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LEASES

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

LEASES

LEASES

The Company leases certain industrial spaces, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one to 5 years. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):

		Classification		September 30, 2019
Right-of-Use Assets
Operating		Other assets		$	12,915
Finance		Property, plant and equipment, net of depreciation		2,981
Total leased ROU assets				$	15,896
Liabilities
Current
Operating		Other accrued liabilities		$	3,658
Finance		Current portion of finance lease obligations		322
Noncurrent
Operating		Non-current liabilities		9,384
Finance		Finance lease obligations		461
Total lease liabilities				$	13,825

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):

		Classification		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
Operating lease cost		Cost of sales, selling expenses and general and administrative expense		$	1,200			$	3,398
Finance lease cost
Amortization of ROU leased assets		Depreciation and amortization		36				108
Interest on lease liabilities		Interest expense		16				51
Net lease cost				$	1,252			$	3,557

Maturity of the Company’s lease liabilities is as follows (in thousands):

		Operating Leases				Finance Leases				Total
2019 (remainder)		$	1,171			$	90			$	1,261
2020		4,015				361				4,376
2021		3,441				361				3,802
2022		2,103				30				2,133
2023		1,765				—				1,765
Thereafter		2,093				—				2,093
Total lease payments		$	14,588			$	842			$	15,430
Less: interest		1,546				59
Present value of lease payments		$	13,042			$	783

Leases that the Company has signed but have not yet commenced are immaterial. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:

		September 30, 2019
Weighted average remaining lease term (years)
Operating leases		4.4
Finance leases		2.3
Weighted average discount rate
Operating leases		5.17	%
Finance leases		6.16	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	3,271
Operating cash flows from finance leases		$	42
Financing cash flows from finance leases		$	230
Leased assets obtained in exchange for new operating lease liabilities		$	5,218

LEASES

LEASES

The Company leases certain industrial spaces, office space, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one to 5 years. The exercise of lease renewal options is at the Company’s sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):

		Classification		September 30, 2019
Right-of-Use Assets
Operating		Other assets		$	12,915
Finance		Property, plant and equipment, net of depreciation		2,981
Total leased ROU assets				$	15,896
Liabilities
Current
Operating		Other accrued liabilities		$	3,658
Finance		Current portion of finance lease obligations		322
Noncurrent
Operating		Non-current liabilities		9,384
Finance		Finance lease obligations		461
Total lease liabilities				$	13,825

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):

		Classification		Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
Operating lease cost		Cost of sales, selling expenses and general and administrative expense		$	1,200			$	3,398
Finance lease cost
Amortization of ROU leased assets		Depreciation and amortization		36				108
Interest on lease liabilities		Interest expense		16				51
Net lease cost				$	1,252			$	3,557

Maturity of the Company’s lease liabilities is as follows (in thousands):

		Operating Leases				Finance Leases				Total
2019 (remainder)		$	1,171			$	90			$	1,261
2020		4,015				361				4,376
2021		3,441				361				3,802
2022		2,103				30				2,133
2023		1,765				—				1,765
Thereafter		2,093				—				2,093
Total lease payments		$	14,588			$	842			$	15,430
Less: interest		1,546				59
Present value of lease payments		$	13,042			$	783

Leases that the Company has signed but have not yet commenced are immaterial. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:

		September 30, 2019
Weighted average remaining lease term (years)
Operating leases		4.4
Finance leases		2.3
Weighted average discount rate
Operating leases		5.17	%
Finance leases		6.16	%

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

		Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	3,271
Operating cash flows from finance leases		$	42
Financing cash flows from finance leases		$	230
Leased assets obtained in exchange for new operating lease liabilities		$	5,218

X

- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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

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X

- 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

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