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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases |
14. | LEASES
We enter into a variety of arrangements in which we are the lessee for the use of automobiles, forklifts and other production equipment, production facilities, warehouses and office space. We determine if an arrangement contains a lease at inception. All our lease arrangements are operating leases and are recorded in the condensed consolidated balance sheet under the caption “Other assets” and the lease obligation is under “Other current liabilities” and “Other long-term liabilities.” We currently do not have any finance leases. Operating lease right of use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on information available at the commencement date in determining the lease liabilities as our leases generally do not provide an implicit rate. Lease terms may include options to extend or terminate when we are reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. We also have arrangements with both lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s real estate and automobile leases. We elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for arrangements less than twelve months in duration. At September 30, 2019, the ROU assets and corresponding lease obligation included in our condensed consolidated balance sheet totaled $11.1 million and had a weighted average remaining maturity of 36 months. The weighted average discount rate used to value the leases at inception was 3.02%. We recognized $4.4 million of operating lease expense during the first nine months of 2019. The following table sets forth required minimum lease payments for the periods indicated:
|  | September 30 |  |  | December 31 |
In thousands |  |  | 2019 |  |  |  | 2018 |
2019 |  | $ | 1,342 |  |  | $ | 5,020 |
2020 |  |  | 4,502 |  |  |  | 3,861 |
2021 |  |  | 3,025 |  |  |  | 2,515 |
2022 |  |  | 1,583 |  |  |  | 1,426 |
2023 |  |  | 568 |  |  |  | 584 |
Thereafter |  |  | 335 |  |  |  | 383 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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