Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Lease Cost
The components of lease expense were as follows:
($ in thousands) Classification in the Condensed Consolidated Statements of Income Three Months Ended March 31,
2022 2021
Operating lease cost (a) Cost of sales, exclusive of depreciation and amortization $ 1,164  $ 1,049 
Operating lease cost (a) Selling, general and administrative 13  34 
Total lease cost   $ 1,177  $ 1,083 
(a) Short-term lease costs were approximately $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.
Three Months Ended
March 31,
($ in thousands) 2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases $ 948  $ 903 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ —  $ 19 
  March 31, 2022 March 31, 2021
Weighted-average remaining lease term (in years):  
Operating leases 2.9 3.5
Weighted-average discount rate:
Operating leases 4.5  % 4.5  %
Schedule of Lease Assets and Liabilities
($ in thousands) Classification on the Condensed Consolidated Balance Sheets March 31, 2022 December 31, 2021
Assets:  
Operating Operating lease assets $ 7,305  $ 8,170 
Total lease right-of-use assets, net   $ 7,305  $ 8,170 
Liabilities:  
Current:  
Operating Current portion of operating lease liabilities $ 3,085  $ 3,227 
Noncurrent:  
Operating Operating lease liabilities 4,202  4,923 
Total lease liabilities   $ 7,287  $ 8,150 
Operating Lease Maturities
As of March 31, 2022, maturities of lease liabilities were as follows:
($ in thousands) Operating Leases
2022 $ 2,563 
2023 2,619 
2024 1,298 
2025 1,123 
2026 149 
Total lease payments $ 7,752 
Less: Interest 465 
Total lease obligations $ 7,287