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Leases | 12 Months Ended
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Dec. 31, 2018
Leases [Abstract] |
Leases |
12. | Leases
Sale-leaseback Transactions Financing Transaction In 2016, the Company entered into an agreement to sell one of its manufacturing facilities for gross proceeds of $5.0 million, less costs associated with the transaction of $0.3 million, or net proceeds of $4.7 million. As a part of the transaction, the Company entered into a lease for the property from the purchaser for an initial period of 13 years. In June 2017, the agreement was amended extending the term through June 2031. This sale-leaseback has been accounted for as a financing transaction with a current effective interest rate of 4.53%. Payments made by the Company are allocated between interest expense and a reduction to the sale-leaseback financing liability. As of December 31, 2018, future payments on the sale-leaseback financing liability are as follows (in thousands):
Years |  |  |  |  |
2019 |  | $ | 414 |  |
2020 |  |  | 422 |  |
2021 |  |  | 431 |  |
2022 |  |  | 439 |  |
2023 |  |  | 448 |  |
Thereafter |  |  | 3,658 |  |
Total payments |  |  | 5,812 |  |
Less amount representing interest |  |  | (1,431 | ) |
Total liability |  |  | 4,381 |  |
Less current portion, included in accounts payable and accrued expenses |  |  | (220 | ) |
Long-term portion included, in other liabilities |  | $ | 4,161 |  |
As of December 31, 2018 and 2017, the net carrying value of the facility assets that are included in property, plant, and equipment on our Consolidated Balance Sheets amounted to $10.2 million and $11.0 million, respectively, which are depreciated over the remaining term of the lease. Capital Leases In 2016, the Company entered into agreements to sell two of its manufacturing facilities for gross proceeds of $9.3 million, less costs associated with the transaction of $0.5 million, or net proceeds of $8.8 million. As a part of the transactions, the Company entered into 13-year leases for the properties from the purchasers. In June 2018, the leases were amended extending the expiration date through August 2030. The Company recorded a $4.4 million deferred gain on the sale of these facilities which is recorded in the Consolidated Balance Sheets as a reduction to property, plant, and equipment. The deferred gain is recognized over the remainder of the lease term. As a result of these transactions, the Company recorded a capital lease obligation of $8.7 million. The current weighted-average effective interest rates of the capital leases are 4.26% to 4.67%. The future minimum payments for the aforementioned capital leases as of December 31, 2018, are as follows (in thousands):
Fiscal Years |  |  |  |
2019 |  | $ | 838 |  |
2020 |  |  | 855 |  |
2021 |  |  | 872 |  |
2022 |  |  | 889 |  |
2023 |  |  | 907 |  |
Thereafter |  |  | 6,407 |  |
Total payments |  |  | 10,768 |  |
Less amount representing interest |  |  | (2,433 | ) |
Present value of future minimum lease payments |  |  | 8,335 |  |
Less current portion, included in accounts payable and accrued expenses |  |  | (478 | ) |
Long-term portion, included in other liabilities |  | $ | 7,857 |  |
Capital lease assets included in the Consolidated Balance Sheets as part of property, plant, and equipment as of December 31, 2018 and 2017, are as follows (in thousands):
|  | 2018 |  |  | 2017 |  |  | Depreciable Life (Years) |
Building and improvements, net of deferred gain |  | $ | 4,385 |  |  | $ | 4,385 |  |  |  | 13 |
Less: Accumulated depreciation |  |  | (850 | ) |  |  | (534 | ) |  |  |  |
Total |  | $ | 3,535 |  |  | $ | 3,851 |  |  |  |  |
Rent We lease certain facilities on a year-to-year basis. We also have future annual minimum rental commitments under noncancelable operating leases as follows:
(Table only in thousands) December 31, |  |  |  |
2019 |  | $ | 2,745 |
2020 |  |  | 1,880 |
2021 |  |  | 1,454 |
2022 |  |  | 931 |
2023 |  |  | 851 |
2024 and thereafter |  |  | 2,278 |
|  | $ | 10,139 |
Total rent expense under all operating leases for 2018, 2017 and 2016 was $3.7 million, $4.2 million and $4.5 million, respectively.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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