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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases |
11. | Leases
On January 1, 2019, we adopted the new lease accounting guidance, ASC 842. The guidance establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. 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 fully collateralized 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:
|  | December 31, |
(table only in thousands) |  | 2020 |  |  | 2019 |
Operating lease cost (a) |  | $ | 3,450 |  |  | $ | 3,612 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 308 |  |  |  | 309 |
Interest on lease liability |  |  | 338 |  |  |  | 360 |
Total finance lease cost |  |  | 646 |  |  |  | 669 |
Total lease cost |  | $ | 4,096 |  |  | $ | 4,281 |
(a) includes variable lease costs which are immaterial |  |  |  |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
|  | December 31, |
(table only in thousands) |  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,338 |  |  | $ | 3,453 |
Operating cash flows from finance leases |  | $ | 338 |  |  | $ | 360 |
Financing cash flows from finance leases |  | $ | 467 |  |  | $ | 478 |
Right of use assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases |  | $ | 545 |  |  | $ | 3,547 |
Supplemental balance sheet information related to leases was as follows:
|  | December 31, |
(table only in thousands) |  | 2020 |  |  | 2019 |
Operating leases |  |  |  |  |  |  |  |
Right-of-use assets from operating leases |  | $ | 11,376 |  |  | $ | 13,607 |
Accounts payable and accrued expenses |  | $ | 2,274 |  |  | $ | 2,610 |
Operating lease liabilities |  |  | 9,310 |  |  |  | 11,116 |
Total operating lease liabilities |  | $ | 11,584 |  |  | $ | 13,726 |
Finance leases |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | $ | 2,947 |  |  | $ | 3,255 |
Accounts payable and accrued expenses |  | $ | 557 |  |  | $ | 516 |
Other liabilities |  |  | 6,783 |  |  |  | 7,340 |
Total finance lease liabilities |  | $ | 7,340 |  |  | $ | 7,856 |
Weighted-average remaining lease term as of December 31, 2020 were as follows: |  |  |  |
Operating leases |  | 12 years |
Finance leases |  | 11 years |
Weighted-average discount rate |  |  |  |
Operating leases |  | 5.0% |
Finance leases |  | 4.5% |
As of December 31, 2020, maturities of lease liabilities were as follows:
(table only in thousands) |  | Operating Leases |  |  | Finance Leases |
2021 |  |  | 2,872 |  |  |  | 872 |
2022 |  |  | 2,222 |  |  |  | 889 |
2023 |  |  | 2,035 |  |  |  | 907 |
2024 |  |  | 1,876 |  |  |  | 925 |
2025 |  |  | 1,605 |  |  |  | 943 |
Thereafter |  |  | 3,221 |  |  |  | 4,541 |
Total minimum lease payments |  | $ | 13,831 |  |  | $ | 9,077 |
Less imputed interest |  |  | (2,247 | ) |  |  | (1,737 | )
Lease liability |  | $ | 11,584 |  |  | $ | 7,340 |

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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