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Leases (Notes)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

LeasesOn January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2025, some of which include options to extend for up to five years. The Company measures its lease liability as the present value of the lease payments to be made over the lease term discounted using the Company’s incremental borrowing rate. The Company measures

its ROU assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term.

Finance Lease Obligations

During 2017, the Company entered into two to four-year lease agreements for certain office equipment with Cisco Systems Capital Corporation for a total of approximately $4.4 million, which was recorded in fixed assets as capital lease obligations. These capital lease obligations are included in current liabilities and other long-term liabilities in the accompanying consolidated balance sheets. The interest rates for these two capital leases are 2.89% and 3.50%, respectively, and the two leases will mature in May 2021 and July 2021, respectively.

The following table provides a summary of leases included on the consolidated balance sheets, consolidated statements of earnings, and consolidated statements of cash flows as of December 31, 2020:

			Consolidated Balance Sheets Line Item			At December 31,
						2020			2019
(in thousands)
Operating leases
Assets
Operating leases			Operating lease right-of-use assets			$	45,792		$	35,436
Liabilities
Operating-current			Accrued expenses and other current liabilities			$	9,143		$	7,392
Operating-noncurrent			Operating lease liabilities			37,199			27,930
Total operating lease liabilities						$	46,342		$	35,322
Finance leases
Assets
Property and equipment, gross			Property, plant and equipment, net			$	3,569		$	3,569
Accumulated amortization			Property, plant and equipment, net			(3,112)			(2,739)
Property and equipment, net			Property, plant and equipment, net			$	457		$	830
Liabilities
Other current liabilities			Accrued expenses and other current liabilities			$	384		$	1,125
Other long-term liabilities			Deferred income tax and other long-term liabilities			—			386
Total finance lease liabilities						$	384		$	1,511

The components of lease expense were as follows:

			Consolidated Statements of Operations Line Item			Years Ended December 31,
(in thousands)						2020			2019
Operating lease cost			General administrative expenses and cost of sales			$	9,804		$	9,234
Finance lease cost:
Amortization of right-of-use assets			General administrative expenses			864			$	872
Interest on lease liabilities			Interest expense, net			30			68
Total finance lease cost						$	894		$	940

Other information

Supplemental cash flow information related to leases is as follows:

			Years Ended December 31,
(in thousands)			2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	9,306		$	8,988
Finance cash flows for finance leases			1,160			1,160
Operating right-of-use assets obtained in exchange for new lease liabilities
Operating leases			20,308			5,920

following is a schedule, by years, of maturities for lease liabilities as of December 31, 2020:

(in thousands)			Operating Leases			Finance Leases
2021			$	10,696		$	387
2022			8,862			—
2023			6,751			—
2024			5,303			—
2025			5,046			—
Thereafter			19,196			—
Total lease payments			55,854			387
Less: Present value discount			(9,512)			(3)
Total lease liabilities			$	46,342		$	384

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2020:

			Years Ended December 31,
			2020			2019
Weighted-average remaining lease terms (in years):
Operating leases			7.27			6.54
Finance leases			0.42			1.44
Weighted-average discount rate:
Operating leases			5.29		%	5.37		%
Finance leases			3.3		%	3.23		%

Lessee, Finance Leases [Text Block]

LeasesOn January 1, 2019, the Company adopted ASU 2016-02 using the optional transition method. The Company has operating leases for certain facilities, equipment and autos. The existing operating leases expire at various dates through 2025, some of which include options to extend for up to five years. The Company measures its lease liability as the present value of the lease payments to be made over the lease term discounted using the Company’s incremental borrowing rate. The Company measures

its ROU assets at the amount at which the lease liability is recognized plus initial direct costs incurred or prepayment amounts. The ROU assets are amortized on a straight-line basis over the lease term.

Finance Lease Obligations

During 2017, the Company entered into two to four-year lease agreements for certain office equipment with Cisco Systems Capital Corporation for a total of approximately $4.4 million, which was recorded in fixed assets as capital lease obligations. These capital lease obligations are included in current liabilities and other long-term liabilities in the accompanying consolidated balance sheets. The interest rates for these two capital leases are 2.89% and 3.50%, respectively, and the two leases will mature in May 2021 and July 2021, respectively.

The following table provides a summary of leases included on the consolidated balance sheets, consolidated statements of earnings, and consolidated statements of cash flows as of December 31, 2020:

			Consolidated Balance Sheets Line Item			At December 31,
						2020			2019
(in thousands)
Operating leases
Assets
Operating leases			Operating lease right-of-use assets			$	45,792		$	35,436
Liabilities
Operating-current			Accrued expenses and other current liabilities			$	9,143		$	7,392
Operating-noncurrent			Operating lease liabilities			37,199			27,930
Total operating lease liabilities						$	46,342		$	35,322
Finance leases
Assets
Property and equipment, gross			Property, plant and equipment, net			$	3,569		$	3,569
Accumulated amortization			Property, plant and equipment, net			(3,112)			(2,739)
Property and equipment, net			Property, plant and equipment, net			$	457		$	830
Liabilities
Other current liabilities			Accrued expenses and other current liabilities			$	384		$	1,125
Other long-term liabilities			Deferred income tax and other long-term liabilities			—			386
Total finance lease liabilities						$	384		$	1,511

The components of lease expense were as follows:

			Consolidated Statements of Operations Line Item			Years Ended December 31,
(in thousands)						2020			2019
Operating lease cost			General administrative expenses and cost of sales			$	9,804		$	9,234
Finance lease cost:
Amortization of right-of-use assets			General administrative expenses			864			$	872
Interest on lease liabilities			Interest expense, net			30			68
Total finance lease cost						$	894		$	940

Other information

Supplemental cash flow information related to leases is as follows:

			Years Ended December 31,
(in thousands)			2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases			$	9,306		$	8,988
Finance cash flows for finance leases			1,160			1,160
Operating right-of-use assets obtained in exchange for new lease liabilities
Operating leases			20,308			5,920

following is a schedule, by years, of maturities for lease liabilities as of December 31, 2020:

(in thousands)			Operating Leases			Finance Leases
2021			$	10,696		$	387
2022			8,862			—
2023			6,751			—
2024			5,303			—
2025			5,046			—
Thereafter			19,196			—
Total lease payments			55,854			387
Less: Present value discount			(9,512)			(3)
Total lease liabilities			$	46,342		$	384

The following table summarizes the Company’s lease terms and discount rates as of December 31, 2020:

			Years Ended December 31,
			2020			2019
Weighted-average remaining lease terms (in years):
Operating leases			7.27			6.54
Finance leases			0.42			1.44
Weighted-average discount rate:
Operating leases			5.29		%	5.37		%
Finance leases			3.3		%	3.23		%

X

- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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