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Leasing Arrangements | 12 Months Ended
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Dec. 31, 2019
Lessee Disclosure [Abstract] |
Leasing Arrangements |
7. | Leasing Arrangements:
The Company leases space for its corporate headquarters, manufacturing, sales and service operations, vehicles and information technology equipment under operating leases. All of the Company’s leases are operating leases. The Company elected not to apply Accounting Standard Codification Topic 842 (“ASC 842”) to arrangements with lease terms of less than 12 months. Operating lease right-of-use assets and obligations are reflected within the captions “Operating lease right-of-use assets,” “Current operating lease obligations,” and “Non-current operating lease obligations,” respectively, on the Consolidated Balance Sheets. Operating lease costs were $4,124 during the twelve months ended December 31, 2019. These costs are primarily related to long-term operating leases, but also include immaterial amounts for short-term leases less than 12 months. Operating lease costs are recognized on a straight-line basis over the terms of the leases. Additional operating lease right-of-use assets of $2,946 were recognized as non-cash asset additions that resulted from new operating lease liabilities as of the twelve months ended December 31, 2019. Cash paid for amounts included in the measurement of operating lease liabilities was $3,872 during the twelve months ended December 31, 2019 and is included in operating cash flows. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. The weighted average of the remaining lease term for operating leases as of December 31, 2019 was 6.7 years. The discount rate implicit within the Company’s leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for our leases is determined based on the lease term in which lease payments are made. The weighted average discount rate used to measure operating lease liabilities as of December 31, 2019 was 4.5%. The following table presents information about the amount and timing of cash flows arising from the Company’s operating leases as of December 31, 2019:
Maturity of Lease Liabilities |  | Lease Payments |
2020 |  | $ | 5,901 |
2021 |  |  | 4,659 |
2022 |  |  | 4,059 |
2023 |  |  | 3,398 |
2024 |  |  | 2,939 |
Thereafter |  |  | 8,196 |
Total undiscounted operating lease payments |  |  | 29,152 |
Less: Imputed interest |  |  | 4,276 |
Present value of operating lease liabilities |  | $ | 24,876 |

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- 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 + Details
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