Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Note 17: Leases The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense on a straight-line basis over the lease term for its operating leases. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one year to five years, or more. The depreciable lives of assets and leasehold improvements are limited by the expected lease term. Certain lease agreements held by the Company include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. In 2007, the Company completed construction of a manufacturing facility in Belgium. Costs related to the facility totaled $13.2 million. The lease was accounted for as a finance lease and had an initial term of 15 years and an initial interest rate of 7.1 percent. The Company entered into a new agreement in 2022 to extend the building lease an additional 3 years and eight months for a maturity of June 9, 2026 which also includes a purchase option exercisable in May of each year of the renewal period. In 2020, the Company realized a gain of $29.2 million from the sale-leaseback of the Company headquarters in Orlando, Florida along with the sale of certain surrounding land. Components of lease expense were as follows:
(a)Included in Selling, general and administrative expense and Cost of products sold in the Consolidated Statements of (Loss) Income. (b)Includes $2.9 million, $3.3 million and $2.8 million related to short-term rent expense for leases with a term of twelve months or less in 2022, 2021 and 2020, respectively, and $2.5 million, $1.7 million and $0.9 million related to variable rent expense in 2022, 2021 and 2020, respectively. (c)Included in Interest expense in the Consolidated Statements of (Loss) Income. Supplemental cash flow information related to leases is as follows:
Supplemental information related to leases is as follows:
(a)Calculated using the Company’s incremental borrowing rate. Maturities of lease liabilities as of December 31, 2022 were as follows:
(a)Annual long-term lease liabilities for continuing operations were calculated by deducting long-term liabilities for discontinued operations averaged over the years 2023 and beyond. As of December 31, 2022, the Company did not have any operating leases not yet commenced but expected to commence in 2023.
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Leases | Note 17: Leases The Company leases certain equipment, vehicles, office space, and manufacturing and distribution facilities, and recognizes the associated lease expense on a straight-line basis over the lease term for its operating leases. Some leases include one or more options to renew, with renewal terms that can extend the lease term from one year to five years, or more. The depreciable lives of assets and leasehold improvements are limited by the expected lease term. Certain lease agreements held by the Company include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. In 2007, the Company completed construction of a manufacturing facility in Belgium. Costs related to the facility totaled $13.2 million. The lease was accounted for as a finance lease and had an initial term of 15 years and an initial interest rate of 7.1 percent. The Company entered into a new agreement in 2022 to extend the building lease an additional 3 years and eight months for a maturity of June 9, 2026 which also includes a purchase option exercisable in May of each year of the renewal period. In 2020, the Company realized a gain of $29.2 million from the sale-leaseback of the Company headquarters in Orlando, Florida along with the sale of certain surrounding land. Components of lease expense were as follows:
(a)Included in Selling, general and administrative expense and Cost of products sold in the Consolidated Statements of (Loss) Income. (b)Includes $2.9 million, $3.3 million and $2.8 million related to short-term rent expense for leases with a term of twelve months or less in 2022, 2021 and 2020, respectively, and $2.5 million, $1.7 million and $0.9 million related to variable rent expense in 2022, 2021 and 2020, respectively. (c)Included in Interest expense in the Consolidated Statements of (Loss) Income. Supplemental cash flow information related to leases is as follows:
Supplemental information related to leases is as follows:
(a)Calculated using the Company’s incremental borrowing rate. Maturities of lease liabilities as of December 31, 2022 were as follows:
(a)Annual long-term lease liabilities for continuing operations were calculated by deducting long-term liabilities for discontinued operations averaged over the years 2023 and beyond. As of December 31, 2022, the Company did not have any operating leases not yet commenced but expected to commence in 2023.
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