XML 32 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02 and all 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 the Company’s results of operations or cash flows. The Company determines 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 the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s 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 the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses 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. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies 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 sheets, 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 December 31, 2020, its leases had remaining lease terms of 2 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 leases were as follows as of December 31, 2020 and 2019:
|  | December 31, 2020 |  | December 31, 2019
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 16,069 |  |  | $ | 11,280 |
Other current liabilities |  | $ | 2,553 |  |  | $ | 2,268 |
Long-term operating lease liabilities |  | 13,516 |  |  | 9,012 |
Total operating lease liabilities |  | $ | 16,069 |  |  | $ | 11,280 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 1,116 |  |  | $ | 3,426 |
Accumulated amortization |  | (869) |  |  | (2,892) |
Property, plant, and equipment - net |  | $ | 247 |  |  | $ | 534 |
Current maturities of long-term debt |  | $ | 119 |  |  | $ | 377 |
Long-term debt |  | 128 |  |  | 157 |
Total finance lease liabilities |  | $ | 247 |  |  | $ | 534 |
The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2020 and 2019:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  |
Finance lease cost: |  |  |  |  |  |
Amortization of finance leases |  | $ | 429 |  |  | $ | 692 |  |  |
Interest on lease liabilities |  | 72 |  |  | 54 |  |  |
Operating lease cost |  | 2,964 |  | 3,176 |  |  |
Sublease income |  | (167) |  |  | (18) |  |  |
Total lease cost |  | $ | 3,298 |  |  | $ | 3,904 |  |  |
The cash flow components of the leases were as follows for the year ended December 31, 2020 and 2019:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | (3,636) |  |  | $ | (3,829) |  |  |
Financing cash flows from finance leases |  | (461) |  |  | (692) |  |  |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |
Operating leases |  | $ | 7,753 |  |  | $ | 2,495 |  |  |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
|  | December 31,
|  | 2020 |  | 2019
Operating lease weighted-average remaining lease term |  | 7 |  | 7
Operating lease weighted-average discount rate |  | 5.1 | % |  | 5.2 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4.2 | % |  | 4.3 | %
As of December 31, 2020, estimated annual maturities of lease liabilities for the year ending December 31, 2021 and thereafter were as follows:
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 3,305 |  |  | $ | 174 |
2022 |  | 2,856 |  |  | 97 |
2023 |  | 2,632 |  |  | 29 |
2024 |  | 2,587 |  |  | 11 |
2025 |  | 2,385 |  |  | — |
2026 and thereafter |  | 5,378 |  |  | — |
|  | 19,143 |  |  | 311 |
Interest |  | (3,074) |  |  | (64) |
Total |  | $ | 16,069 |  |  | $ | 247 |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02 and all 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 the Company’s results of operations or cash flows. The Company determines 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 the Consolidated Balance Sheets. Finance leases are included in “Property, plant, and equipment - net,” “Current maturities of long-term debt,” and “Long-term debt” in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s 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 the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company uses 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. The Company’s lease terms may include options to extend or terminate the lease and will be recognized when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that it accounts for as a single lease component. Also, for certain equipment leases, the Company applies 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 sheets, 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 December 31, 2020, its leases had remaining lease terms of 2 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 leases were as follows as of December 31, 2020 and 2019:
|  | December 31, 2020 |  | December 31, 2019
Operating leases |  |  |  |
Operating lease right-of-use assets |  | $ | 16,069 |  |  | $ | 11,280 |
Other current liabilities |  | $ | 2,553 |  |  | $ | 2,268 |
Long-term operating lease liabilities |  | 13,516 |  |  | 9,012 |
Total operating lease liabilities |  | $ | 16,069 |  |  | $ | 11,280 |
Finance leases |  |  |  |
Property, plant, and equipment |  | $ | 1,116 |  |  | $ | 3,426 |
Accumulated amortization |  | (869) |  |  | (2,892) |
Property, plant, and equipment - net |  | $ | 247 |  |  | $ | 534 |
Current maturities of long-term debt |  | $ | 119 |  |  | $ | 377 |
Long-term debt |  | 128 |  |  | 157 |
Total finance lease liabilities |  | $ | 247 |  |  | $ | 534 |
The components of lease expense within the Consolidated Statements of Operations were as follows for the years ended December 31, 2020 and 2019:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  |
Finance lease cost: |  |  |  |  |  |
Amortization of finance leases |  | $ | 429 |  |  | $ | 692 |  |  |
Interest on lease liabilities |  | 72 |  |  | 54 |  |  |
Operating lease cost |  | 2,964 |  | 3,176 |  |  |
Sublease income |  | (167) |  |  | (18) |  |  |
Total lease cost |  | $ | 3,298 |  |  | $ | 3,904 |  |  |
The cash flow components of the leases were as follows for the year ended December 31, 2020 and 2019:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | (3,636) |  |  | $ | (3,829) |  |  |
Financing cash flows from finance leases |  | (461) |  |  | (692) |  |  |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |
Operating leases |  | $ | 7,753 |  |  | $ | 2,495 |  |  |
The weighted-average remaining lease term (in years) and discount rate related to the operating leases were as follows for the periods presented:
|  | December 31,
|  | 2020 |  | 2019
Operating lease weighted-average remaining lease term |  | 7 |  | 7
Operating lease weighted-average discount rate |  | 5.1 | % |  | 5.2 | %
Finance lease weighted-average remaining lease term |  | 1 |  | 1
Finance lease weighted-average discount rate |  | 4.2 | % |  | 4.3 | %
As of December 31, 2020, estimated annual maturities of lease liabilities for the year ending December 31, 2021 and thereafter were as follows:
Year Ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 3,305 |  |  | $ | 174 |
2022 |  | 2,856 |  |  | 97 |
2023 |  | 2,632 |  |  | 29 |
2024 |  | 2,587 |  |  | 11 |
2025 |  | 2,385 |  |  | — |
2026 and thereafter |  | 5,378 |  |  | — |
|  | 19,143 |  |  | 311 |
Interest |  | (3,074) |  |  | (64) |
Total |  | $ | 16,069 |  |  | $ | 247 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration