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Leases Leases (Notes) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | Operating Leases On January 1, 2019, the Company adopted ASC 842 “Leases” using the initial date of adoption method (as defined in Note 1 above), whereby the adoption does not impact any periods prior to 2019. The Company recorded an operating ROU asset and an operating lease liability of $20.9 million on its Unaudited Condensed Consolidated Balance Sheets upon adoption. The Company elected to adopt the package of practical expedients and, accordingly, did not reassess any previously expired or existing arrangements and related classification under ASC 840. See Note 1 for further discussion on the Company’s lease accounting policy and the adoption of other practical expedients. As of March 31, 2019, the Company has additional operating leases, which have not yet commenced, of approximately $25 million. This balance relates primarily to a new ten-year renewable lease for our corporate headquarters expected to commence in 2020. During the first quarter of 2019, the Company increased both its operating ROU asset and operating lease liability by $1.0 million as a result of additional leases commencing during the quarter. Partially offsetting this, the Company’s operating ROU asset and operating lease liability reduced by $1.3 million (which is recorded within our Unaudited Condensed Consolidated Statement of Cash Flows in the change in Other Assets and Other Liabilities) as a result of ROU asset amortization and periodic lease expense. As of March 31, 2019, the Company’s ROU asset and operating lease liability had a balance of $20.6 million on its Unaudited Condensed Consolidated Balance Sheets. For the three months ended March 31, 2019, the Company had the following:
(Dollars in thousands) |
Operating lease expense | $ | 1,545 |
Variable lease expense | 405 |
Short-term lease expense | 418 |
Total lease expense | $ | 2,368 |
Weighted-average remaining lease term | 4.4 years |
Weighted-average discount rate | 5.0 | %
The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of March 31, 2019:
(Dollars in thousands) |
4/1/2019 - 12/31/2019 | $ | 4,556 |
2020 | 5,325 |
2021 | 4,610 |
2022 | 4,020 |
2023 | 2,769 |
Thereafter | 1,797 |
Total lease payments | 23,077 |
Less: Imputed interest | (2,474 | )
Total operating lease liability | $ | 20,603 |
At December 31, 2018, under ASC 840, the future minimum rental commitments totaled $22.5 million under non-cancelable operating leases with initial terms in excess of one year as follows: 2019 - $5.5 million; 2020 - $4.4 million; 2021 - $4.1 million; 2022 - $3.8 million; 2023 - $2.8 million; and $1.9 million thereafter.

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- References No definition available. + Details
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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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