XML 24 R15.htm IDEA: XBRL DOCUMENT v3.22.1

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

Activities as Lessee

The Company leases property used for distribution centers, office space, and Bolt Supply branch locations throughout the U.S. and Canada, along with various equipment located in distribution centers and corporate headquarters.

The expenses generated by the leasing activity of Lawson for the three months ended March 31, 2022 and 2021 were as follows:

												(Dollars in thousands)
												Three Months Ended March 31,
Lease Type						Classification						2022						2021
Consolidated Operating Lease Expense (1)						Operating expenses						$	1,556					$	1,493
Consolidated Financing Lease Amortization						Operating expenses						33						58
Consolidated Financing Lease Interest						Interest expense						1						5
Consolidated Financing Lease Expense												34						63
Net Lease Cost												$	1,590					$	1,556

(1) Includes short term lease expense, which is immaterial

The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of March 31, 2022 and December 31, 2021 are as follows:

						(Dollars in thousands)
Lease Type						March 31, 2022						December 31, 2021
Total Right Of Use (“ROU”) operating lease assets (1)						$	17,221					$	13,662
Total ROU financing lease assets (2)						350						383
Total lease assets						$	17,571					$	14,045
Total current operating lease obligation						$	4,712					$	4,313
Total current financing lease obligation						143						154
Total current lease obligations						$	4,855					$	4,467
Total long term operating lease obligation						$	13,814					$	10,713
Total long term financing lease obligation						94						128
Total long term lease obligation						$	13,908					$	10,841

(1) Operating lease assets are recorded net of accumulated amortization of $9.0 million and $8.0 million as of March 31, 2022 and December 31, 2021, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively

The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of March 31, 2022 were as follows (Dollars in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	5,273					$	146					$	5,419
Year two						4,152						78						4,230
Year three						3,392						18						3,410
Year four						1,790						3						1,793
Year five						1,276						2						1,278
Subsequent years						4,708						—						4,708
Total lease payments (1)						20,591						247						20,838
Less: Interest						2,065						10						2,075
Present value of lease liabilities						$	18,526					$	237					$	18,763

(1)    Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million

The weighted average lease terms and interest rates of the leases held by Lawson as of March 31, 2022 are as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						5.8						4.18%
Financing Leases						1.9						4.78%

The cash outflows of the leasing activity for the three months ended March 31, 2022 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

1,169

Operating cash flows from financing leases

Operating activities

1

Financing cash flows from financing leases

Financing activities

43

In March 2022 the Company signed a new lease for the Calgary distribution center. The lease created a right of use asset of $4.5 million and a lease liability of $4.5 million.

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Leases

Leases

Activities as Lessee

The Company leases property used for distribution centers, office space, and Bolt Supply branch locations throughout the U.S. and Canada, along with various equipment located in distribution centers and corporate headquarters.

The expenses generated by the leasing activity of Lawson for the three months ended March 31, 2022 and 2021 were as follows:

												(Dollars in thousands)
												Three Months Ended March 31,
Lease Type						Classification						2022						2021
Consolidated Operating Lease Expense (1)						Operating expenses						$	1,556					$	1,493
Consolidated Financing Lease Amortization						Operating expenses						33						58
Consolidated Financing Lease Interest						Interest expense						1						5
Consolidated Financing Lease Expense												34						63
Net Lease Cost												$	1,590					$	1,556

(1) Includes short term lease expense, which is immaterial

The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of March 31, 2022 and December 31, 2021 are as follows:

						(Dollars in thousands)
Lease Type						March 31, 2022						December 31, 2021
Total Right Of Use (“ROU”) operating lease assets (1)						$	17,221					$	13,662
Total ROU financing lease assets (2)						350						383
Total lease assets						$	17,571					$	14,045
Total current operating lease obligation						$	4,712					$	4,313
Total current financing lease obligation						143						154
Total current lease obligations						$	4,855					$	4,467
Total long term operating lease obligation						$	13,814					$	10,713
Total long term financing lease obligation						94						128
Total long term lease obligation						$	13,908					$	10,841

(1) Operating lease assets are recorded net of accumulated amortization of $9.0 million and $8.0 million as of March 31, 2022 and December 31, 2021, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively

The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of March 31, 2022 were as follows (Dollars in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	5,273					$	146					$	5,419
Year two						4,152						78						4,230
Year three						3,392						18						3,410
Year four						1,790						3						1,793
Year five						1,276						2						1,278
Subsequent years						4,708						—						4,708
Total lease payments (1)						20,591						247						20,838
Less: Interest						2,065						10						2,075
Present value of lease liabilities						$	18,526					$	237					$	18,763

(1)    Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million

The weighted average lease terms and interest rates of the leases held by Lawson as of March 31, 2022 are as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						5.8						4.18%
Financing Leases						1.9						4.78%

The cash outflows of the leasing activity for the three months ended March 31, 2022 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

1,169

Operating cash flows from financing leases

Operating activities

1

Financing cash flows from financing leases

Financing activities

43

In March 2022 the Company signed a new lease for the Calgary distribution center. The lease created a right of use asset of $4.5 million and a lease liability of $4.5 million.

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

Leases

Leases

Activities as Lessee

The Company leases property used for distribution centers, office space, and Bolt Supply branch locations throughout the U.S. and Canada, along with various equipment located in distribution centers and corporate headquarters.

The expenses generated by the leasing activity of Lawson for the three months ended March 31, 2022 and 2021 were as follows:

												(Dollars in thousands)
												Three Months Ended March 31,
Lease Type						Classification						2022						2021
Consolidated Operating Lease Expense (1)						Operating expenses						$	1,556					$	1,493
Consolidated Financing Lease Amortization						Operating expenses						33						58
Consolidated Financing Lease Interest						Interest expense						1						5
Consolidated Financing Lease Expense												34						63
Net Lease Cost												$	1,590					$	1,556

(1) Includes short term lease expense, which is immaterial

The value of the net assets and liabilities generated by the leasing activity of Lawson as lessee as of March 31, 2022 and December 31, 2021 are as follows:

						(Dollars in thousands)
Lease Type						March 31, 2022						December 31, 2021
Total Right Of Use (“ROU”) operating lease assets (1)						$	17,221					$	13,662
Total ROU financing lease assets (2)						350						383
Total lease assets						$	17,571					$	14,045
Total current operating lease obligation						$	4,712					$	4,313
Total current financing lease obligation						143						154
Total current lease obligations						$	4,855					$	4,467
Total long term operating lease obligation						$	13,814					$	10,713
Total long term financing lease obligation						94						128
Total long term lease obligation						$	13,908					$	10,841

(1) Operating lease assets are recorded net of accumulated amortization of $9.0 million and $8.0 million as of March 31, 2022 and December 31, 2021, respectively

(2) Financing lease assets are recorded net of accumulated amortization of $0.6 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively

The value of the lease liabilities generated by the leasing activities of Lawson as lessee as of March 31, 2022 were as follows (Dollars in thousands):

Maturity Date of Lease Liabilities						Operating Leases						Financing Leases						Total
Year one						$	5,273					$	146					$	5,419
Year two						4,152						78						4,230
Year three						3,392						18						3,410
Year four						1,790						3						1,793
Year five						1,276						2						1,278
Subsequent years						4,708						—						4,708
Total lease payments (1)						20,591						247						20,838
Less: Interest						2,065						10						2,075
Present value of lease liabilities						$	18,526					$	237					$	18,763

(1)    Minimum lease payments exclude payments to landlord for real estate taxes and common area maintenance $0.4 million

The weighted average lease terms and interest rates of the leases held by Lawson as of March 31, 2022 are as follows:

Lease Type						Weighted Average Term in Years						Weighted Average Interest Rate
Operating Leases						5.8						4.18%
Financing Leases						1.9						4.78%

The cash outflows of the leasing activity for the three months ended March 31, 2022 are as follows (Dollars in thousands):

Cash Flow Source

Classification

Amount

Operating cash flows from operating leases

Operating activities

$

1,169

Operating cash flows from financing leases

Operating activities

1

Financing cash flows from financing leases

Financing activities

43

In March 2022 the Company signed a new lease for the Calgary distribution center. The lease created a right of use asset of $4.5 million and a lease liability of $4.5 million.

Refer to Note 3 - Revenue Recognition for a discussion on Lawson activities as lessor.

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 finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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

Name:	us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for lessor's operating leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=77888252

+ Details

Name:	us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration