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v3.19.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Summary of Lease Portfolio | A summary of the Company’s lease portfolio as of March 31, 2019 is presented in the table below:
(U.S. Dollars, in thousands, except lease term and discount rate) |  | Classification |  | March 31, 2019 |
Assets |  |  |  |  |  |
Operating leases |  | Other long-term assets |  | $ | 6,758 |
Finance leases |  | Property, plant and equipment, net |  |  | 20,940 |
Total lease assets |  |  |  |  | 27,698 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating leases |  | Other current liabilities |  |  | 1,764 |
Finance leases |  | Current portion of finance lease liability |  |  | 359 |
Long-term |  |  |  |  |  |
Operating leases |  | Other long-term liabilities |  |  | 5,028 |
Finance leases |  | Long-term portion of finance lease liability |  |  | 20,879 |
Total lease liabilities |  |  |  | $ | 28,030 |
Weighted Average Remaining Lease Term |  |  |  |  |  |
Operating leases |  |  |  | 4.7 years |
Finance leases |  |  |  | 21.4 years |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  |  | 2.48 | %
Finance leases |  |  |  |  | 4.38 | %
Summary of Components of Lease Costs | The components of lease costs were as follows:
(U.S. Dollars, in thousands) |  | Three Months Ended March 31, 2019 |
Finance lease costs: |  |  |  |
Amortization of right-of-use assets |  | $ | 239 |
Interest on finance lease liabilities |  |  | 223 |
Operating lease costs |  |  | 540 |
Short-term lease costs |  |  | 62 |
Variable lease costs |  |  | 152 |
Total lease costs |  | $ | 1,216 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
(U.S. Dollars, in thousands) |  | Three Months Ended March 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 950 |
Operating cash flows from finance leases |  |  | 222 |
Financing cash flows from finance leases |  |  | 99 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  |  | 200 |
Finance leases |  |  | 21,179 |
Summary of Remaining Lease Liabilities | A summary of the Company’s remaining lease liabilities as of March 31, 2019 is included below:
(U.S. Dollars, in thousands) |  | Operating Leases |  |  | Finance Leases |
Year 1 |  | $ | 1,886 |  |  | $ | 1,284 |
Year 2 |  |  | 1,710 |  |  |  | 1,042 |
Year 3 |  |  | 1,525 |  |  |  | 1,421 |
Year 4 |  |  | 1,107 |  |  |  | 1,450 |
Year 5 |  |  | 178 |  |  |  | 1,479 |
Thereafter |  |  | 830 |  |  |  | 26,835 |
Total undiscounted value of lease liabilities |  | $ | 7,236 |  |  | $ | 33,511 |
Less: Interest |  |  | (444 | ) |  |  | (12,273 | )
Present value of lease liabilities |  | $ | 6,792 |  |  | $ | 21,238 |
Current portion of lease liabilities |  |  | 1,764 |  |  |  | 359 |
Long-term portion of lease liabilities |  |  | 5,028 |  |  |  | 20,879 |
Total lease liabilities |  | $ | 6,792 |  |  | $ | 21,238 |
ASU 2016-02 [Member] |
Summary of Net Impact of Adoption Balance Sheet | The net impact of adoption to the Company’s balance sheet as of January 1, 2019 is presented in the table below. The standard did not have a material impact to the Company’s condensed consolidated statements of operations and comprehensive income (loss) or cash flows.
(U.S. Dollars, in thousands) |  | December 31, 2018 |  |  | Impact of Adoption of ASC 842 |  |  | January 1, 2019 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash |  | $ | 72,189 |  |  | $ | — |  |  | $ | 72,189 |
Accounts receivable, net |  |  | 77,747 |  |  |  | — |  |  |  | 77,747 |
Inventories |  |  | 76,847 |  |  |  | — |  |  |  | 76,847 |
Prepaid expenses and other current assets |  |  | 17,856 |  |  |  | (15 | ) |  |  | 17,841 |
Total current assets |  |  | 244,639 |  |  |  | (15 | ) |  |  | 244,624 |
Property, plant, and equipment, net |  |  | 42,835 |  |  |  | — |  |  |  | 42,835 |
Intangible assets, net and goodwill |  |  | 124,298 |  |  |  | — |  |  |  | 124,298 |
Deferred income taxes |  |  | 33,228 |  |  |  | 71 |  |  |  | 33,299 |
Other long-term assets |  |  | 21,641 |  |  |  | 20,209 |  |  |  | 41,850 |
Total assets |  | $ | 466,641 |  |  | $ | 20,265 |  |  | $ | 486,906 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 17,989 |  |  | $ | — |  |  | $ | 17,989 |
Other current liabilities |  |  | 67,919 |  |  |  | 2,166 |  |  |  | 70,085 |
Total current liabilities |  |  | 85,908 |  |  |  | 2,166 |  |  |  | 88,074 |
Other long-term liabilities |  |  | 45,336 |  |  |  | 18,028 |  |  |  | 63,364 |
Total liabilities |  | $ | 131,244 |  |  | $ | 20,194 |  |  | $ | 151,438 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  |  | 1,858 |  |  |  | — |  |  |  | 1,858 |
Additional paid-in capital |  |  | 243,165 |  |  |  | — |  |  |  | 243,165 |
Retained earnings |  |  | 87,078 |  |  |  | 71 |  |  |  | 87,149 |
Accumulated other comprehensive income |  |  | 3,296 |  |  |  | — |  |  |  | 3,296 |
Total shareholders’ equity |  |  | 335,397 |  |  |  | 71 |  |  |  | 335,468 |
Total liabilities and shareholders’ equity |  | $ | 466,641 |  |  | $ | 20,265 |  |  | $ | 486,906 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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