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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases |
10. | LEASES
The Company leases office space, storage warehouses and certain plant equipment under various operating leases. At inception of an arrangement, the Company evaluates, among other things, whether it has the right to control the use of an identified asset in order to determine if the arrangement is or contains a lease. Operating leases are included in operating lease right-of-use (ROU) assets, accrued expenses and other current liabilities, and operating lease liabilities in the consolidated balance sheets. Operating leases with an initial term of 12 months or less are not included in the consolidated balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company gives consideration to instruments with similar characteristics when calculating its incremental borrowing rate. Certain events, such as a modification to the arrangement or a change in the lease term, are assessed by the Company to determine if it is required to reassess estimates and judgments and remeasure the lease liability and ROU asset. Our operating leases have remaining lease terms of 1 year to 10 years. Lease terms may include options to extend or terminate the lease when the Company determines that it is reasonably certain it will exercise the option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for separately. Consideration for non-lease components is stated on a stand-alone basis in the applicable agreements. For the year ended December 31, 2019, total operating lease cost was $8.4 million. The weighted average remaining lease term and weighted average discount rate at December 31, 2019 were 6.5 years and 3.66%, respectively. The following table includes supplemental cash flow information for the year ended December 31, 2019 and supplemental balance sheet information at December 31, 2019 related to operating leases:
Supplemental cash flow information (in thousands) |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 8,479 |
Operating ROU assets obtained in exchange for lease liabilities |  | $ | 1,319 |
Supplemental balance sheet information (in thousands) |  |  |
Operating lease right-of-use assets |  | $ | 40,049 |
Operating lease liabilities: |  |  |  |
Accrued expenses and other current liabilities |  | $ | 7,079 |
Operating lease liabilities |  |  | 34,242 |
Total operating lease liabilities |  | $ | 41,321 |
The following table summarizes maturities of operating lease liabilities at December 31, 2019 (in thousands):
Maturities of operating lease liabilities |  |  |
2020 |  | $ | 8,472 |
2021 |  |  | 8,279 |
2022 |  |  | 6,464 |
2023 |  |  | 6,109 |
2024 |  |  | 6,146 |
Thereafter |  |  | 11,079 |
Total lease payments |  |  | 46,549 |
Less imputed interest |  |  | (5,228 | )
Total operating liabilities |  | $ | 41,321 |
Minimum annual payments under non-cancelable leases as of December 31, 2018 were as follows (in thousands):
Year Ending December 31, |  |  |
2019 |  | $ | 10,998 |
2020 |  |  | 9,317 |
2021 |  |  | 8,952 |
2022 |  |  | 6,901 |
2023 |  |  | 6,576 |
Thereafter |  |  | 19,080 |
Total minimum lease payments |  | $ | 61,824 |
For the years ended December 31, 2018 and 2017, the Company recognized rental expenses of approximately $10.0 million and $9.1 million, respectively.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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