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Leases | 9 Months Ended
--- | ---
Sep. 30, 2019
Leases [Abstract] |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02 and all the related amendments using the modified retrospective approach, which resulted in an increase in assets of $13,585 and an increase in current and long-term liabilities of $3,322 and $10,263, respectively. This adoption did not affect our results of operations, cash flows, or our compliance with the covenants of the Amended and Restated Credit Agreement dated March 13, 2015, and as amended by the Second Amendment dated November 7, 2016, or the covenants of the Third Amended and Restated Credit Agreement dated April 30, 2019. We determine if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within our Condensed Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in our Condensed Consolidated Balance Sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. We use the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. Our lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components that we account for as a single lease component. Also, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities. Finance lease and lessor accounting recognition has remained substantially unchanged under ASU 2016-02. The adoption of ASU 2016-02 had no impact on the Company's balance sheet, results of operations, or cash flows for finance leases. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of September 30, 2019, our leases had remaining lease terms of 1 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. As of September 30, 2019, the Company’s operating leases had a weighted average remaining lease term of 6 years and a weighted average discount rate of 5.0%. As of September 30, 2019, the Company’s finance leases had a weighted average remaining lease term of 2 years and a weighted average discount rate of 4.3%. The balance sheet components of the Company's leases were as follows as of September 30, 2019:
|  | September 30, 2019
Operating leases |  |
Operating lease right-of-use assets |  | $ | 13,234 |
Other current liabilities |  | $ | 3,131 |
Long-term operating lease liabilities |  | 10,103 |
Total operating lease liabilities |  | $ | 13,234 |
Finance leases |  |
Property, plant, and equipment |  | $ | 3,448 |
Accumulated amortization |  | (2,828) |
Property, plant, and equipment - net |  | $ | 620 |
Current maturities of long-term debt |  | $ | 478 |
Long-term debt |  | 142 |
Total finance lease liabilities |  | $ | 620 |
The components of lease expense within the Company's statements of operations were as follows for the three and nine months ended September 30, 2019:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2019 |  | September 30, 2019
Finance lease cost: |  |  |  |
Amortization of finance leases |  | $ | 182 |  |  | $ | 539 |
Interest on lease liabilities |  | 16 |  |  | 37 |
Operating lease cost |  | 992 |  |  | 2,822 |
Sublease income |  | — |  |  | (18) |
Total lease cost |  | $ | 1,190 |  |  | $ | 3,380 |
The cash flow components of the Company's leases were as follows for the nine months ended September 30, 2019:
|  | Nine Months Ended
|  | September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | (3,287) |
Financing cash flows from finance leases |  | (539) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |
Operating leases |  | $ | 2,459 |
As of September 30, 2019, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2019 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remaining 2019 |  | $ | 1,072 |  |  | $ | 179 |
2020 |  | 3,438 |  |  | 424 |
2021 |  | 2,434 |  |  | 105 |
2022 |  | 2,148 |  |  | 52 |
2023 |  | 1,671 |  |  | — |
2024 and thereafter |  | 5,054 |  |  | — |
Total undiscounted lease payments |  | 15,817 |  |  | 760 |
Interest |  | (2,583) |  |  | (140) |
Total |  | $ | 13,234 |  |  | $ | 620 |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02 and all the related amendments using the modified retrospective approach, which resulted in an increase in assets of $13,585 and an increase in current and long-term liabilities of $3,322 and $10,263, respectively. This adoption did not affect our results of operations, cash flows, or our compliance with the covenants of the Amended and Restated Credit Agreement dated March 13, 2015, and as amended by the Second Amendment dated November 7, 2016, or the covenants of the Third Amended and Restated Credit Agreement dated April 30, 2019. We determine if an arrangement is a lease at its inception. Operating leases are included in “Operating lease right-of-use assets,” “Other current liabilities,” and “Long-term operating lease liabilities” within our Condensed Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in our Condensed Consolidated Balance Sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. We use the implicit rate when readily determinable. The operating lease right-of-use asset also includes indirect costs incurred and lease payments made prior to the commencement date, less any lease incentives received. Our lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components that we account for as a single lease component. Also, for certain equipment leases, we apply a portfolio approach to effectively account for the operating lease right-of-use assets and liabilities. Finance lease and lessor accounting recognition has remained substantially unchanged under ASU 2016-02. The adoption of ASU 2016-02 had no impact on the Company's balance sheet, results of operations, or cash flows for finance leases. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of September 30, 2019, our leases had remaining lease terms of 1 to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. As of September 30, 2019, the Company’s operating leases had a weighted average remaining lease term of 6 years and a weighted average discount rate of 5.0%. As of September 30, 2019, the Company’s finance leases had a weighted average remaining lease term of 2 years and a weighted average discount rate of 4.3%. The balance sheet components of the Company's leases were as follows as of September 30, 2019:
|  | September 30, 2019
Operating leases |  |
Operating lease right-of-use assets |  | $ | 13,234 |
Other current liabilities |  | $ | 3,131 |
Long-term operating lease liabilities |  | 10,103 |
Total operating lease liabilities |  | $ | 13,234 |
Finance leases |  |
Property, plant, and equipment |  | $ | 3,448 |
Accumulated amortization |  | (2,828) |
Property, plant, and equipment - net |  | $ | 620 |
Current maturities of long-term debt |  | $ | 478 |
Long-term debt |  | 142 |
Total finance lease liabilities |  | $ | 620 |
The components of lease expense within the Company's statements of operations were as follows for the three and nine months ended September 30, 2019:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2019 |  | September 30, 2019
Finance lease cost: |  |  |  |
Amortization of finance leases |  | $ | 182 |  |  | $ | 539 |
Interest on lease liabilities |  | 16 |  |  | 37 |
Operating lease cost |  | 992 |  |  | 2,822 |
Sublease income |  | — |  |  | (18) |
Total lease cost |  | $ | 1,190 |  |  | $ | 3,380 |
The cash flow components of the Company's leases were as follows for the nine months ended September 30, 2019:
|  | Nine Months Ended
|  | September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | (3,287) |
Financing cash flows from finance leases |  | (539) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |
Operating leases |  | $ | 2,459 |
As of September 30, 2019, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2019 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remaining 2019 |  | $ | 1,072 |  |  | $ | 179 |
2020 |  | 3,438 |  |  | 424 |
2021 |  | 2,434 |  |  | 105 |
2022 |  | 2,148 |  |  | 52 |
2023 |  | 1,671 |  |  | — |
2024 and thereafter |  | 5,054 |  |  | — |
Total undiscounted lease payments |  | 15,817 |  |  | 760 |
Interest |  | (2,583) |  |  | (140) |
Total |  | $ | 13,234 |  |  | $ | 620 |

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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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