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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases | Leases 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. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of March 31, 2020, 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. The balance sheet components of the Company's leases were as follows as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020 |  | December 31, 2019
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 18,275 |  |  | $ | 13,274 |
Other current liabilities |  | $ | 3,227 |  |  | $ | 3,006 |
Long-term operating lease liabilities |  | 15,048 |  |  | 10,268 |
Total operating lease liabilities |  | $ | 18,275 |  |  | $ | 13,274 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 3,469 |  |  | $ | 3,518 |
Accumulated amortization |  | (3,095) |  |  | (2,943) |
Property, plant, and equipment - net |  | $ | 374 |  |  | $ | 575 |
Current maturities of long-term debt |  | $ | 231 |  |  | $ | 405 |
Long-term debt |  | 143 |  |  | 170 |
Total finance lease liabilities |  | $ | 374 |  |  | $ | 575 |
The components of lease expense within the Company's statements of operations were as follows for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |  |  |  |  |  |
|  | 2020 |  | 2019 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance leases |  | $ | 184 |  |  | $ | 178 |  |  |  |  |
Interest on lease liabilities |  | 18 |  |  | 9 |  |  |  |  |
Operating lease cost |  | 980 |  |  | 916 |  |  |  |  |
Sublease income |  | (20) |  |  | (9) |  |  |  |  |
Total lease cost |  | $ | 1,162 |  |  | $ | 1,094 |  |  |  |  |
The cash flow components of the Company's leases were as follows for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |  |
|  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows related to operating leases |  | $ | (1,210) |  |  | $ | (1,079) |
Financing cash flows related to finance leases |  | (184) |  |  | (181) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  | $ | 5,981 |  |  | $ | 447 |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:
|  | Three Months Ended March 31, |  |
|  | 2020 |  | 2019
Operating lease weighted-average remaining lease term |  | 7 |  | 6
Operating lease weighted-average discount rate |  | 5.2 | % |  |  | 4.9 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4.3 | % |  |  | 4.3 | %
As of March 31, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remaining 2020 |  | $ | 2,877 |  |  | $ | 266 |
2021 |  | 3,012 |  |  | 131 |
2022 |  | 2,689 |  |  | 47 |
2023 |  | 2,483 |  |  | 17 |
2024 |  | 2,422 |  |  | 11 |
2025 and thereafter |  | 7,577 |  |  | — |
Total undiscounted lease payments |  | 21,060 |  |  | 472 |
Interest |  | (2,785) |  |  | (98) |
Total |  | $ | 18,275 |  |  | $ | 374 |
Leases | Leases 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. The Company has operating and finance leases for manufacturing facilities, corporate offices, sales offices, vehicles, and certain equipment. As of March 31, 2020, 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. The balance sheet components of the Company's leases were as follows as of March 31, 2020 and December 31, 2019:
|  | March 31, 2020 |  | December 31, 2019
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 18,275 |  |  | $ | 13,274 |
Other current liabilities |  | $ | 3,227 |  |  | $ | 3,006 |
Long-term operating lease liabilities |  | 15,048 |  |  | 10,268 |
Total operating lease liabilities |  | $ | 18,275 |  |  | $ | 13,274 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 3,469 |  |  | $ | 3,518 |
Accumulated amortization |  | (3,095) |  |  | (2,943) |
Property, plant, and equipment - net |  | $ | 374 |  |  | $ | 575 |
Current maturities of long-term debt |  | $ | 231 |  |  | $ | 405 |
Long-term debt |  | 143 |  |  | 170 |
Total finance lease liabilities |  | $ | 374 |  |  | $ | 575 |
The components of lease expense within the Company's statements of operations were as follows for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |  |  |  |  |  |
|  | 2020 |  | 2019 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of finance leases |  | $ | 184 |  |  | $ | 178 |  |  |  |  |
Interest on lease liabilities |  | 18 |  |  | 9 |  |  |  |  |
Operating lease cost |  | 980 |  |  | 916 |  |  |  |  |
Sublease income |  | (20) |  |  | (9) |  |  |  |  |
Total lease cost |  | $ | 1,162 |  |  | $ | 1,094 |  |  |  |  |
The cash flow components of the Company's leases were as follows for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |  |
|  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows related to operating leases |  | $ | (1,210) |  |  | $ | (1,079) |
Financing cash flows related to finance leases |  | (184) |  |  | (181) |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |
Operating leases |  | $ | 5,981 |  |  | $ | 447 |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows:
|  | Three Months Ended March 31, |  |
|  | 2020 |  | 2019
Operating lease weighted-average remaining lease term |  | 7 |  | 6
Operating lease weighted-average discount rate |  | 5.2 | % |  |  | 4.9 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4.3 | % |  |  | 4.3 | %
As of March 31, 2020, estimated annual maturities of lease liabilities remaining for the year ending December 31, 2020 and thereafter were as follows:
|  | Operating Leases |  | Finance Leases
Remaining 2020 |  | $ | 2,877 |  |  | $ | 266 |
2021 |  | 3,012 |  |  | 131 |
2022 |  | 2,689 |  |  | 47 |
2023 |  | 2,483 |  |  | 17 |
2024 |  | 2,422 |  |  | 11 |
2025 and thereafter |  | 7,577 |  |  | — |
Total undiscounted lease payments |  | 21,060 |  |  | 472 |
Interest |  | (2,785) |  |  | (98) |
Total |  | $ | 18,275 |  |  | $ | 374 |

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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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