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Leases | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases |
13. | 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. The following table sets forth information related to our leases as of the periods indicated.
|  | March 31 |  |  | December 31 |  |
Dollars in thousands |  | 2021 |  |  | 2020 |  |
Right of use asset |  | $ | 15,605 |  |  | $ | 11,789 |  |
Weighted average discount rate |  |  | 2.95 | % |  |  | 2.94 | % |
Weighted average remaining maturity (months) |  |  | 89 |  |  |  | 66 |  |
The following table sets for operating lease expense for the periods indicated:
|  | March 31 |  |
In thousands |  | 2021 |  |  | 2020 |  |
Three months ended |  |  | 1,347 |  |  |  | 1,442 |  |
The following table sets forth required future minimum lease payments for the years indicated:
In thousands |  |  |  |  |  |  |
2021 |  |  |  | $ | 3,518 |  |
2022 |  |  |  |  | 3,475 |  |
2023 |  |  |  |  | 2,039 |  |
2024 |  |  |  |  | 1,537 |  |
2025 |  |  |  |  | 1,278 |  |
Thereafter |  |  |  |  | 7,440 |  |

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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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