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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | NOTE Q – LEASES The Company adopted guidance effective in ASU 2016-02, “Leases (Topic 842)” on January 1, 2019. Adoption of this guidance did not change the Company’s balance sheet or income statement recognition of finance leases. As a result of adopting this guidance, the Company recorded short and long-term lease liabilities and corresponding right-of-use assets related to its operating leases. The Company regularly enters into leases in the normal course of business. As of September 30, 2019, the leases in effect were related to land, buildings, vehicles, office equipment and other production equipment under operating leases with lease terms of up to 99 years. The Company often has the option to renew lease terms for buildings and other assets. The exercise of lease renewal options are generally at the Company’s sole discretion. In addition, certain lease arrangements may be terminated prior to their original expiration date at the Company’s discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if the Company is reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease term for the Company’s operating and financing leases as of September 30, 2019 was 17.2 and 2.7, respectively. Lease expense is recognized for these leases on a straight-line basis over the lease term with variable lease payments recognized in the period those payments are incurred. The components of operating and finance lease costs are recognized in Costs and expenses and Interest expense, respectively, on the Company’s Consolidated Statements of Income. The Company’s operating and finance lease costs for the three and nine months ended September 30, 2019 were as follows:
|  | Three Months Ended September 30, 2019 |  |  | Nine Months Ended September 30, 2019 |
Components of lease expense |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 859 |  |  | $ | 2,338 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 17 |  |  |  | 51 |
Interest on lease liabilities |  |  | 2 |  |  |  | 8 |
Total lease cost |  | $ | 878 |  |  | $ | 2,397 |
The discount rate implicit within each lease is often not determinable and, therefore, the Company establishes the discount rate based on its incremental borrowing rate. The incremental borrowing rate for the Company’s leases is determined based on lease term and currency in which lease payments are made, adjusted for impacts of collateral. The weighted average discount rate used to measure the Company’s operating and finance lease liabilities as of September 30, 2019 was 4.53% and 5.14%, respectively. Future maturities of the Company’s lease liabilities as of September 30, 2019 are as follows:
|  | Operating Leases |  |  | Finance Leases |
2019 |  | $ | 644 |  |  | $ | 27 |
2020 |  |  | 2,268 |  |  |  | 107 |
2021 |  |  | 1,880 |  |  |  | 44 |
2022 |  |  | 1,503 |  |  |  | 25 |
2023 and thereafter |  |  | 9,602 |  |  |  | 20 |
Total lease payments |  | $ | 15,897 |  |  | $ | 223 |
Less amount of lease payment representing interest |  |  | 5,441 |  |  |  | 11 |
Total present value of lease payments |  | $ | 10,456 |  |  | $ | 212 |
The total minimum sublease rentals under noncancelable subleases to be received through 2023 is $3.9 million. Supplemental cash flow information related to leases for the three-month period ended September 30, 2019 was as follows:
|  | Nine Months Ended September 30, 2019 |
Supplemental cash flow information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 4,610 |
Operating cash flows from finance leases |  |  | 8 |
Financing cash flows from finance leases |  |  | 74 |

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