LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Lease Expense, Remaining Lease Terms, Discount Rate and Other Information

Information regarding lease expense, remaining lease term, discount rate, and other select lease information is presented below as of December 31, 2019, and for the twelve months ended December 31, 2019 (dollars in thousands):

Lease Costs	Twelve Months Ended December 31, 2019
Operating lease expense	$	68,489
Short-term lease expense	11,440
Total lease expense	$	79,929

Other Lease Information	Twelve Months Ended December 31, 2019
Operating cash outflows from operating leases	$	66,489
Right-of-use lease assets obtained in exchange for new lease liabilities(1)	101,966

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⁽¹⁾ The company obtained approximately $35.5 million of right-of-use lease assets in exchange for new lease liabilities related to a warehouse lease in Australia in the fourth quarter of 2019.

Lease Term and Discount Rate	As of December 31, 2019
Weighted average remaining lease term (in years)(1)	7.8
Weighted average discount rate	3.4%

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(1) The weighted average remaining lease term is significantly impacted by a 15-year lease related to office space in Chicago, IL, that commenced in 2018. Excluding this lease, the weighted average remaining lease term of our agreements is 5.2 years.

Schedule of Maturity of Lease Liabilities

The maturity of lease liabilities as of December 31, 2019, were as follows (in thousands):

Maturity of Lease Liabilities	Operating Leases
2020	$	70,995
2021	60,839
2022	49,717
2023	36,722
2024	25,457
Thereafter	125,163
Total lease payments	368,893
Less: Interest	(48,169)
Present value of lease liabilities	$	320,724

Schedule of Minimum Future Lase Commitments Under Noncancelable Lease Agreements at Prior Year End

Minimum future lease commitments under noncancelable lease agreements in excess of one year as of December 31, 2018, are as follows (in thousands):

2019	$	53,675
2020	47,680
2021	36,832
2022	27,644
2023	19,406
Thereafter	81,465
Total lease payments	$	266,702