LEASES (Tables)
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6 Months Ended |
Jun. 30, 2019 |
Leases [Abstract] |
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Lease information |
The components of lease expense were as follows:
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($ in thousands) |
Classification in the Condensed Consolidated Statements of Income |
Three Months Ended June 30, 2019 |
|
Six Months Ended June 30, 2019 |
Operating lease cost (a) |
Cost of sales, exclusive of depreciation and amortization |
$ |
1,152 |
|
|
$ |
2,291 |
|
Operating lease cost (a) |
Selling, general and administrative |
38 |
|
|
72 |
|
Total operating lease cost |
|
$ |
1,190 |
|
|
$ |
2,363 |
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|
|
|
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Finance lease cost: |
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|
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Amortization of right-of-use assets |
Depreciation |
$ |
— |
|
|
— |
|
Interest on lease liabilities |
Interest Expense |
— |
|
|
— |
|
Total finance lease cost |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
Total lease cost |
|
$ |
1,190 |
|
|
$ |
2,363 |
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(a) Short-term lease costs were approximately $64 thousand during the period. |
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($ in thousands) |
Classification on the Condensed Consolidated Balance Sheets |
June 30, 2019 |
Assets: |
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|
Operating |
Operating lease assets |
$ |
15,197 |
|
Finance |
Property, plant, and equipment |
— |
|
Total leased assets |
|
$ |
15,197 |
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|
|
|
Liabilities: |
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Current |
|
|
Operating |
Current portion of operating lease liabilities |
$ |
3,412 |
|
Finance |
Short-term debt and current portion of long-term debt |
— |
|
Noncurrent |
|
|
Operating |
Operating lease liabilities |
11,785 |
|
Finance |
Long-term debt |
— |
|
Total lease liabilities |
|
$ |
15,197 |
|
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|
|
|
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|
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($ in thousands) |
Three Months Ended June 30, 2019 |
|
Six Months Ended June 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
Operating cash flows used for operating leases |
$ |
1,127 |
|
|
$ |
2,260 |
|
Operating cash flows used for finance leases |
— |
|
|
— |
|
Financing cash flows used for finance leases |
— |
|
|
— |
|
Right-of-use assets obtained in exchange for lease obligations: |
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|
Operating leases |
$ |
25 |
|
|
$ |
138 |
|
Finance leases |
— |
|
|
— |
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|
|
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|
June 30, 2019 |
Weighted-average remaining lease term (in years): |
|
Operating leases |
4.8 |
|
Finance leases |
0.0 |
|
Weighted-average discount rate: |
|
Operating leases |
4.5 |
% |
Finance leases |
— |
% |
|
Operating lease maturities |
As of June 30, 2019, maturities of lease liabilities were as follows:
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
4,010 |
|
$ |
— |
|
2021 |
3,576 |
|
— |
|
2022 |
3,480 |
|
— |
|
2023 |
2,806 |
|
— |
|
2024 |
1,460 |
|
— |
|
Thereafter |
1,549 |
|
— |
|
Total lease payments |
$ |
16,881 |
|
$ |
— |
|
Less: Interest |
1,684 |
|
— |
|
Total lease obligations |
$ |
15,197 |
|
$ |
— |
|
|
Finance lease maturities |
As of June 30, 2019, maturities of lease liabilities were as follows:
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
4,010 |
|
$ |
— |
|
2021 |
3,576 |
|
— |
|
2022 |
3,480 |
|
— |
|
2023 |
2,806 |
|
— |
|
2024 |
1,460 |
|
— |
|
Thereafter |
1,549 |
|
— |
|
Total lease payments |
$ |
16,881 |
|
$ |
— |
|
Less: Interest |
1,684 |
|
— |
|
Total lease obligations |
$ |
15,197 |
|
$ |
— |
|
|
Operating leases, future minimum rental payments |
Minimum lease commitments as of December 31, 2018 that have initial or remaining lease terms in excess of one year are as follows:
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($ in thousands) |
Operating Leases |
2019 |
$ |
3,670 |
|
2020 |
3,583 |
|
2021 |
3,418 |
|
2022 |
3,107 |
|
2023 |
2,288 |
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Beyond 2023 |
2,065 |
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