XML 57 R19.htm IDEA: XBRL DOCUMENT
v3.19.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2019
Leases [Abstract] |
Leases |
12. | Leases
Our leasing activity is primarily related to buildings used for manufacturing, warehousing, sales, and administrative activities. We determine if an arrangement is a lease at inception. Many of our lease agreements contain renewal options; however, we do not recognize ROU assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses, free-rent periods, or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. Variable lease costs represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Our variable lease costs are not material. In determining our ROU assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASU 2016-02 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates we consider, among other factors, interest rates on our existing credit facilities, risk-free rates, the types of assets being leased, and the term of the leases. The components of lease expense were as follows:
(table only in thousands) |  | For the three months ended September 30, 2019 |  |  | For the nine months ended September 30, 2019 |
Operating lease cost (a) |  | $ | 889 |  |  | $ | 2,728 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 78 |  |  |  | 232 |
Interest on lease liability |  |  | 89 |  |  |  | 272 |
Total finance lease cost |  |  | 167 |  |  |  | 504 |
Total lease cost |  | $ | 1,056 |  |  | $ | 3,232 |
(a) includes variable lease costs which are immaterial |  |  |  |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
(table only in thousands) |  | For the nine months ended September 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 2,604 |
Operating cash flows from finance leases |  | $ | 272 |
Financing cash flows from finance leases |  | $ | 368 |
Right of use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  | $ | 3,045 |
Supplemental balance sheet information related to leases was as follows:
(table only in thousands) |  | September 30, 2019 |
Operating leases |  |  |  |
Right-of-use assets from operating leases |  | $ | 13,810 |
Accounts payable and accrued expenses |  | $ | 2,606 |
Operating lease liabilities |  |  | 11,328 |
Total operating lease liabilities |  | $ | 13,934 |
Finance leases |  |  |  |
Property, plant and equipment, net |  | $ | 3,333 |
Accounts payable and accrued expenses |  | $ | 506 |
Other liabilities |  |  | 7,473 |
Total finance lease liabilities |  | $ | 7,979 |
Weighted-average remaining lease term |  |  |  |  |
Operating leases |  | 9 years |  |  |
Finance leases |  | 12 years |  |  |
Weighted-average discount rate |  |  |  |
Operating leases |  | 5.3% |  |  |
Finance leases |  | 4.5% |  |  |
As of September 30, 2019, maturities of lease liabilities were as follows:
(table only in thousands) |  | Operating Leases |  |  | Finance Leases |
2019 |  | $ | 730 |  |  | $ | 207 |
2020 |  |  | 3,041 |  |  |  | 855 |
2021 |  |  | 2,633 |  |  |  | 872 |
2022 |  |  | 1,984 |  |  |  | 889 |
2023 |  |  | 1,857 |  |  |  | 907 |
Thereafter |  |  | 6,506 |  |  |  | 6,409 |
Total minimum lease payments |  | $ | 16,751 |  |  | $ | 10,139 |
Less imputed interest |  |  | (2,817 | ) |  |  | (2,160 | )
Lease liability |  | $ | 13,934 |  |  | $ | 7,979 |
As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018 and under previous lease accounting standards, future minimum lease payments for operating leases having initial or remaining noncancelable lease terms in excess of one year would have been as follows:
(table only in thousands) |  | December 31, 2018 |
2019 |  | $ | 2,745 |
2020 |  |  | 1,880 |
2021 |  |  | 1,454 |
2022 |  |  | 931 |
2023 |  |  | 851 |
Thereafter |  |  | 2,278 |
Total |  | $ | 10,139 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration