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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Balance sheet locations and values of the Company's lease assets and lease liabilities | The following table sets forth the balance sheet location and values of the Company’s lease assets and lease liabilities at December 31, 2023 and December 31, 2022:
Classification |  | Balance Sheet Location |  | December 31, 2023 |  | December 31, 2022
Lease Assets |  |  |  |  |  |
Operating lease assets |  | Right of Use Asset - Operating Leases |  | $ | 314,944 |  |  | $ | 296,781 |
Finance lease assets |  | Other Assets |  | 94,026 |  |  | 103,467 |
Total lease assets |  |  |  | $ | 408,970 |  |  | $ | 400,248 |
Lease Liabilities |  |  |  |  |  |
Current operating lease liabilities |  | Accrued expenses and other |  | $ | 54,803 |  |  | $ | 52,306 |
Current finance lease liabilities |  | Notes payable and current portion of long-term debt |  | 18,791 |  |  | 19,015 |
Total current lease liabilities |  |  |  | 73,594 |  |  | 71,321 |
Noncurrent operating lease liabilities |  | Noncurrent Operating Lease Liabilities |  | 265,454 |  |  | 250,994 |
Noncurrent finance lease liabilities |  | Long-term Debt, net of current portion |  | 70,203 |  |  | 83,905 |
Total noncurrent lease liabilities |  |  |  | 335,657 |  |  | 334,899 |
Total lease liabilities |  |  |  | $ | 409,251 |  |  | $ | 406,220 |
Components of the company's total lease cost | The following table sets forth the components of the Company’s total lease cost for the years ended December 31, 2023, 2022, and 2021:
Lease Cost |  |  | 2023 |  | 2022 |  | 2021
Operating lease cost | (a) |  | $ | 54,990 |  |  | $ | 51,890 |  |  | $ | 48,158 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of lease asset | (a) (b) |  | 13,110 |  |  | 12,241 |  |  | 5,747 |
Interest on lease liabilities | (c) |  | 4,447 |  |  | 4,751 |  |  | 1,384 |
Variable lease cost | (a) (d) |  | 40,983 |  |  | 30,269 |  |  | 26,198 |
Impairment charges | (e) |  | — |  |  | 293 |  |  | 148 |
Total lease cost |  |  | $ | 113,530 |  |  | $ | 99,444 |  |  | $ | 81,635 |
(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.
Five-year maturity schedule of Company's lease liabilities | The following table sets forth the five-year maturity schedule of the Company’s lease liabilities as of December 31, 2023:
Maturity of Lease Liabilities |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 55,688 |  |  | $ | 19,163 |  |  | $ | 74,851 |
2025 |  | 48,400 |  |  | 21,186 |  |  | 69,586 |
2026 |  | 38,379 |  |  | 16,727 |  |  | 55,106 |
2027 |  | 34,125 |  |  | 4,791 |  |  | 38,916 |
2028 |  | 31,329 |  |  | 4,277 |  |  | 35,606 |
Beyond 2028 |  | 198,533 |  |  | 38,922 |  |  | 237,455 |
Total lease payments |  | 406,454 |  |  | 105,066 |  |  | 511,520 |
Less: Interest |  | 86,197 |  |  | 16,072 |  |  | 102,269 |
Lease Liabilities |  | $ | 320,257 |  |  | $ | 88,994 |  |  | $ | 409,251 |
Five-year maturity schedule of Company's lease liabilities | The following table sets forth the five-year maturity schedule of the Company’s lease liabilities as of December 31, 2023:
Maturity of Lease Liabilities |  | Operating Leases |  | Finance Leases |  | Total
2024 |  | $ | 55,688 |  |  | $ | 19,163 |  |  | $ | 74,851 |
2025 |  | 48,400 |  |  | 21,186 |  |  | 69,586 |
2026 |  | 38,379 |  |  | 16,727 |  |  | 55,106 |
2027 |  | 34,125 |  |  | 4,791 |  |  | 38,916 |
2028 |  | 31,329 |  |  | 4,277 |  |  | 35,606 |
Beyond 2028 |  | 198,533 |  |  | 38,922 |  |  | 237,455 |
Total lease payments |  | 406,454 |  |  | 105,066 |  |  | 511,520 |
Less: Interest |  | 86,197 |  |  | 16,072 |  |  | 102,269 |
Lease Liabilities |  | $ | 320,257 |  |  | $ | 88,994 |  |  | $ | 409,251 |
Company's weighted average remaining lease term and discount rates used | 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, 2023, 2022, and 2021, along with other lease-related information for the years ended December 31, 2023, 2022, and 2021:
Lease Term and Discount Rate | 2023 |  | 2022 |  | 2021
Weighted-average remaining lease term (years): |  |  |  |  |
Operating leases | 10.7 |  | 11.2 |  | 11.8
Finance leases | 8.8 |  | 9.2 |  | 13.5
Weighted-average discount rate: |  |  |  |  |
Operating leases | 4.97% |  | 4.27% |  | 4.09%
Finance leases | 4.89% |  | 4.79% |  | 2.86%
Other Information | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows used by operating leases | $ | 54,877 |  |  | $ | 52,198 |  |  | $ | 50,479 |
Operating cash flows used by finance leases | $ | 4,447 |  |  | $ | 4,751 |  |  | $ | 1,384 |
Financing cash flows used by finance leases | $ | 15,559 |  |  | $ | 12,687 |  |  | $ | 4,699 |
Leased assets obtained in exchange for new operating lease liabilities | $ | 33,059 |  |  | $ | 36,158 |  |  | $ | 20,505 |
Leased assets obtained in exchange for new finance lease liabilities | $ | 8,354 |  |  | $ | 10,091 |  |  | $ | 14,643 |
Modification to leased assets for increase in operating lease liabilities | $ | 2,938 |  |  | $ | 2,807 |  |  | $ | 15,936 |
Modification to leased assets for increase/(decrease) in finance lease liabilities | $ | 18 |  |  | $ | (642) |  |  | $ | 9,586 |
Termination reclasses to decrease operating lease assets | $ | (15,314) |  |  | $ | (4,285) |  |  | $ | (5,267) |
Termination reclasses to decrease operating lease liabilities | $ | (16,169) |  |  | $ | (4,537) |  |  | $ | (5,602) |
Termination reclasses to decrease finance lease assets | $ | (4,564) |  |  | $ | (1,351) |  |  | $ | (125) |
Termination reclasses to decrease finance lease liabilities | $ | (6,462) |  |  | $ | (87) |  |  | $ | (130) |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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