v3.20.2

Leases | 9 Months Ended
--- | ---
Sep. 30, 2020
Leases [Abstract] |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring between December 2020 and August 2034. For the three and nine months ended September 30, 2020, the Company recorded lease expense of $1.4 million and $4.9 million within Cost of sales, $0.4 million and $0.5 million within Research, development, and engineering expenses, $0.1 million and $0.2 million within Selling, general and administrative expenses and less than $0.1 million within Interest expense in the Consolidated Statements of Operations, respectively. For the three and nine months ended September 30, 2019, the Company recorded lease expense of $1.6 million and $5.2 million within Cost of sales, $0.3 million and $0.5 million within Research, development and engineering expenses, $0.1 million and $0.2 million within Selling, general and administrative expenses and less than $0.1 million within Interest expense in the Consolidated Statements of Operations, respectively. The following table summarizes the components of lease expense:
(in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease cost |  | $ | 1,394 |  |  | $ | 1,386 |  |  | $ | 4,141 |  |  | $ | 4,193 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 52 |  |  | 50 |  |  | 156 |  |  | 119 |
Interest expense |  | 12 |  |  | 14 |  |  | 37 |  |  | 35 |
Short-term lease cost |  | 105 |  |  | 177 |  |  | 322 |  |  | 453 |
Variable lease cost |  | 363 |  |  | 390 |  |  | 1,160 |  |  | 1,156 |
Total lease cost |  | $ | 1,926 |  |  | $ | 2,017 |  |  | $ | 5,816 |  |  | $ | 5,956 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Nine Months Ended September 30,
|  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 4,105 |  |  | $ | 3,816 |
Operating cash flows paid for interest portion of finance leases |  | 37 |  |  | 36 |
Financing cash flows paid for principal portion of finance leases |  | 145 |  |  | 106 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 299 |  |  | 280 |
Finance leases |  | 11 |  |  | 517 |
As of September 30, 2020 and December 31, 2019, the weighted-average remaining lease term was 6.3 years and 6.7 years for operating leases and 4.0 years and 4.5 years for finance leases, respectively. The weighted-average discount rate was 7.2% for operating leases as of both September 30, 2020 and December 31, 2019 and 6.7% and 6.8% for finance leases as of September 30, 2020 and December 31, 2019, respectively. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | September 30, 2020 |  | December 31, 2019
Operating lease ROU assets, net 1 |  | $ | 18,083 |  |  | $ | 20,677
Operating lease liabilities, current 2 |  | 3,802 |  |  | 3,789 |
Operating lease liabilities, non-current 3 |  | 15,114 |  |  | 17,679 |
Total operating lease liabilities |  | $ | 18,916 |  |  | $ | 21,468
Finance lease ROU assets, net 1 |  | $ | 617 |  | $ | 777
Finance lease liabilities, current 2 |  | 197 |  |  | 195
Finance lease liabilities, non-current 3 |  | 464 |  |  | 617
Total finance lease liabilities |  | $ | 661 |  |  | $ | 812 |
1.Included in Other noncurrent assets for operating leases and Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. 2.Included in Other accrued liabilities for operating leases and Current maturities of long-term debt for finance leases on the Consolidated Balance Sheets. 3.Included in Other noncurrent liabilities for operating leases and Long-term debt, net of current maturities for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of September 30, 2020:
(in thousands) |  | Operating Leases |  | Finance Leases
Three months ending December 31, 2020 |  | $ | 1,300 |  |  | $ | 61 |
Year ending December 31, 2021 |  | 4,948 |  |  | 245 |
Year ending December 31, 2022 |  | 4,788 |  |  | 177 |
Year ending December 31, 2023 |  | 3,283 |  |  | 103 |
Year ending December 31, 2024 |  | 1,813 |  |  | 84 |
Thereafter |  | 7,399 |  |  | 83 |
Total undiscounted lease payments |  | 23,531 |  |  | 753 |
Less: imputed interest |  | 4,615 |  |  | 92 |
Total lease liabilities |  | $ | 18,916 |  |  | $ | 661 |
Leases | Leases Leases The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring between December 2020 and August 2034. For the three and nine months ended September 30, 2020, the Company recorded lease expense of $1.4 million and $4.9 million within Cost of sales, $0.4 million and $0.5 million within Research, development, and engineering expenses, $0.1 million and $0.2 million within Selling, general and administrative expenses and less than $0.1 million within Interest expense in the Consolidated Statements of Operations, respectively. For the three and nine months ended September 30, 2019, the Company recorded lease expense of $1.6 million and $5.2 million within Cost of sales, $0.3 million and $0.5 million within Research, development and engineering expenses, $0.1 million and $0.2 million within Selling, general and administrative expenses and less than $0.1 million within Interest expense in the Consolidated Statements of Operations, respectively. The following table summarizes the components of lease expense:
(in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease cost |  | $ | 1,394 |  |  | $ | 1,386 |  |  | $ | 4,141 |  |  | $ | 4,193 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use (“ROU”) asset |  | 52 |  |  | 50 |  |  | 156 |  |  | 119 |
Interest expense |  | 12 |  |  | 14 |  |  | 37 |  |  | 35 |
Short-term lease cost |  | 105 |  |  | 177 |  |  | 322 |  |  | 453 |
Variable lease cost |  | 363 |  |  | 390 |  |  | 1,160 |  |  | 1,156 |
Total lease cost |  | $ | 1,926 |  |  | $ | 2,017 |  |  | $ | 5,816 |  |  | $ | 5,956 |
The following table presents supplemental cash flow information related to leases:
(in thousands) |  | For the Nine Months Ended September 30,
|  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows paid for operating leases |  | $ | 4,105 |  |  | $ | 3,816 |
Operating cash flows paid for interest portion of finance leases |  | 37 |  |  | 36 |
Financing cash flows paid for principal portion of finance leases |  | 145 |  |  | 106 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | 299 |  |  | 280 |
Finance leases |  | 11 |  |  | 517 |
As of September 30, 2020 and December 31, 2019, the weighted-average remaining lease term was 6.3 years and 6.7 years for operating leases and 4.0 years and 4.5 years for finance leases, respectively. The weighted-average discount rate was 7.2% for operating leases as of both September 30, 2020 and December 31, 2019 and 6.7% and 6.8% for finance leases as of September 30, 2020 and December 31, 2019, respectively. The following table presents supplemental balance sheet information related to leases:
(in thousands) |  | September 30, 2020 |  | December 31, 2019
Operating lease ROU assets, net 1 |  | $ | 18,083 |  |  | $ | 20,677
Operating lease liabilities, current 2 |  | 3,802 |  |  | 3,789 |
Operating lease liabilities, non-current 3 |  | 15,114 |  |  | 17,679 |
Total operating lease liabilities |  | $ | 18,916 |  |  | $ | 21,468
Finance lease ROU assets, net 1 |  | $ | 617 |  | $ | 777
Finance lease liabilities, current 2 |  | 197 |  |  | 195
Finance lease liabilities, non-current 3 |  | 464 |  |  | 617
Total finance lease liabilities |  | $ | 661 |  |  | $ | 812 |
1.Included in Other noncurrent assets for operating leases and Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets. 2.Included in Other accrued liabilities for operating leases and Current maturities of long-term debt for finance leases on the Consolidated Balance Sheets. 3.Included in Other noncurrent liabilities for operating leases and Long-term debt, net of current maturities for finance leases on the Consolidated Balance Sheets. The following table presents maturity analysis of lease liabilities as of September 30, 2020:
(in thousands) |  | Operating Leases |  | Finance Leases
Three months ending December 31, 2020 |  | $ | 1,300 |  |  | $ | 61 |
Year ending December 31, 2021 |  | 4,948 |  |  | 245 |
Year ending December 31, 2022 |  | 4,788 |  |  | 177 |
Year ending December 31, 2023 |  | 3,283 |  |  | 103 |
Year ending December 31, 2024 |  | 1,813 |  |  | 84 |
Thereafter |  | 7,399 |  |  | 83 |
Total undiscounted lease payments |  | 23,531 |  |  | 753 |
Less: imputed interest |  | 4,615 |  |  | 92 |
Total lease liabilities |  | $ | 18,916 |  |  | $ | 661 |

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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 + 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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