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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | NOTE 13. LEASES We adopted ASU No. 2016-02, Leases (Topic 842), along with subsequent amendments on January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. See Note 1: Summary of Significant Accounting Policies for further detail on our policies surrounding leases. Balance Sheet Classification The following table provides supplemental balance sheet information related to our leases:
(in thousands) | Classification |  | December 31, 2019 |
Assets |  |  |  |  |
Operating lease assets | Other long-term assets |  | $ | 15,772 |
Finance lease assets1 | Property, plant and equipment, net |  |  | 2,360 |
Total lease assets |  |  | $ | 18,132 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating lease liabilities | Accounts payable and accrued liabilities |  | $ | 4,998 |
Finance lease liabilities | Accounts payable and accrued liabilities |  |  | 644 |
Noncurrent |  |  |  |  |
Operating lease liabilities | Other long-term obligations |  |  | 10,775 |
Finance lease liabilities | Other long-term obligations |  |  | 1,703 |
Total lease liabilities |  |  | $ | 18,120 |
1 | Finance lease assets are presented net of accumulated amortization of $0.3 million as of December 31, 2019.
|  |  | December 31, 2019 |
Weighted-average remaining terms (years) |  |  |  |
Operating leases |  |  |  | 4.22 |
Finance leases |  |  |  | 3.83 |
Weighted-average discount rate |  |  |  |
Operating leases |  |  |  | 4.17 | %
Finance leases |  |  |  | 3.54 | %
Lease Costs The following table summarizes the components of our lease expense:
|  | Year Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating lease costs1 |  | $ | 5,938 |  |  | $ | 4,989 |  |  | $ | 4,519 |
Finance lease costs |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets |  |  | 269 |  |  |  | — |  |  |  | — |
Interest on lease assets |  |  | 40 |  |  |  | — |  |  |  | — |
Net lease costs |  | $ | 6,247 |  |  | $ | 4,989 |  |  | $ | 4,519 |
1 | Excludes short-term leases and variable lease costs, which are immaterial.
Operating lease costs and amortization of finance lease assets are included within costs of goods sold and selling, general and administrative expenses and interest on leased assets is included in interest expense, net on our Consolidated Statements of Income. Other Lease Information The below table presents supplemental cash flow information related to leases:
|  |  | Year Ended |
(in thousands) |  |  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 5,963 |
Operating cash flows for finance leases |  |  | $ | 40 |
Financing cash flows for finance leases |  |  | $ | 283 |
Leased assets exchanged for new lease liabilities: |  |  |  |
Operating leases |  |  | $ | 7,135 |
Finance leases |  |  | $ | 2,630 |
Maturity of Lease Liabilities At December 31, 2019, the future minimum lease payment obligations under noncancelable leases were as follows:
(in thousands) |  | Operating Leases |  |  | Finance Leases |
2020 |  | $ | 5,549 |  |  | $ | 716 |
2021 |  |  | 4,454 |  |  |  | 696 |
2022 |  |  | 2,756 |  |  |  | 611 |
2023 |  |  | 1,821 |  |  |  | 358 |
2024 |  |  | 965 |  |  |  | 128 |
After 2024 |  |  | 1,689 |  |  |  | — |
Total lease payments |  |  | 17,234 |  |  |  | 2,509 |
Less: interest |  |  | 1,461 |  |  |  | 162 |
Present value of lease liabilities |  | $ | 15,773 |  |  | $ | 2,347 |

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