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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company's lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842. Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. The Company's leases do not have any significant residual value guarantees or restrictive covenants.
The Company completed the acquisition of Metal Packaging on January 26, 2022. The acquisition included both operating and finance lease assets and liabilities. The acquired operating lease liabilities of $33,910 had a weighted average remaining lease maturity term and discount rate of 11.0 years and 2.8%, respectively, and the acquired finance lease liabilities of $46,687 had a weighted average remaining lease maturity term and discount rate of 3.8 years and 7.5%, respectively, as of the date of the acquisition.
The following table sets forth the balance sheet location and values of the Company’s lease assets and lease liabilities at December 31, 2022 and December 31, 2021:
ClassificationBalance Sheet LocationDecember 31, 2022December 31, 2021
Lease Assets
Operating lease assetsRight of Use Asset - Operating Leases$296,781 $268,390 
Finance lease assetsOther Assets103,467 55,826 
Total lease assets$400,248 $324,216 
Lease Liabilities
Current operating lease liabilitiesAccrued expenses and other$52,306 $45,305 
Current finance lease liabilitiesNotes payable and current portion of long-term debt19,015 6,952 
Total current lease liabilities$71,321 $52,257 
Noncurrent operating lease liabilitiesNoncurrent Operating Lease Liabilities$250,994 $234,167 
Noncurrent finance lease liabilitiesLong-term Debt, net of current portion83,905 53,330 
Total noncurrent lease liabilities$334,899 $287,497 
Total lease liabilities$406,220 $339,754 
Certain of the Company’s leases include variable costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, and also non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.
The following table sets forth the components of the Company's total lease cost for the years ended December 31, 2022, 2021, and 2020:
Lease Cost202220212020
Operating lease cost(a)$51,890 $48,158 $58,678 
Finance lease cost:
     Amortization of lease asset(a) (b)12,241 5,747 7,387 
     Interest on lease liabilities(c)4,751 1,384 1,050 
Variable lease cost(a) (d)30,269 26,198 36,758 
Impairment charges(e)293 148 11,340 
Total lease cost$99,444 $81,635 $115,213 
(a) Production-related and administrative amounts are included in cost of sales and selling, general and administrative expenses, respectively.
(b) Included in depreciation and amortization.
(c) Included in interest expense.
(d) Also includes short term lease costs, which are deemed immaterial.
(e) Impairment charges are included in "Restructuring/asset impairment charges" in the Company's Consolidated Statements of Income. See Note 4 for more information.

The following table sets forth the five-year maturity schedule of the Company's lease liabilities as of December 31, 2022:
Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2023$53,074 $19,473 $72,547 
202445,570 17,821 63,391 
202537,873 20,140 58,013 
202630,407 16,611 47,018 
202726,833 5,183 32,016 
Beyond 2027185,515 44,779 230,294 
Total lease payments$379,272 $124,007 $503,279 
     Less: Interest75,972 21,087 97,059 
Lease Liabilities$303,300 $102,920 $406,220 
The following tables set forth the Company's weighted average remaining lease term and discount rates used in the calculation of its outstanding lease liabilities at December 31, 2022, 2021, and 2020, along with other lease-related information for the years ended December 31, 2022, 2021, and 2020:
Lease Term and Discount Rate202220212020
Weighted-average remaining lease term (years):
     Operating leases11.211.811.8
     Finance leases9.213.512.9
Weighted-average discount rate:
     Operating leases4.27%4.09%4.28%
     Finance leases4.79%2.86%2.94%
Other Information202220212020
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows used by operating leases $52,198 $50,479 $58,305 
     Operating cash flows used by finance leases$4,751 $1,384 $1,050 
     Financing cash flows used by finance leases$12,687 $4,699 $7,437 
Leased assets obtained in exchange for new operating lease liabilities$36,158 $20,505 $90,361 
Leased assets obtained in exchange for new finance lease liabilities$10,091 $14,643 $23,117 
Modification to leased assets for increase/(decrease) in operating lease liabilities$2,807 $15,936 (9,947)
Modification to leased assets for (decrease)/increase in finance lease liabilities$(642)$9,586 14,005 
Termination reclasses to decrease operating lease assets$(4,285)$(5,267)(27,508)
Termination reclasses to decrease operating lease liabilities$(4,537)$(5,602)(27,985)
Termination reclasses to decrease finance lease assets$(1,351)$(125)(25,079)
Termination reclasses to decrease finance lease liabilities$(87)$(130)(25,199)
Leases Leases
The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company's lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842. Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. The Company's leases do not have any significant residual value guarantees or restrictive covenants.
The Company completed the acquisition of Metal Packaging on January 26, 2022. The acquisition included both operating and finance lease assets and liabilities. The acquired operating lease liabilities of $33,910 had a weighted average remaining lease maturity term and discount rate of 11.0 years and 2.8%, respectively, and the acquired finance lease liabilities of $46,687 had a weighted average remaining lease maturity term and discount rate of 3.8 years and 7.5%, respectively, as of the date of the acquisition.
The following table sets forth the balance sheet location and values of the Company’s lease assets and lease liabilities at December 31, 2022 and December 31, 2021:
ClassificationBalance Sheet LocationDecember 31, 2022December 31, 2021
Lease Assets
Operating lease assetsRight of Use Asset - Operating Leases$296,781 $268,390 
Finance lease assetsOther Assets103,467 55,826 
Total lease assets$400,248 $324,216 
Lease Liabilities
Current operating lease liabilitiesAccrued expenses and other$52,306 $45,305 
Current finance lease liabilitiesNotes payable and current portion of long-term debt19,015 6,952 
Total current lease liabilities$71,321 $52,257 
Noncurrent operating lease liabilitiesNoncurrent Operating Lease Liabilities$250,994 $234,167 
Noncurrent finance lease liabilitiesLong-term Debt, net of current portion83,905 53,330 
Total noncurrent lease liabilities$334,899 $287,497 
Total lease liabilities$406,220 $339,754 
Certain of the Company’s leases include variable costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, and also non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.
The following table sets forth the components of the Company's total lease cost for the years ended December 31, 2022, 2021, and 2020:
Lease Cost202220212020
Operating lease cost(a)$51,890 $48,158 $58,678 
Finance lease cost:
     Amortization of lease asset(a) (b)12,241 5,747 7,387 
     Interest on lease liabilities(c)4,751 1,384 1,050 
Variable lease cost(a) (d)30,269 26,198 36,758 
Impairment charges(e)293 148 11,340 
Total lease cost$99,444 $81,635 $115,213 
(a) Production-related and administrative amounts are included in cost of sales and selling, general and administrative expenses, respectively.
(b) Included in depreciation and amortization.
(c) Included in interest expense.
(d) Also includes short term lease costs, which are deemed immaterial.
(e) Impairment charges are included in "Restructuring/asset impairment charges" in the Company's Consolidated Statements of Income. See Note 4 for more information.

The following table sets forth the five-year maturity schedule of the Company's lease liabilities as of December 31, 2022:
Maturity of Lease LiabilitiesOperating LeasesFinance LeasesTotal
2023$53,074 $19,473 $72,547 
202445,570 17,821 63,391 
202537,873 20,140 58,013 
202630,407 16,611 47,018 
202726,833 5,183 32,016 
Beyond 2027185,515 44,779 230,294 
Total lease payments$379,272 $124,007 $503,279 
     Less: Interest75,972 21,087 97,059 
Lease Liabilities$303,300 $102,920 $406,220 
The following tables set forth the Company's weighted average remaining lease term and discount rates used in the calculation of its outstanding lease liabilities at December 31, 2022, 2021, and 2020, along with other lease-related information for the years ended December 31, 2022, 2021, and 2020:
Lease Term and Discount Rate202220212020
Weighted-average remaining lease term (years):
     Operating leases11.211.811.8
     Finance leases9.213.512.9
Weighted-average discount rate:
     Operating leases4.27%4.09%4.28%
     Finance leases4.79%2.86%2.94%
Other Information202220212020
Cash paid for amounts included in the measurement of lease liabilities:
     Operating cash flows used by operating leases $52,198 $50,479 $58,305 
     Operating cash flows used by finance leases$4,751 $1,384 $1,050 
     Financing cash flows used by finance leases$12,687 $4,699 $7,437 
Leased assets obtained in exchange for new operating lease liabilities$36,158 $20,505 $90,361 
Leased assets obtained in exchange for new finance lease liabilities$10,091 $14,643 $23,117 
Modification to leased assets for increase/(decrease) in operating lease liabilities$2,807 $15,936 (9,947)
Modification to leased assets for (decrease)/increase in finance lease liabilities$(642)$9,586 14,005 
Termination reclasses to decrease operating lease assets$(4,285)$(5,267)(27,508)
Termination reclasses to decrease operating lease liabilities$(4,537)$(5,602)(27,985)
Termination reclasses to decrease finance lease assets$(1,351)$(125)(25,079)
Termination reclasses to decrease finance lease liabilities$(87)$(130)(25,199)