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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Note 3. Leases Significant Accounting Policy We determine if an arrangement is a lease at inception. For operating leases, we include and report operating lease right-of-use (“ROU”) assets, sundry payables and accrued expenses, and noncurrent operating lease liabilities on our consolidated balance sheet for leases with a term longer than twelve months. Finance leases are reported on our consolidated balance sheets in property, plant and equipment, current portion of other debt, and long-term debt. Operating lease ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of the total lease payments over the lease term. Our ROU assets represent the right to use an underlying leased asset over the existing lease term, and the corresponding lease liabilities represent our obligation to make lease payments arising from the lease agreement. As most of our leases do not provide for an implicit rate, we use our secured incremental borrowing rate based on the information available when determining the present value of our lease payments. Our lease terms may include options to terminate, or extend, our lease when it is reasonably certain that we will execute the option. Lease agreements may contain lease and non-lease components, which are generally accounted for separately. Operating lease expense is recognized on a straight-line basis over the lease term. Quantitative Lease Disclosures We have operating and finance leases for our manufacturing facilities, warehouses, office space, automobiles, and certain equipment. Our leases have remaining lease terms of up to ten years, some of which may include one or more five-year renewal options. We have included the five-year renewal option for one of our leases in our operating lease payments as we concluded that it is reasonably certain that we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. Finance leases are not material. The following tables provide quantitative disclosures related to our operating leases as of and for the three months ended March 31, 2019:
Balance Sheet Information |  | March 31, 2019 |
Assets |  |  |
Operating lease right-of-use assets |  | $ | 37,301 |
Liabilities |  |  |  |
Sundry payables and accrued expenses |  | $ | 8,148 |
Noncurrent operating lease liabilities |  |  | 30,130 |
Total operating lease liabilities |  | $ | 38,278 |
Expense and Cash Flow Information |  | Three Months Ended March 31, 2019 |
Lease Expense |  |  |
Operating lease expense (a) |  | $ | 2,224 |
Supplemental Cash Flow Information |  |  |  |
Cash Paid for the amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 2,161 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |
Operating leases |  | $ | 566 |
(a) Excludes expenses related to non-lease components such as maintenance, property taxes, etc., and operating lease expense for leases with an initial term of 12 months or less, which is not material. |  |  |  |
Weighted Average Remaining Lease Term |  |  |
Operating leases |  | 6.3 Years |
Weighted Average Discount Rate |  |  |  |
Operating leases |  |  | 3.8 | %
Minimum Lease Payments At March 31, 2019, we are obligated to make minimum lease payments through 2028, under operating leases, which are as follows (in thousands):
2019 |  | $ | 6,413 |
2020 |  |  | 7,597 |
2021 |  |  | 6,983 |
2022 |  |  | 5,785 |
2023 |  |  | 5,277 |
Thereafter |  |  | 11,316 |
Total lease payments |  | $ | 43,371 |
Less: Interest |  |  | (5,093 | )
Present value of lease liabilities |  | $ | 38,278 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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