LEASES (Tables)

12 Months Ended

Dec. 31, 2020

The components of lease expense were as follows:


Lease expense	Classification	2020		2019
Operating lease cost	Cost of sales or SM&A (1)	$	44,547	$	42,580
Finance lease cost:
Amortization of ROU assets	Depreciation and amortization (1)	8,202		7,821
Interest on lease liabilities	Interest expense, net	4,475		4,467
Net lease cost (2)		$	57,224	$	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:


	2020		2019
Weighted-average remaining lease term (years)
Operating leases	12.5		14.3
Finance leases	30.1		31.4

Weighted-average discount rate
Operating leases	3.8	%	3.8	%
Finance leases	5.9	%	6.0	%

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows:


Leases	Classification	2020		2019
Assets
Operating lease ROU assets	Other non-current assets	$	224,268	$	220,678

Finance lease ROU assets, at cost	Property, plant and equipment, gross	101,426		101,142
Accumulated amortization	Accumulated depreciation	(13,361)		(7,225)
Finance lease ROU assets, net	Property, plant and equipment, net	88,065		93,917

Total leased assets		$	312,333	$	314,595

Liabilities
Current
Operating	Accrued liabilities	$	36,578	$	29,209
Finance	Current portion of long-term debt	4,868		4,079
Non-current
Operating	Other long-term liabilities	181,871		184,163
Finance	Long-term debt	75,887		75,564
Total lease liabilities		$	299,204	$	293,015

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


December 31,	2020		2019
Inventories:
Raw materials	$	388,600	$	271,125
Goods in process	104,841		98,842
Finished goods	645,664		614,698
Inventories at FIFO	1,139,105		984,665
Adjustment to LIFO	(174,898)		(169,414)
Total inventories	$	964,207	$	815,251

Prepaid expenses and other:
Prepaid expenses	$	95,669	$	84,058

Other current assets	158,809		156,022
Total prepaid expenses and other	$	254,478	$	240,080

Property, plant and equipment:
Land	$	131,513	$	105,627
Buildings	1,387,106		1,298,985
Machinery and equipment	3,169,754		3,120,003
Construction in progress	276,514		209,788
Property, plant and equipment, gross	4,964,887		4,734,403
Accumulated depreciation	(2,679,632)		(2,581,264)
Property, plant and equipment, net	$	2,285,255	$	2,153,139

Other non-current assets:

Capitalized software, net	$	187,673	$	153,842

Operating lease ROU assets	224,268		220,678
Other non-current assets	143,946		137,480
Total other non-current assets	$	555,887	$	512,000

Accrued liabilities:
Payroll, compensation and benefits	$	237,342	$	230,518
Advertising, promotion and product allowances	309,537		279,440
Operating lease liabilities	36,578		29,209

Other	198,309		163,205
Total accrued liabilities	$	781,766	$	702,372

Other long-term liabilities:
Post-retirement benefits liabilities	$	223,507	$	211,206
Pension benefits liabilities	70,727		58,773
Operating lease liabilities	181,871		184,163
Other	207,329		201,635
Total other long-term liabilities	$	683,434	$	655,777

Accumulated other comprehensive loss:
Foreign currency translation adjustments	$	(98,525)	$	(83,704)
Pension and post-retirement benefit plans, net of tax	(194,205)		(189,187)
Cash flow hedges, net of tax	(45,352)		(51,075)
Total accumulated other comprehensive loss	$	(338,082)	$	(323,966)

Schedule of Maturity of Operating Lease Liabilities

The maturity of our lease liabilities as of December 31, 2020 were as follows:


	Operating leases		Finance leases		Total
2021	$	43,841	$	8,616	$	52,457
2022	30,135		7,087		37,222
2023	19,628		4,974		24,602
2024	14,778		4,673		19,451
2025	13,144		4,714		17,858
Thereafter	160,247		161,244		321,491
Total lease payments	281,773		191,308		473,081
Less: Imputed interest	63,324		110,553		173,877
Total lease liabilities	$	218,449	$	80,755	$	299,204

Schedule of Maturity of Finance Lease Liabilities

The maturity of our lease liabilities as of December 31, 2020 were as follows:


	Operating leases		Finance leases		Total
2021	$	43,841	$	8,616	$	52,457
2022	30,135		7,087		37,222
2023	19,628		4,974		24,602
2024	14,778		4,673		19,451
2025	13,144		4,714		17,858
Thereafter	160,247		161,244		321,491
Total lease payments	281,773		191,308		473,081
Less: Imputed interest	63,324		110,553		173,877
Total lease liabilities	$	218,449	$	80,755	$	299,204

Schedule of Supplemental Cash Flow Information Related To Leases

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


	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	42,568	$	39,910
Operating cash flows from finance leases	$	4,475	$	4,467
Financing cash flows from finance leases	$	4,468	$	4,018

ROU assets obtained in exchange for lease liabilities:
Operating leases	$	38,464	$	27,890
Finance leases	$	3,992	$	7,943