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LEASES | 3 Months Ended
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Mar. 31, 2019
LEASES |
LEASES | 4.LEASES The Company leases identified assets comprising real estate and equipment. Real estate leases consist primarily of office and warehouse space and equipment leases consist of vehicles and warehouse equipment. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term, and (3) whether the Company has the right to direct the use of the asset. At inception of a lease, the Company allocates the consideration in the contract to each lease and non-lease component based on the component’s relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Leases are classified as either finance leases or operating leases based on criteria in Accounting Standards Codification (“ASC”) 842. The Company’s operating leases are generally comprised of real estate and warehouse equipment, and the Company’s finance leases are generally comprised of vehicles. Operating leases are included in Other Assets, Accrued Liabilities and Other Liabilities in the condensed consolidated balance sheet. Finance leases are included in Property and Equipment and Accrued Liabilities in the condensed consolidated balance sheet. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the implicit rate cannot be determined. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of the Company’s real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at the lease commencement date. Additional payments based on the change in an index or rate, or payments based on a change in the Company’s portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. Lease expense for operating leases, consisting of lease payments, is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and interest expense calculated using the amortized cost basis. The Company’s leases have remaining lease terms of less than one year to 15 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year. The Company has elected not to recognize ROU assets and lease liabilities for short-term operating leases that have a term of 12 months or less. The effect of short-term leases on the Company’s ROU assets and lease liabilities was not material. The components of lease cost for the three-months ended March 31, 2019 was as follows:
Operating leases: |  |  |
Lease cost |  | $ | 1,115
Variable Lease cost |  |  | 165
Operating Lease cost |  |  | 1,280
Short term Lease cost |  |  | 1,082
Finance Leases: |  |  |
Amortization of ROU assets |  |  | 80
Interest on finance Lease liabilities |  |  | 15
Finance Lease cost |  |  | 95
Total Lease cost |  | $ | 2,457
Supplemental cash flow information for leases for the three-months ended March 31, 2019 was as follows:
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  | $ | 889
Operating cash flows from finance leases |  |  | 15
Financing cash flows from finance leases |  |  | 393
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Finance leases |  |  | 415
Operating leases |  |  | 26,429
ROU assets for operating and finance leases at March 31, 2019 were comprised of the following:
|  | Real Estate |  | Equipment |  | Total
Operating leases |  | $ | 25,072 |  | $ | 509 |  | $ | 25,581
Finance leases |  |  | — |  |  | 1,646 |  |  | 1,646
The weighted-average remaining lease term and weighted-average discount rate for operating and finance leases at March 31, 2019 was as follows:
|  | Operating Leases |  | Finance Leases |
Weighted-average remaining least term (years) |  | 10.7 |  | 0.7 |
Weighted-average discount rate |  | 3.6 | % | 6.2 | %
The following table reconciles the undiscounted future lease payments for operating and finance leases to the operating and finance leases recorded in the condensed consolidated balance sheet at March 31, 2019:
|  | Undiscounted Future Lease Payments
|  | Operating Leases |  | Finance Leases
2019 (excluding the three months ended March 31, 2019) |  | $ | 2,847 |  | $ | 814
2020 |  |  | 3,187 |  |  | 64
2021 |  |  | 2,586 |  |  | —
2022 |  |  | 2,187 |  |  | —
2023 |  |  | 1,733 |  |  | —
2024 and thereafter |  |  | 14,572 |  |  | —
Total lease payments |  |  | 27,112 |  |  | 878
Less interest |  |  | (5,001) |  |  | (18)
Total |  | $ | 22,111 |  | $ | 860
Accrued liabilities |  | $ | 3,028 |  | $ | 860
Other liabilities |  |  | 19,083 |  |  | —
As of March 31, 2019, the Company did not have any significant additional operating or finance leases that have not yet commenced. The Company’s future minimum operating lease commitments, as of December 31, 2018, under ASC 840, the predecessor to ASC 842, were as follows:
Year Ending December 31: |  |  |
2019 |  | $ | 3,954
2020 |  |  | 2,949
2021 |  |  | 2,410
2022 |  |  | 2,114
2023 |  |  | 1,681
2024 and thereafter |  |  | 14,860
|  | $ | 27,968
Rent expense under operating leases was $6.1 million for the year ended December 31, 2018. The Company’s capital lease commitments of $0.8 million as of December 31, 2018, collateralized by vehicles, is payable over 12 months in monthly installments at various effective interest rates, with final payments ending on or before December 31, 2019. Interest expense for capital lease obligations amounted to $0.06 million for the year ended December 31, 2018.

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- Definition The entire disclosure of information about leases. + References No definition available. + Details
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