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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Summary of Lease Portfolio | A summary of the Company’s lease portfolio as of June 30, 2019 is presented in the table below:
(U.S. Dollars, in thousands, except lease term and discount rate) |  | Classification |  | June 30, 2019 |
Assets |  |  |  |  |  |
Operating leases |  | Other long-term assets |  | $ | 6,353 |
Finance leases |  | Property, plant and equipment, net |  |  | 20,695 |
Total lease assets |  |  |  |  | 27,048 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating leases |  | Other current liabilities |  |  | 1,816 |
Finance leases |  | Current portion of finance lease liability |  |  | 301 |
Long-term |  |  |  |  |  |
Operating leases |  | Other long-term liabilities |  |  | 4,609 |
Finance leases |  | Long-term portion of finance lease liability |  |  | 20,847 |
Total lease liabilities |  |  |  | $ | 27,573 |
Weighted Average Remaining Lease Term |  |  |  |  |  |
Operating leases |  |  |  | 4.5 years |
Finance leases |  |  |  | 21.2 years |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  |  | 2.46 | %
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 June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 245 |  |  | $ | 484 |
Interest on finance lease liabilities |  |  | 231 |  |  |  | 454 |
Operating lease costs |  |  | 540 |  |  |  | 1,080 |
Short-term lease costs |  |  | 72 |  |  |  | 134 |
Variable lease costs |  |  | 176 |  |  |  | 328 |
Total lease costs |  | $ | 1,264 |  |  | $ | 2,480 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
(U.S. Dollars, in thousands) |  | Six Months Ended June 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 2,055 |
Operating cash flows from finance leases |  |  | 454 |
Financing cash flows from finance leases |  |  | 188 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |
Operating leases |  |  | 362 |
Finance leases |  |  | 21,179 |
Summary of Remaining Lease Liabilities | A summary of the Company’s remaining lease liabilities as of June 30, 2019 is included below:
(U.S. Dollars, in thousands) |  | Operating Leases |  |  | Finance Leases |
2019 |  | $ | 977 |  |  | $ | 642 |
2020 |  |  | 1,808 |  |  |  | 1,013 |
2021 |  |  | 1,593 |  |  |  | 1,414 |
2022 |  |  | 1,312 |  |  |  | 1,443 |
2023 |  |  | 256 |  |  |  | 1,471 |
Thereafter |  |  | 803 |  |  |  | 27,207 |
Total undiscounted value of lease liabilities |  | $ | 6,749 |  |  | $ | 33,190 |
Less: Interest |  |  | (324 | ) |  |  | (12,042 | )
Present value of lease liabilities |  | $ | 6,425 |  |  | $ | 21,148 |
Current portion of lease liabilities |  |  | 1,816 |  |  |  | 301 |
Long-term portion of lease liabilities |  |  | 4,609 |  |  |  | 20,847 |
Total lease liabilities |  | $ | 6,425 |  |  | $ | 21,148 |
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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