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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2019
LEASE COMMITMENTS |
LEASE COMMITMENTS | NOTE 8 LEASE COMMITMENTS We lease certain warehouse, plant, and office facilities as well as certain equipment under noncancelable operating and finance leases expiring at various dates through the year 2032. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term. Amortization expense related to finance leases is included in depreciation expense while rent expense related to operating leases is included within cost of sales and selling research & development and administrative expenses (“SG&A”). Rent expense related to operating leases (including taxes, insurance and maintenance when included in the rent) amounted to $32.7 million in 2018 under the old lease accounting standard. The components of lease expense for the current period were as follows: ​
​ | ​ | ​ | ​ | ​
Year Ended December 31, | ​ | 2019 | ​
Operating lease cost | ​ | $ | 23,410 | ​
​ | ​ | ​ | ​ | ​
Finance lease cost: | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 4,217 | ​
Interest on lease liabilities | ​ | ​ | 1,353 | ​
Total finance lease cost | ​ | $ | 5,570 | ​
​ | ​ | ​ | ​ | ​
Short-term lease and variable lease costs | ​ | $ | 8,629 | ​
​ Supplemental cash flow information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​
Year Ended December 31, |  | 2019 | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 21,872 | ​
Operating cash flows from finance leases | ​ | ​ | 1,245 | ​
Financing cash flows from finance leases | ​ | ​ | 4,730 | ​
​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease obligations: | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 15,226 | ​
Finance leases | ​ | ​ | 15,957 | ​
​ Supplemental balance sheet information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | December 31, 2019 | ​
Operating Leases | ​ | ​ | ​ | ​
Operating lease right-of-use assets | ​ | $ | 72,377 | ​
​ | ​ | ​ | ​ | ​
Accounts payable, accrued and other liabilities | ​ | $ | 16,578 | ​
Operating lease liabilities | ​ | ​ | 55,276 | ​
Total operating lease liabilities | ​ | $ | 71,854 | ​
​ | ​ | ​ | ​ | ​
Finance Leases | ​ | ​ | ​ | ​
Property, plant and equipment, gross | ​ | $ | 47,020 | ​
Accumulated depreciation | ​ | ​ | (4,271) | ​
Property, plant and equipment, net | ​ | $ | 42,749 | ​
​ | ​ | ​ | ​ | ​
Current maturities of long-term obligations, net of unamortized debt issuance cost | ​ | $ | 4,318 | ​
Long-term obligations, net of unamortized debt issuance cost | ​ | ​ | 25,634 | ​
Total finance lease liabilities | ​ | $ | 29,952 | ​
​ | ​ | ​ | ​ | ​
Weighted Average Remaining Lease Term (in years) | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.1 | ​
Finance leases | ​ | ​ | 7.0 | ​
​ | ​ | ​ | ​ | ​
Weighted Average Discount Rate | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 5.05 | %
Finance leases | ​ | ​ | 5.13 | %
​ Maturities of lease liabilities as of December 31, 2019, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance |
​ |  | Leases |  | Leases | ​
Year 1 | ​ | $ | 19,652 | ​ | $ | 5,655 | ​
Year 2 | ​ |  | 15,411 | ​ |  | 4,787 | ​
Year 3 | ​ |  | 10,740 | ​ |  | 3,870 | ​
Year 4 | ​ |  | 9,365 | ​ |  | 3,099 | ​
Year 5 | ​ |  | 6,998 | ​ |  | 2,658 | ​
Thereafter | ​ |  | 22,331 | ​ |  | 18,051 | ​
Total lease payments | ​ |  | 84,497 | ​ | ​ | 38,120 | ​
Less imputed interest | ​ |  | (12,643) | ​ | ​ | (8,168) | ​
Total | ​ | $ | 71,854 | ​ | $ | 29,952 | ​
​ Maturities of lease liabilities as of December 31, 2018 under the old lease accounting standard were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Capital | ​
​ |  | Leases |  | Leases | ​
Year 1 | ​ | $ | 26,512 | ​ | $ | 1,828 | ​
Year 2 | ​ |  | 21,386 | ​ |  | 1,653 | ​
Year 3 | ​ |  | 16,529 | ​ |  | 1,546 | ​
Year 4 | ​ |  | 12,549 | ​ |  | 1,160 | ​
Year 5 | ​ |  | 10,225 | ​ |  | 880 | ​
Thereafter | ​ |  | 21,932 | ​ |  | 3,827 | ​
Total lease payments | ​ | $ | 109,133 | ​ | ​ | 10,894 | ​
Less imputed interest | ​ |  | ​ | ​ | ​ | (2,541) | ​
Present value of future lease payments | ​ | ​ | ​ | ​ | $ | 8,353 | ​
​ As of December 31, 2019, we have additional operating and finance leases, primarily for buildings, that have not yet commenced of $1.8 million. These operating and finance leases will commence in 2020 with lease terms of 3 to 10 years.

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