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Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases |
Leases | 7. Leases The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 16 years, some of which include options to extend the leases for up to 10 years. Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As allowed under ASC 842, the Company has adopted the following practical expedients:
| ● | Short-term lease practical expedient
| o | Allows the Company not to apply the recognition requirements in ASC 842 to short-term leases for all asset classes. Short term leases are leases that, at commencement date, have a term of 12 months or less and do not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.
| ● | Separating lease components practical expedient
| o | Allows the Company not to separate lease components form nonlease components for all asset classes and instead account for each separate lease and the nonlease components associated with that lease component as a single lease component.
Lease Expense ​ The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Consolidated Statements of Income (Loss), were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended
​ | ​ | December 31, 2020 | ​ | December 31, 2019
Operating lease expense | ​ | $ 5,343 | ​ | $ 4,857
Short term lease cost | ​ | $ 397 | ​ | $ 380
Total lease cost | ​ | $ 5,740 | ​ | $ 5,237
​ ​ Cash Flow ​ Supplemental cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​
​ | Year Ended | ​ | Year Ended
​ | December 31, 2020 | ​ | December 31, 2019
​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of operating lease liabilities | $ 5,268 | ​ | $ 4,679
Non-cash lease expense - right-of-use assets | $ 4,182 | ​ | $ 3,672
Right-of-use assets obtained in exchange for operating lease obligations | $ 3,866 | ​ | $ 5,325
​ Balance Sheet ​ Supplemental balance sheet information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​
​ | December 31, 2020 | ​ | December 31, 2019 | ​
Operating Leases | ​ | ​ | ​ | ​
Operating lease right-of-use assets | $ 21,441 | ​ | $ 22,557 | ​
​ | ​ | ​ | ​ | ​
Other current liabilities | 4,326 | ​ | 3,822 | ​
Operating lease liabilities | 17,434 | ​ | 18,981 | ​
Total operating lease liabilities | $ 21,760 | ​ | $ 22,803 | ​
​ | ​ | ​ | ​ | ​
Weighted Average Remaining Lease Term | ​ | ​ | ​ | ​
Operating leases | 67 | months | 78 | months
​ | ​ | ​ | ​ | ​
Weighted Average Discount Rate | ​ | ​ | ​ | ​
Operating leases | 5.16% | ​ | 5.32% | ​
​ Lease Maturities ​ Maturities of leases were as follows: ​
​ | ​ | ​
Year ending December 31, | ​ | Operating Leases
2021 | ​ | $ 5,322
2022 | ​ | 4,941
2023 | ​ | 4,383
2024 | ​ | 3,742
2025 | ​ | 3,016
Thereafter | ​ | 3,562
Total Lease Payments | ​ | 24,966
Less: imputed interest | ​ | (3,206)
Total | ​ | $ 21,760
​

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- 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
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