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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | Leases Adoption of ASC Topic 842, “Leases” On January 1, 2019, the Company adopted ASC Topic 842, “Leases”, which requires lessees to recognize most leases in the consolidated balance sheet as a right-of-use asset and a lease obligation. Expenses are recognized in the consolidated statement of income in a manner similar to previous accounting guidance. The Company adopted the accounting standard using the optional transition approach, which applies the provisions of the new guidance at the effective date without adjusting the comparative periods presented. The Company elected the following practical expedients upon adoption: not to reassess whether any existing contracts are or contain leases, not to reassess the lease classification for any existing leases, not to reassess initial direct costs for any existing leases and not to separately identify lease and non-lease components for all underlying classes of assets. Additionally, the Company made a short-term lease accounting policy election to not recognize right-of-use assets and liabilities for leases with a term of 12 months or less. Adoption of the new standard resulted in recognition of right-of-use assets and corresponding lease liabilities of $8.7 million as of January 1, 2019. The new standard did not have a significant impact on the consolidated statement of income. The Company has entered into operating leases primarily for real estate. The leases have terms which range from 1 year to 11 years, and some include options to renew. Renewal terms are included in the lease term when it is reasonably certain that the Company will exercise the option to renew. Operating leases are included in the other non-current assets, other current liabilities and other long-term liabilities on the consolidated condensed balance sheets. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate because the rate implicit in each lease in not readily determinable. The Company has certain contracts for real estate that may contain lease and non-lease components which it has elected to treat as a single lease component. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Lease expense is reported in rent and purchase transportation on the consolidated statements of income. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of September 30, 2019.
(In thousands) | September 30, 2019
Maturity of Lease Liabilities |
2019 (remaining) | $ | 932 |
2020 | 3,424 |
2021 | 2,554 |
2022 | 1,625 |
2023 | 688 |
Thereafter | 1,746 |
Total undiscounted operating lease payments | $ | 10,969 |
Less: Imputed interest | (763 | )
Present value of operating lease liabilities | $ | 10,206 |
Balance Sheet Classification |
Right-of-use assets (recorded in other non-current assets) | $ | 9,883 |
Current lease liabilities (recorded in other current liabilities) | $ | 3,251 |
Long-term lease liabilities (recorded in other long-term liabilities) | 6,955 |
Total operating lease liabilities | $ | 10,206 |
Other Information |
Weighted-average remaining lease term for operating leases | 4.34 years |
Weighted-average discount rate for operating leases | 3.5 | %
Cash Flows An initial right-of-use asset of $8.7 million was recognized as a non-cash asset addition with the adoption of the new lease accounting standard. Additional right-of-use assets of $3.6 million were recognized as non-cash asset additions that resulted from new operating lease liabilities during the nine months ended September 30, 2019. Cash paid for amounts included in the present value of operating lease liabilities was $2.7 million during the nine months ended September 30, 2019, and is included in operating cash flows. Operating Lease Expense Operating lease expense was $2.0 million and $6.2 million during the three and nine months ended September 30, 2019, respectively. This expense included $0.9 million and $2.7 million for the three and nine months ended September 30, 2019, respectively, for long-term operating leases, with the remainder for variable and short-term lease expense. Lessor Operating Leases We are the lessor of tractors and trailers under operating leases with initial terms of 2 to 10 years. We recognize revenue for such leases on a straight-line basis over the term of the lease, and revenues for the three and nine months ended September 30, 2019 were $3.6 million and $10.4 million, respectively. The following table presents information about the maturities of these operating leases as of September 30, 2019.
(In thousands) | September 30, 2019
2019 (remaining) | $ | 3,169 |
2020 | 7,674 |
2021 | 248 |
2022 | 62 |
2023 | — |
Thereafter | — |
Total | $ | 11,153 |

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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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