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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Leases We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our condensed consolidated balance sheets. Leases with an initial term greater than 12 months are recognized in our condensed consolidated balance sheets based on lease classification as either operating or financing. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities. Finance leases are included in property and equipment, current portion of long-term debt, and long-term debt. Some of our lease agreements include lease and non-lease components for which we have elected to not separate for all classes of underlying assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We sublease certain real estate to third parties when we have no future use for the property. Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our leases have remaining terms of 1 year to 15 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarizes the supplemental balance sheet information related to lease as of March 31, 2019 (in thousands, unaudited):
|  |  |  | As of
|  | Classification |  | March 31, 2019
Assets |  |  |  |
Operating lease assets |  | Operating lease assets |  | 55,408 |
Finance lease assets |  | Property and equipment, net of accumulated depreciation |  | 903 |
Total lease assets |  |  |  | 56,311 |
Liabilities |  |  |  |
Current |  |  |  |
Operating |  | Accrued liabilities |  | 13,670 |
Finance |  | Current portion of long-term debt |  | 108 |
Noncurrent |  |  |  |
Operating |  | Operating lease liabilities |  | 55,952 |
Finance |  | Long-term debt, net of current portion |  | 687 |
Total lease liabilities |  |  |  | 70,417 |
The following table summarizes the components of lease expenses for the three months ended March 31, 2019 (in thousands, unaudited):
Lease Cost |  | Classification |  | Three Months Ended March 31, 2019
Operating lease cost |  | Cost of sales and Selling, general and administrative expenses |  | $ | 4,140 |
Finance lease cost |  |  |  |
Amortization of leased assets |  | Selling, general and administrative expenses |  | 72 |
Interest on lease liabilities |  | Interest expense |  | 16 |
Sublease income |  | Cost of sales and Selling, general and administrative expenses |  | (209 | )
Net lease cost |  |  |  | $ | 4,019 |
The maturities of lease liabilities as of March 31, 2019 are as follows (in thousands, unaudited):
|  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 13,352 |  |  | $ | 316 |  |  | $ | 13,668 |
2020 |  | 15,614 |  |  | 349 |  |  | 15,963 |
2021 |  | 13,278 |  |  | 349 |  |  | 13,627 |
2022 |  | 9,428 |  |  | 53 |  |  | 9,481 |
2023 |  | 6,266 |  |  | 7 |  |  | 6,273 |
2024 |  | 5,388 |  |  | — |  |  | 5,388 |
Thereafter |  | 24,341 |  |  | — |  |  | 24,341 |
Total lease payments |  | 87,667 |  |  | 1,074 |  |  | 88,741 |
Less: present value discount |  | (18,045 | ) |  | (279 | ) |  | (18,324 | )
Present value of lease liabilities |  | $ | 69,622 |  |  | $ | 795 |  |  | $ | 70,417 |
The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of March 31, 2019:
Lease Term and Discount Rate |  | March 31, 2019
Weighted-average remaining lease term (years) |  |
Operating leases |  | 7.07 years |
Financing leases |  | 3.20 years |
Weighted-average discount rate |  |
Operating leases |  | 6.58 | %
Financing leases |  | 6.58 | %
The following table summarizes the supplemental cash flow information related to leases as of March 31, 2019:
|  | Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | 4,755 |
Operating cash flows from finance leases |  | 16 |
Financing cash flows from finance leases |  | 1,063 |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases |  | 6,568 |
Finance leases |  | 453 |
Noncash activities from adoption of ASC 842 as of January 1, 2019 |  |
Prepaid expenses and other current assets |  | $ | (884 | )
Operating lease assets |  | $ | 54,069 |
Operating lease liabilities |  | $ | 64,506 |
Accrued liabilities |  | $ | (11,321 | )
Leases | Leases We determine if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded in our condensed consolidated balance sheets. Leases with an initial term greater than 12 months are recognized in our condensed consolidated balance sheets based on lease classification as either operating or financing. Operating leases are included in operating lease assets, accrued liabilities and operating lease liabilities. Finance leases are included in property and equipment, current portion of long-term debt, and long-term debt. Some of our lease agreements include lease and non-lease components for which we have elected to not separate for all classes of underlying assets. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We sublease certain real estate to third parties when we have no future use for the property. Our lease portfolio primarily consists of operating leases for certain manufacturing facilities, warehouses, service facilities, office spaces, equipment and vehicles. Operating lease Right of Use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our leases have remaining terms of 1 year to 15 years and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The following table summarizes the supplemental balance sheet information related to lease as of March 31, 2019 (in thousands, unaudited):
|  |  |  | As of
|  | Classification |  | March 31, 2019
Assets |  |  |  |
Operating lease assets |  | Operating lease assets |  | 55,408 |
Finance lease assets |  | Property and equipment, net of accumulated depreciation |  | 903 |
Total lease assets |  |  |  | 56,311 |
Liabilities |  |  |  |
Current |  |  |  |
Operating |  | Accrued liabilities |  | 13,670 |
Finance |  | Current portion of long-term debt |  | 108 |
Noncurrent |  |  |  |
Operating |  | Operating lease liabilities |  | 55,952 |
Finance |  | Long-term debt, net of current portion |  | 687 |
Total lease liabilities |  |  |  | 70,417 |
The following table summarizes the components of lease expenses for the three months ended March 31, 2019 (in thousands, unaudited):
Lease Cost |  | Classification |  | Three Months Ended March 31, 2019
Operating lease cost |  | Cost of sales and Selling, general and administrative expenses |  | $ | 4,140 |
Finance lease cost |  |  |  |
Amortization of leased assets |  | Selling, general and administrative expenses |  | 72 |
Interest on lease liabilities |  | Interest expense |  | 16 |
Sublease income |  | Cost of sales and Selling, general and administrative expenses |  | (209 | )
Net lease cost |  |  |  | $ | 4,019 |
The maturities of lease liabilities as of March 31, 2019 are as follows (in thousands, unaudited):
|  | Operating Leases |  | Finance Leases |  | Total
Remainder of 2019 |  | $ | 13,352 |  |  | $ | 316 |  |  | $ | 13,668 |
2020 |  | 15,614 |  |  | 349 |  |  | 15,963 |
2021 |  | 13,278 |  |  | 349 |  |  | 13,627 |
2022 |  | 9,428 |  |  | 53 |  |  | 9,481 |
2023 |  | 6,266 |  |  | 7 |  |  | 6,273 |
2024 |  | 5,388 |  |  | — |  |  | 5,388 |
Thereafter |  | 24,341 |  |  | — |  |  | 24,341 |
Total lease payments |  | 87,667 |  |  | 1,074 |  |  | 88,741 |
Less: present value discount |  | (18,045 | ) |  | (279 | ) |  | (18,324 | )
Present value of lease liabilities |  | $ | 69,622 |  |  | $ | 795 |  |  | $ | 70,417 |
The following table summarizes the weighted-average remaining lease term and weighted average discount rates related to leases as of March 31, 2019:
Lease Term and Discount Rate |  | March 31, 2019
Weighted-average remaining lease term (years) |  |
Operating leases |  | 7.07 years |
Financing leases |  | 3.20 years |
Weighted-average discount rate |  |
Operating leases |  | 6.58 | %
Financing leases |  | 6.58 | %
The following table summarizes the supplemental cash flow information related to leases as of March 31, 2019:
|  | Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | 4,755 |
Operating cash flows from finance leases |  | 16 |
Financing cash flows from finance leases |  | 1,063 |
Noncash activities from right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases |  | 6,568 |
Finance leases |  | 453 |
Noncash activities from adoption of ASC 842 as of January 1, 2019 |  |
Prepaid expenses and other current assets |  | $ | (884 | )
Operating lease assets |  | $ | 54,069 |
Operating lease liabilities |  | $ | 64,506 |
Accrued liabilities |  | $ | (11,321 | )

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- 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 + Details
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- 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 + Details
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