XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 6 Months Ended
--- | ---
Jun. 30, 2020
Leases [Abstract] |
Leases |
7. | LEASES
The Company’s operating leases are primarily comprised of railcars, real estate, storage tanks, autos, trailers and manufacturing/office equipment. Railcars and real estate comprise approximately 46 percent and 37 percent, respectively, of the Company’s consolidated ROU asset balance. Except for real estate, typical lease terms range from one to ten years. Real estate lease terms typically range from one to fifty years. The Company’s two principal real estate leases relate to land leases in the Philippines and Singapore. As of June 30, 2020, the Company had an approximately $612,000 storage tank lease that had not commenced. This lease will commence in the third quarter of 2020 with a lease term of four years. As most of the Company’s leases do not provide an implicit borrowing rate, the Company uses its incremental borrowing rate (IBR) based on the information available at the commencement date in determining the present value of lease payments. IBRs were specifically determined for the United States, the Philippines, Singapore, Brazil and China, typically for five-year increments. The U.S. IBR was used for all other countries as the leases in these countries are not material. The total value of leases of property in the five countries identified above represents approximately 98 percent of the Company’s consolidated ROU asset balance.
(In thousands) | Three months ended June 30, 2020 |  |  | Six months ended June 30, 2020 |
Lease Cost |  |  |  |  |  |  |
Operating lease cost | $ | 2,761 |  |  | $ | 5,482 |
Short-term lease cost |  | 1,204 |  |  |  | 2,383 |
Variable lease cost |  | 301 |  |  |  | 599 |
Total lease cost | $ | 4,266 |  |  | $ | 8,464 |
Other Information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flow from operating leases | $ | 2,787 |  |  | $ | 5,534 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | 828 |  |  |  | 1,494 |
(In thousands) |  |  |  |
Undiscounted Cash Flows: |  |  |  |
2020 (excluding the six months ended June 30, 2020) |  | $ | 5,337 |
2021 |  |  | 8,844 |
2022 |  |  | 7,013 |
2023 |  |  | 5,483 |
2024 |  |  | 3,202 |
Subsequent to 2024 |  |  | 16,639 |
Total Undiscounted Cash Flows |  | $ | 46,518 |
Less: Imputed interest |  |  | (9,829 | )
Present value |  | $ | 36,689 |
Current operating lease liabilities (1) |  |  | 8,695 |
Non-current operating lease liabilities |  |  | 27,994 |
Total lease liabilities |  | $ | 36,689 |
| (1) | This item is included in Accrued liabilities line on the Company’s Condensed Consolidated Balance Sheet.
Weighted-average remaining lease term-operating leases |  | 9 Years
Weighted-average discount rate-operating leases |  | 4.2%

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 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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration