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LEASES | 12 Months Ended
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Dec. 31, 2020
Lessee Disclosure [Abstract] |
LEASES | NOTE 7 - LEASES Lease commitments: Limco-Piedmont leases some of its operating and office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2029. Certain leases contain renewal options as defined in the agreements. During 2019, Limco leased a new building (building #5) for its operation. The lease on building #5 expires on March 31, 2030. Building #5 has an early termination option effective after March 31, 2019 with six months advance written notice. The rent is $4,100 per month for building #5 plus the annual percentage increase in the CPI-W. Lease expense totaled $633, $510 and $494 for the years ended December 31, 2020, 2019, and 2018 respectively. TAT leases its factory from TAT Industries until the end of 2024. In December 2019 the rental fee was reviewed by real estate appraiser who determined that the rental fee should increase by $400 starting from January 2020. Lease expense totaled $1,188, $787 and $767 for the years ended December 31, 2020, 2019, and 2018 respectively. The lease cost was as follows:
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
Operating lease expenses |  |  | 2,158 |  |  |  | 1,297 |
Supplemental cash flow information related to leases was as follows:
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
Operating cash flows from operating leases (non-cash finance expense) |  |  | 566 |  |  |  | 354 |
Right-of-use assets obtained in exchange for lease obligations (non-cash) |  |  | 1,756 |  |  |  | 648 |
Supplemental balance sheet information related to operating leases is as follows:
|  | December 31, 2020 |  |  | December 31, 2019 |
Operating Leases |  |  |  |  |  |
Operating lease right-of-use assets |  |  | 6,767 |  |  |  | 6,664 |
Current operating lease liabilities |  |  | 1,614 |  |  |  | 1,330 |
Non-current operating lease liabilities |  |  | 5,758 |  |  |  | 5,688 |
Total operating lease liabilities |  |  | 7,372 |  |  |  | 7,018 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases - Israel |  | 4 years |  |  | 5 years |
Operating leases – United States |  | 5 years |  |  | 6 years |
Weighted Average discount rate |  |  |  |  |  |  |  |
Operating leases - Israel |  |  | 4.5 | % |  |  | 4.5 | %
Operating leases – United States |  |  | 4.84 | % |  |  | 4.84 | %
As of December 31, 2020, the maturities of lease liabilities were as follows:
Year |  | Amount |
2021 |  | $ | 1,852 |
2022 |  |  | 1,784 |
2023 |  |  | 1,737 |
2024 |  |  | 1,623 |
2025 and after |  |  | 653 |
Total lease payments |  |  | 7,649 |
Less imputed interest |  |  | (277 | )
Total |  | $ | 7,372 |

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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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- References No definition available. + Details
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