Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Lease information
The components of lease expense were as follows:
($ 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

 
 
 
 
 
Finance lease cost:
 
 
 
 
Amortization of right-of-use assets
Depreciation
$

 

Interest on lease liabilities
Interest Expense

 

Total finance lease cost
 
$

 
$

 
 
 
 
 
Total lease cost
 
$
1,190

 
$
2,363

 
 
 
 
 
(a) Short-term lease costs were approximately $64 thousand during the period.
 
 
($ in thousands)
Classification on the Condensed Consolidated Balance Sheets
June 30, 2019
Assets:
 
 
Operating
Operating lease assets
$
15,197

Finance
Property, plant, and equipment

Total leased assets
 
$
15,197

 
 
 
Liabilities:
 
 
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

($ 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:
 
 
 
Operating leases
$
25

 
$
138

Finance leases

 

 
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:
($ 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:
($ 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:
($ in thousands)
Operating Leases
2019
$
3,670

2020
3,583

2021
3,418

2022
3,107

2023
2,288

Beyond 2023
2,065