XML 35 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases:
We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.
Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our lease contracts for the three-month and nine-month periods ended September 30, 2022 and 2021 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Operating lease cost$11,456 $13,807 $32,657 $32,954 
Finance lease cost:
Amortization of right of use assets952 153 2,354 466 
Interest on lease liabilities826 722 2,519 2,229 
Total finance lease cost1,778 875 4,873 2,695 
Short-term lease cost4,171 2,949 10,141 7,729 
Variable lease cost3,179 2,441 5,810 6,619 
Total lease cost$20,584 $20,072 $53,481 $49,997 
Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2022 and 2021 is as follows (in thousands):
Nine Months Ended September 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$27,201 $24,462 
Operating cash flows from finance leases2,360 1,295 
Financing cash flows from finance leases999 471 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases8,378 57,136 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2022 and December 31, 2021 is as follows (in thousands, except as noted):
September 30, 2022December 31, 2021
Operating leases:
Other assets$130,257 $154,741 
Accrued expenses30,039 31,603 
Other noncurrent liabilities102,198 126,997 
Total operating lease liabilities132,237 158,600 
Finance leases:
Net property, plant and equipment70,968 75,302 
Current portion of long-term debt(a)
3,723 3,768 
Long-term debt70,758 74,011 
Total finance lease liabilities74,481 77,779 
Weighted average remaining lease term (in years):
Operating leases13.712.9
Finance leases24.524.5
Weighted average discount rate (%):
Operating leases3.60 %3.44 %
Finance leases4.41 %4.47 %
(a)    Balance includes accrued interest of finance lease recorded in Accrued liabilities.
Maturities of lease liabilities at September 30, 2022 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2022$9,376 $1,470 
202333,845 5,879 
202421,552 5,879 
202512,328 5,879 
20269,977 5,303 
Thereafter121,460 96,580 
Total lease payments208,538 120,990 
Less imputed interest76,301 46,509 
Total$132,237 $74,481 
Leases Leases:
We lease certain office space, buildings, transportation and equipment in various countries. The initial lease terms generally range from 1 to 30 years for real estate leases, and from 2 to 15 years for non-real estate leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the lease term.
Many leases include options to terminate or renew, with renewal terms that can extend the lease term from 1 to 50 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The following table provides details of our lease contracts for the three-month and nine-month periods ended September 30, 2022 and 2021 (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Operating lease cost$11,456 $13,807 $32,657 $32,954 
Finance lease cost:
Amortization of right of use assets952 153 2,354 466 
Interest on lease liabilities826 722 2,519 2,229 
Total finance lease cost1,778 875 4,873 2,695 
Short-term lease cost4,171 2,949 10,141 7,729 
Variable lease cost3,179 2,441 5,810 6,619 
Total lease cost$20,584 $20,072 $53,481 $49,997 
Supplemental cash flow information related to our lease contracts for the nine-month periods ended September 30, 2022 and 2021 is as follows (in thousands):
Nine Months Ended September 30,
20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$27,201 $24,462 
Operating cash flows from finance leases2,360 1,295 
Financing cash flows from finance leases999 471 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases8,378 57,136 
Supplemental balance sheet information related to our lease contracts, including the location on balance sheet, at September 30, 2022 and December 31, 2021 is as follows (in thousands, except as noted):
September 30, 2022December 31, 2021
Operating leases:
Other assets$130,257 $154,741 
Accrued expenses30,039 31,603 
Other noncurrent liabilities102,198 126,997 
Total operating lease liabilities132,237 158,600 
Finance leases:
Net property, plant and equipment70,968 75,302 
Current portion of long-term debt(a)
3,723 3,768 
Long-term debt70,758 74,011 
Total finance lease liabilities74,481 77,779 
Weighted average remaining lease term (in years):
Operating leases13.712.9
Finance leases24.524.5
Weighted average discount rate (%):
Operating leases3.60 %3.44 %
Finance leases4.41 %4.47 %
(a)    Balance includes accrued interest of finance lease recorded in Accrued liabilities.
Maturities of lease liabilities at September 30, 2022 were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2022$9,376 $1,470 
202333,845 5,879 
202421,552 5,879 
202512,328 5,879 
20269,977 5,303 
Thereafter121,460 96,580 
Total lease payments208,538 120,990 
Less imputed interest76,301 46,509 
Total$132,237 $74,481