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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Lessee Disclosure [Abstract] |
Schedule of Cumulative Effects of Adoption of ASC 842 | The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:
|  | As previously reported at December 31, 2018 |  | Adjustments Increase/ (decrease) |  | Opening balance, as adjusted, January 1, 2019
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $197,755 |  | $— |  | $197,755
Accounts receivable, net |  | 223,176 |  | — |  | 223,176
Contract assets |  | 57,447 |  | — |  | 57,447
Inventories |  | 85,904 |  | — |  | 85,904
Income taxes prepaid and receivable |  | 7,473 |  | — |  | 7,473
Prepaid expenses and other current assets |  | 21,294 |  | (370) |  | 20,924
Total current assets |  | $593,049 |  | $(370) |  | $592,679
Property, plant and equipment, net |  | 462,055 |  | (6,144) |  | 455,911
Intangibles, net |  | 49,206 |  | — |  | 49,206
Goodwill |  | 164,382 |  | — |  | 164,382
Deferred income taxes |  | 62,622 |  | (20) |  | 62,602
Noncurrent receivables |  | 45,061 |  | — |  | 45,061
Other assets |  | 41,617 |  | 13,615 |  | 55,232
Total assets |  | $1,417,992 |  | $7,081 |  | $1,425,073
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |
Notes and loans payable |  | $— |  | $— |  | $—
Accounts payable |  | 52,246 |  | — |  | 52,246
Accrued liabilities |  | 129,030 |  | 4,964 |  | 133,994
Current maturities of long-term debt |  | 1,224 |  | (1,206) |  | 18
Income taxes payable |  | 6,806 |  | — |  | 6,806
Total current liabilities |  | 189,306 |  | 3,758 |  | 193,064
Long-term debt |  | 523,707 |  | (24,680) |  | 499,027
Other noncurrent liabilities |  | 88,277 |  | 27,968 |  | 116,245
Deferred taxes and other liabilities |  | 8,422 |  | — |  | 8,422
Total liabilities |  | 809,712 |  | 7,046 |  | 816,758
SHAREHOLDERS' EQUITY |  |  |  |  |  |
Preferred stock, par value $5.00 per share; |  |  |  |  |  |
authorized 2,000,000 shares; none issued |  | — |  | — |  | —
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017 |  | 37 |  | — |  | 37
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017 |  | 3 |  | — |  | 3
Additional paid in capital |  | 430,555 |  | — |  | 430,555
Retained earnings |  | 589,645 |  | 35 |  | 589,680
Accumulated items of other comprehensive income: |  |  |  |  |  |
Translation adjustments |  | (115,976) |  | — |  | (115,976)
Pension and postretirement liability adjustments |  | (47,109) |  | — |  | (47,109)
Derivative valuation adjustment |  | 4,697 |  | — |  | 4,697
Treasury stock (Class A), at cost 8,418,620 shares in 2018 |  |  |  |  |  |
and 8,431,335 shares in 2017 |  | (256,603) |  | — |  | (256,603)
Total Company shareholders' equity |  | 605,249 |  | 35 |  | 605,284
Noncontrolling interest |  | 3,031 |  | — |  | 3,031
Total equity |  | 608,280 |  | 35 |  | 608,315
Total liabilities and shareholders' equity |  | $1,417,992 |  | $7,081 |  | $1,425,073
Schedule of Components of Lease Expense | The components of lease expense were as follows:
(in thousands) |  | For the year ended December 31, 2019
Finance lease |  |
Amortization of right-of-use asset |  | $997
Interest on lease liabilities |  | 1,563
Operating lease |  |
Fixed lease cost |  | 5,063
Variable lease cost |  | 35
Short-term lease cost |  | 1,283
Total lease expense |  | $ 8,941
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
(in thousands) |  | For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ 4,932
Operating cash flows from finance leases |  | 1,563
Financing cash flows from finance leases |  | 1,180
Right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases |  | $ 9,250
Finance leases |  | 5,686
The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows. Supplemental balance sheet information related to leases was as follows:
(in thousands) |  | December 31, 2019
Operating leases |  |
Right of use assets included in Other assets |  | $18,223
Lease liabilities included in |  |
Accrued liabilities |  | $4,023
Other noncurrent liabilities |  | 14,386
Total operating lease liabilities |  | $ 18,409
Finance leases |  |
Right-of-use assets included in Property, plant and equipment, net |  | $ 15,689
Lease liabilities included in |  |
Accrued liabilities |  | $1,835
Other noncurrent liabilities |  | 22,700
Total finance lease liabilities |  | $24,535
Additional information for leases existing at December 31, 2019 was as follows:
Weighted average remaining lease term |  |
Operating leases |  | 6 years
Finance leases |  | 10 years
Weighted average discount rate |  |
Operating leases |  | 4.9%
Finance leases |  | 6.7%
Schedule of Supplemental Balance Sheet Information Related to Leases | The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows.
Schedule of Additional Information Related to Leases | Additional information for leases existing at December 31, 2019 was as follows:
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 were as follows:
(in thousands) |  | Operating leases |  | Finance leases
Year ending December 31, |  |  |  |
2020 |  | $5,153 |  | $3,347
2021 |  | 4,133 |  | 3,347
2022 |  | 3,096 |  | 3,394
2023 |  | 2,128 |  | 3,560
2024 |  | 1,496 |  | 3,560
Thereafter |  | 5,332 |  | 15,692
Total lease payments |  | 21,338 |  | 32,900
Less imputed interest |  | (2,929) |  | (8,365)
Total |  | $ 18,409 |  | $ 24,535
As of December 31, 2018, future rental payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year, were: 2019, $4.6 million; 2020, $3.2 million; 2021, $2.1 million; 2022, $1.5 million; and 2023 and thereafter, $6.5 million.
Schedule of Maturities of SLC Finance Lease Liability | The following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments as of December 31, 2018:
|  | (in thousands)
Year ending December 31, |  |
2019 |  | $2,451
2020 |  | 2,974
2021 |  | 2,990
2022 |  | 3,054
2023 |  | 3,277
Thereafter |  | 18,930
Total minimum payments |  | 33,676
Less imputed interest |  | (7,790)
Total |  | $25,886
As of December 31, 2018, the capitalized value associated with the SLC lease was included in Property, plant, and equipment, net at a value of $17.3 million, which included a gross cost of $20.8 million, and Accumulated depreciation of $3.6 million.

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