finance leases | 10,770 |  |  | 9,289 |  |  | 6,386 |  |  |  |  |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |
Operating leases | 119,115 |  |  | 186,605 |  |  | 110,036 |  |  |  |  |
Finance leases | 16,160 |  |  | 13,395 |  |  | 18,248 |  |  |  |  |
Amortization: |  |  |  |  |  |  |  |  |
Amortization of ROU operating lease assets (1) | 120,666 |  |  | 115,650 |  |  | 113,898 |  |  |  |  |
(1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows.
Leases | Leases The Company has operating and finance leases for service centers, warehouses, showrooms, and machinery and equipment. 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. 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, 2022, 2021 and 2020, respectively, are as follows:
December 31, 2022 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 21,321 |  |  | 110,716 |  |  | 132,037 |
Short-term | 17,005 |  |  | 19,154 |  |  | 36,159 |
Variable | 7,689 |  |  | 35,985 |  |  | 43,674 |
Sub-leases | (691) |  |  | (1,652) |  |  | (2,343) |
| $ | 45,324 |  |  | 164,203 |  |  | 209,527 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 11,108 |  |  | — |  |  | 11,108 |
Interest on lease liabilities | — |  |  | 816 |  |  | 816 |
| $ | 11,108 |  |  | 816 |  |  | 11,924 |
Net lease costs |  |  |  |  | $ | 221,451 |
December 31, 2021 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 20,130 |  |  | 104,651 |  |  | 124,781 |
Short-term | 13,415 |  |  | 18,434 |  |  | 31,849 |
Variable | 7,949 |  |  | 30,127 |  |  | 38,076 |
Sub-leases | (529) |  |  | (1,113) |  |  | (1,642) |
| $ | 40,965 |  |  | 152,099 |  |  | 193,064 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 9,193 |  |  | — |  |  | 9,193 |
Interest on lease liabilities | — |  |  | 772 |  |  | 772 |
| $ | 9,193 |  |  | 772 |  |  | 9,965 |
Net lease costs |  |  |  |  | $ | 203,029 |
December 31, 2020 | Cost of Goods Sold |  | Selling, General and Administrative Expenses |  | Total
Operating lease costs |  |  |  |  |
Fixed | $ | 25,067 |  |  | 102,504 |  |  | 127,571 |
Short-term | 11,633 |  |  | 16,021 |  |  | 27,654 |
Variable | 8,285 |  |  | 30,036 |  |  | 38,321 |
Sub-leases | (411) |  |  | (741) |  |  | (1,152) |
| $ | 44,574 |  |  | 147,820 |  |  | 192,394 |
| Depreciation and Amortization |  | Interest |  | Total
Finance lease costs |  |  |  |  |
Amortization of leased assets | $ | 6,423 |  |  | — |  |  | 6,423 |
Interest on lease liabilities | — |  |  | 690 |  |  | 690 |
| $ | 6,423 |  |  | 690 |  |  | 7,113 |
Net lease costs |  |  |  |  | $ | 199,507 |
Supplemental balance sheet information related to leases is as follows:
| Classification |  | December 31, 2022 |  | December 31, 2021 |  |
Assets |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
ROU operating lease assets | ROU operating lease assets |  | $ | 387,816 |  |  | 389,967 |  |  |
Finance Leases |  |  |  |  |  |  |
Property, plant and equipment, gross | Property, plant and equipment |  | 82,653 |  |  | 67,984 |  |  |
Accumulated depreciation | Accumulated depreciation |  | (30,218) |  |  | (19,902) |  |  |
Property, plant and equipment, net | Property, plant and equipment, net |  | 52,435 |  |  | 48,082 |  |  |
Total lease assets |  |  | $ | 440,251 |  |  | 438,049 |  |  |
Liabilities |  |  |  |  |  |  |
Operating Leases |  |  |  |  |  |  |
Other current | Current operating lease liabilities |  | $ | 105,266 |  |  | 104,434 |  |  |
Non-current | Non-current operating lease liabilities |  | 296,136 |  |  | 297,390 |  |  |
Total operating liabilities |  |  | 401,402 |  |  | 401,824 |  |  |
Finance Leases |  |  |  |  |  |  |
Short-term debt | Short-term debt and current portion of long-term debt |  | 11,765 |  |  | 9,560 |  |  |
Long-term debt | Long-term debt, less current portion |  | 40,285 |  |  | 38,390 |  |  |
Total finance liabilities |  |  | 52,050 |  |  | 47,950 |  |  |
Total lease liabilities |  |  | $ | 453,452 |  |  | 449,774 |  |  |
Maturities of lease liabilities as of December 31, 2022 are as follows:
Year ending December 31, | Finance Leases |  | Operating Leases |  | Total
2023 | $ | 12,574 |  |  | 125,068 |  |  | 137,642 |
2024 | 10,939 |  |  | 103,229 |  |  | 114,168 |
2025 | 9,498 |  |  | 82,839 |  |  | 92,337 |
2026 | 7,344 |  |  | 61,815 |  |  | 69,159 |
2027 | 4,433 |  |  | 34,829 |  |  | 39,262 |
Thereafter | 10,509 |  |  | 27,414 |  |  | 37,923 |
Total lease payments | 55,297 |  |  | 435,194 |  |  | 490,491 |
Less imputed interest | 3,247 |  |  | 33,792 |  |  |
Present value, Total | $ | 52,050 |  |  | 401,402 |  |  |
The Company had approximately $6,516 of leases that commenced after December 31, 2022 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:
| December 31, 2022 |  | December 31, 2021 |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating Leases | 4.5 years |  | 4.7 years |  |
Finance Leases | 6.2 years |  | 7.2 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating Leases | 3.8 | % |  | 2.4 | % |  |
Finance Leases | 1.5 | % |  | 1.3 | % |  |
Supplemental cash flow information related to leases was as follows:
| Twelve Months Ended |  |
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020 |  |  |  |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 129,895 |  |  | 122,886 |  |  | 124,708 |  |  |  |  |
Operating cash flows from finance leases | 816 |  |  | 772 |  |  | 690 |  |  |  |
Financing cash flows from finance leases | 10,770 |  |  | 9,289 |  |  | 6,386 |  |  |  |  |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |  |
Operating leases | 119,115 |  |  | 186,605 |  |  | 110,036 |  |  |  |  |
Finance leases | 16,160 |  |  | 13,395 |  |  | 18,248 |  |  |  |  |
Amortization: |  |  |  |  |  |  |  |  |
Amortization of ROU operating lease assets (1) | 120,666 |  |  | 115,650 |  |  | 113,898 |  |  |  |  |
(1) Amortization of ROU operating lease assets during the period is reflected in Other assets and prepaid expenses on the Consolidated Statements of Cash Flows.

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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