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Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee, Operating Leases

Leases

Adoption of ASC Topic 842, "Leases"

    On January 1, 2019, we adopted Topic 842 using the modified retrospective transition method and used the effective date as our date of initial application. Consequently, leases for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840.

Lease Costs

    The components of lease expense were as follows:

			Year Ended December 31
			2020						2019
			(thousands)
Operating lease cost			$	13,339					$	13,541
Finance lease cost
Amortization of right-of-use assets			2,210						1,616
Interest on lease liabilities			2,271						1,899
Variable lease cost			2,967						2,645
Short-term lease cost			4,115						4,614
Sublease income			(140)						(540)
Total lease cost			$	24,762					$	23,775

Other Information

    Supplemental cash flow information related to leases was as follows:

			Year Ended December 31
			2020						2019
			(thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$	13,018					$	13,508
Operating cash flows from finance leases			2,271						1,862
Financing cash flows from finance leases			1,307						783
Right-of-use assets obtained in exchange for lease obligations
Operating leases			8,310						4,211
Finance leases			9,969						2,637

    Other information related to leases was as follows:

			December 31, 2020						December 31, 2019
Weighted-average remaining lease term (years)
Operating leases			8						8
Finance leases			15						14
Weighted-average discount rate
Operating leases (a)			6.4		%				6.5		%
Finance leases			7.7		%				8.5		%

___________________________________  

(a)    Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

    As of December 31, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

						Operating Leases						Finance Leases
						(thousands)
2021						$	13,593					$	3,924
2022						13,024						3,930
2023						12,073						3,970
2024						11,189						3,967
2025						9,448						3,607
Thereafter						25,545						37,801
Total future minimum lease payments						84,872						57,199
Less: interest						(18,945)						(24,035)
Total lease obligations						65,927						33,164
Less: current obligations						(9,926)						(1,557)
Long-term lease obligations						$	56,001					$	31,607

    As of December 31, 2020, the minimum lease payment amount for leases signed but not yet commenced was $7.3 million.

Disclosures Related to Periods Prior to Adoption of ASC Topic 842, "Leases"

Rental expense for operating leases was $18.2 million for the year ended December 31, 2018, and sublease rental income was not material. During the year ended December 31, 2018, we recorded two capital leases for distribution centers with initial lease terms of 13 and 20 years, respectively, in the amount of $18.9 million, which represents non-cash investing and financing activities.

Lessee, Finance Leases

Leases

Adoption of ASC Topic 842, "Leases"

    On January 1, 2019, we adopted Topic 842 using the modified retrospective transition method and used the effective date as our date of initial application. Consequently, leases for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 840.

Lease Costs

    The components of lease expense were as follows:

			Year Ended December 31
			2020						2019
			(thousands)
Operating lease cost			$	13,339					$	13,541
Finance lease cost
Amortization of right-of-use assets			2,210						1,616
Interest on lease liabilities			2,271						1,899
Variable lease cost			2,967						2,645
Short-term lease cost			4,115						4,614
Sublease income			(140)						(540)
Total lease cost			$	24,762					$	23,775

Other Information

    Supplemental cash flow information related to leases was as follows:

			Year Ended December 31
			2020						2019
			(thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases			$	13,018					$	13,508
Operating cash flows from finance leases			2,271						1,862
Financing cash flows from finance leases			1,307						783
Right-of-use assets obtained in exchange for lease obligations
Operating leases			8,310						4,211
Finance leases			9,969						2,637

    Other information related to leases was as follows:

			December 31, 2020						December 31, 2019
Weighted-average remaining lease term (years)
Operating leases			8						8
Finance leases			15						14
Weighted-average discount rate
Operating leases (a)			6.4		%				6.5		%
Finance leases			7.7		%				8.5		%

___________________________________  

(a)    Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

    As of December 31, 2020, our minimum lease payment requirements for noncancelable operating and finance leases are as follows:

						Operating Leases						Finance Leases
						(thousands)
2021						$	13,593					$	3,924
2022						13,024						3,930
2023						12,073						3,970
2024						11,189						3,967
2025						9,448						3,607
Thereafter						25,545						37,801
Total future minimum lease payments						84,872						57,199
Less: interest						(18,945)						(24,035)
Total lease obligations						65,927						33,164
Less: current obligations						(9,926)						(1,557)
Long-term lease obligations						$	56,001					$	31,607

    As of December 31, 2020, the minimum lease payment amount for leases signed but not yet commenced was $7.3 million.

Disclosures Related to Periods Prior to Adoption of ASC Topic 842, "Leases"

Rental expense for operating leases was $18.2 million for the year ended December 31, 2018, and sublease rental income was not material. During the year ended December 31, 2018, we recorded two capital leases for distribution centers with initial lease terms of 13 and 20 years, respectively, in the amount of $18.9 million, which represents non-cash investing and financing activities.

X

- References

No definition available.

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- 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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- 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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