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Leases | 12 Months Ended
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Dec. 31, 2019
Leases |
Leases | Note 15: Leases: The Company adopted ASU No. 2016-02, Leases (Topic 842) on January 1, 2019 and recognized leases with duration greater than 12 months on the balance sheet using the modified retrospective approach. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed for a carry-forward of the historical lease classification. For leases with terms greater than 12 months, the Company has recorded the related Right-Of-Use (ROU) asset and liability at the present value of lease payments over the term. A few of the leases include rental escalation clauses or renewal options and they have been factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. ROU assets exclude lessor incentives received. The Company’s lease population consists primarily of real estate including its corporate headquarters, office space and warehouses, in addition to vehicles, railcars, storage containers and office equipment. The Company does not have any finance leases. The Company has a significant population of month-to-month real estate leases that have been classified as short-term leases, and therefore has not recognized a related ROU asset or lease liability. The Company determines at contract inception, if an arrangement is a lease or contains a lease based on whether the Company obtains the right to control the use of specifically identifiable property, plant and equipment for a period of time in exchange for consideration. The Company has elected not to separate non-lease components from lease components for its leases. Variable lease payments relate primarily to taxes and insurance on real estate contracts and are recognized as expense when incurred. The Company subleases certain real estate to third parties. Our sublease portfolio consists solely of operating leases. As of December 31, 2019, the Company had no operating leases that had not yet commenced. During the year ended December 31, 2019, the Company entered into new leases or modified existing leases that resulted in an increase of ROU assets in exchange for operating lease liabilities as disclosed below. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: ​
​ | ​ | ​ | ​
(in thousands) |  | December 31,2019
Assets: |  | ​ |
Operating lease right-of-use assets | ​ | $ | 33,850
​ | ​ | ​ | ​
Liabilities: | ​ |  |
Current portion of operating leases | ​ | $ | 10,625
Long-term operating lease liabilities | ​ |  | 28,378
Total lease liabilities | ​ | $ | 39,003
​ During the year ended December 31, 2019, the Company recorded an impairment totaling $4,903 representing the acceleration of depreciation on the remaining balance of the ROU assets related to leases that have been abandoned. The Company has not terminated these leases and continues to carry the present value of lease liabilities related to these payments. Lease costs: The components of lease expense are included in costs of goods sold, and selling, general and administrative expenses in the consolidated statements of operations. ​
​ | ​ | ​ | ​
​ | ​ | Year ended
(in thousands) |  | December 31,2019
Operating lease cost | ​ | $ | 14,109
Short-term lease cost | ​ |  | 7,254
Variable lease cost | ​ |  | 521
Sublease income | ​ |  | (72)
Total lease cost | ​ | $ | 21,812
​ Total rental expense, including short-term rentals charged to operations related to operating leases under the previous lease standard, were $21.6 million in 2018 and $17.1 million in 2017. ​
​ | ​ | ​ | ​ | ​
Other information: |  |  | ​ |
Cash paid for amounts included in the measurement of lease liabilities – operating leases (in thousands) | ​ | $ | 12,863 | ​
ROU assets obtained in exchange for operating lease liabilities (in thousands) | ​ | $ | 7,992 | ​
Weighted average remaining lease term – operating leases | ​ |  | 5.5 years | ​
Weighted average discount rate – operating leases | ​ |  | 3.58 | %
​
​ | ​ | ​ | ​
Maturity of lease liabilities (in thousands) |  | Operating Leases
2020 |  | ​ | 12,091
2021 |  | ​ | 9,623
2022 |  | ​ | 6,608
2023 |  | ​ | 4,153
2024 |  | ​ | 3,078
Thereafter |  | ​ | 9,132
Total lease payments |  | ​ | 44,685
Less: Amounts representing interest |  | ​ | (5,682)
Present value of lease liabilities | ​ | $ | 39,003
​ As of December 31, 2018, future total rentals on our non- cancellable operating leases under the previous lease standard were $44.9 million in the aggregate, which consisted of the following: $11.8 million in 2019; $10.6 million in 2020; $7.8 million in 2021; $5.6 million in 2022; $2.9 million in 2023; and $6.2 million thereafter.

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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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