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Note 13 - Leases | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
| ( 13 ) | Leases
The Company adopted ASC 842 - Leases (“ASC 842” ) as of January 1, 2019, using the transition method wherein entities could initially apply the new leases standard at adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Accordingly, all periods prior to January 1, 2019 were presented in accordance with the previous ASC Topic 840, Leases, and no retrospective adjustments were made to the comparative periods presented. The adoption of ASC 842 resulted in an increase to total assets due to the recording of operating lease right-of-use ("ROU") assets and operating lease liabilities of approximately $4.0 million and $4.1 million, respectively, as of January 1, 2019. The Company did not have any finance leases at the adoption date. The adoption did not materially impact the Company’s condensed consolidated statements of income or cash flows. The Company has operating leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company has elected the practical expedient to account for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. The Company also elected the package of practical expedients permitted within the new standard, which among other things, allows the Company to carry forward historical lease classification. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or operating lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating lease ROU assets and operating lease liabilities are stated separately in the condensed consolidated balance sheet. ROU assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. ROU assets will also be adjusted for any deferred or accrued rent. As the Company's operating leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is based on its borrowing rate under the Amended and Restated Credit Agreement, adjusted to reflect an estimated fixed rate for the term of the underlying lease. Operating fixed lease expense is recognized on a straight-line basis over the lease term.
|  | Year Ended
|  | December 31, 2019
|  | ($ in thousands)
Lease cost: |  |  |  |
Operating |  | $ | 1,222 |
Variable |  |  | 219 |
Short-term |  |  | 27 |
Total lease cost |  | $ | 1,468 |
Cash paid for amounts included in measurement of lease liabilities: |  |  |  |
Operating |  | $ | 1,208 |
Weighted-average remaining lease term (years): |  |  |  |
Operating |  |  | 2.69 |
Weighted-average discount rate: |  |  |  |
Operating |  |  | 4.45 | %
The aggregate future lease payments for operating leases as of December 31, 2019 were as follows (in thousands):
2020 |  |  | 1,173 |
2021 |  |  | 1,118 |
2022 |  |  | 957 |
2023 |  |  | 36 |
2024 |  |  | - |
Thereafter |  |  | - |
Total lease payments |  |  | 3,284 |
Less: Interest |  |  | (194 | )
Present value of lease liabilities |  | $ | 3,090 |
The aggregate future lease payments for operating leases as of December 31, 2018 were as follows (in thousands):
2019 |  | $ | 1,051 |
2020 |  |  | 1,070 |
2021 |  |  | 1,063 |
2022 |  |  | 975 |
2023 |  |  | 36 |
Total |  | $ | 4,195 |
Rent expense amounted to approximately $1.2 million, $1.2 million, and $0.9 million, in 2019, 2018 and 2017, respectively.

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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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