LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:

Lease expense	Classification	2019
Operating lease cost	Cost of sales or SM&A (1)	$	42,580
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	7,821
Interest on lease liabilities	Interest expense, net	4,467
Net lease cost (2)		$	54,868

(1) Supply chain-related amounts were included in cost of sales.

(2) Net lease cost does not include short-term leases, variable lease costs or sublease income, all of which are immaterial.

Information regarding our lease terms and discount rates were as follows:

	2019
Weighted-average remaining lease term (years)
Operating leases	14.3
Finance leases	31.4
Weighted-average discount rate
Operating leases	3.8	%
Finance leases	6.0	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:

Leases	Classification	2019
Assets
Operating lease ROU assets	Other assets (non-current)	220,678
Finance lease ROU assets, at cost	Property, plant and equipment, gross	101,142
Accumulated amortization	Accumulated depreciation	(7,225	)
Finance lease ROU assets, net	Property, plant and equipment, net	93,917
Total leased assets		314,595
Liabilities
Current
Operating	Accrued liabilities	29,209
Finance	Current portion of long-term debt	4,079
Non-current
Operating	Other long-term liabilities	184,163
Finance	Long-term debt	75,564
Total lease liabilities		293,015

The components of certain Consolidated Balance Sheet accounts are as follows:

December 31,	2019			2018
Inventories:
Raw materials	$	271,125		$	237,086
Goods in process	98,842			107,139
Finished goods	614,698			618,798
Inventories at FIFO	984,665			963,023
Adjustment to LIFO	(169,414		)	(178,144		)
Total inventories	$	815,251		$	784,879
Prepaid expenses and other:
Prepaid expenses	$	84,058		$	68,490
Assets held for sale	1,677			23,421
Other current assets	154,345			180,248
Total prepaid expenses and other	$	240,080		$	272,159
Property, plant and equipment:
Land	$	105,627		$	102,074
Buildings	1,298,985			1,211,011
Machinery and equipment	3,120,003			2,988,027
Construction in progress	209,788			280,559
Property, plant and equipment, gross	4,734,403			4,581,671
Accumulated depreciation	(2,581,264		)	(2,451,377		)
Property, plant and equipment, net	$	2,153,139		$	2,130,294
Other assets:
Capitalized software, net	$	153,842		$	126,379
Operating lease ROU assets	220,678			—
Other non-current assets	137,480			126,605
Total other assets	$	512,000		$	252,984
Accrued liabilities:
Payroll, compensation and benefits	$	230,518		$	180,546
Advertising, promotion and product allowances	279,440			293,642
Operating lease liabilities	29,209			—
Liabilities held for sale	105			596
Other	163,100			204,379
Total accrued liabilities	$	702,372		$	679,163
Other long-term liabilities:
Post-retirement benefits liabilities	$	211,206		$	195,166
Pension benefits liabilities	58,773			66,379
Operating lease liabilities	184,163			—
Other	201,635			184,503
Total other long-term liabilities	$	655,777		$	446,048
Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(83,704	)	$	(96,678	)
Pension and post-retirement benefit plans, net of tax	(189,187		)	(205,230		)
Cash flow hedges, net of tax	(51,075		)	(54,872		)
Total accumulated other comprehensive loss	$	(323,966	)	$	(356,780	)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of December 31, 2019 were as follows:

	Operating leases	Finance leases	Total
2020	36,803	7,798	44,601
2021	30,205	6,641	36,846
2022	16,480	5,027	21,507
2023	13,846	4,629	18,475
2024	13,062	4,618	17,680
Thereafter	172,752	165,693	338,445
Total lease payments	283,148	194,406	477,554
Less: Imputed interest	69,776	114,763	184,539
Total lease liabilities	213,372	79,643	293,015

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of December 31, 2019 were as follows:

	Operating leases	Finance leases	Total
2020	36,803	7,798	44,601
2021	30,205	6,641	36,846
2022	16,480	5,027	21,507
2023	13,846	4,629	18,475
2024	13,062	4,618	17,680
Thereafter	172,752	165,693	338,445
Total lease payments	283,148	194,406	477,554
Less: Imputed interest	69,776	114,763	184,539
Total lease liabilities	213,372	79,643	293,015

Schedule of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow and other information related to leases were as follows:

	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	39,910
Operating cash flows from finance leases	4,467
Financing cash flows from finance leases	4,018
ROU assets obtained in exchange for lease liabilities:
Operating leases	27,890
Finance leases	7,943

Schedule of Future Minimum Lease Payments for Capital & Operating Leases

Future minimum payments under lease arrangements with a remaining term in excess of one year were as follows as of December 31, 2018:

	Operating leases (1)		Capital leases (2)
2019	$	38,041	$	6,980
2020	24,047		5,272
2021	16,883		3,901
2022	15,424		4,399
2023	13,494		4,577
Thereafter	185,608		169,686

(1) Future minimum rental payments reflect commitments under non-cancelable operating leases primarily for offices, retail stores, warehouse and distribution facilities. Total rent expense for the years ended December 31, 2018 and 2017 was $34,157 and $25,525, respectively, including short-term rentals.

(2)

Future minimum rental payments reflect commitments under non-cancelable capital leases primarily for offices and warehouse facilities, as well as vehicles.