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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | Note 8. Leases 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 (in thousands):
Balance Sheet Information |  | March 31, 2020 |  |  | December 31, 2019 |
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 34,292 |  |  | $ | 36,020 |
Liabilities |  |  |  |  |  |  |  |
Sundry payables and accrued expenses |  | $ | 8,593 |  |  | $ | 8,739 |
Noncurrent operating lease liabilities |  |  | 26,841 |  |  |  | 28,376 |
Total operating lease liabilities |  | $ | 35,434 |  |  | $ | 37,115 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  | 5.5 Years |  |  | 5.6 Years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 3.7 | % |  |  | 3.7 | %
|  | Three Months Ended March 31, |
Expense and Cash Flow Information |  | 2020 |  |  | 2019 |
Lease Expense |  |  |  |  |  |
Operating lease expense (a) |  | $ | 2,313 |  |  | $ | 2,224 |
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
Cash paid for the amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,476 |  |  | $ | 2,161 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 251 |  |  | $ | 566 |
| (a) | Excludes expenses of approximately $0.4 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively, 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.
Minimum Lease Payments At March 31, 2020, we are obligated to make minimum lease payments through 2028, under operating leases, which are as follows (in thousands):
2020 |  | $ | 6,702 |
2021 |  |  | 8,325 |
2022 |  |  | 6,987 |
2023 |  |  | 5,675 |
2024 |  |  | 3,881 |
Thereafter |  |  | 7,844 |
Total lease payments |  | $ | 39,414 |
Less: Interest |  |  | (3,980 | )
Present value of lease liabilities |  | $ | 35,434 |

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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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