LEASES (Tables)
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9 Months Ended |
Sep. 30, 2019 |
Leases [Abstract] |
|
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 September 30, 2019 |
|
Nine Months Ended September 30, 2019 |
Operating lease cost (a) |
Cost of sales, exclusive of depreciation and amortization |
$ |
1,114 |
|
|
$ |
3,369 |
|
Operating lease cost (a) |
Selling, general and administrative |
34 |
|
|
103 |
|
Total operating lease cost |
|
$ |
1,148 |
|
|
$ |
3,472 |
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|
|
|
|
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Finance lease cost: |
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|
|
|
Amortization of right-of-use assets |
Depreciation |
$ |
— |
|
|
— |
|
Interest on lease liabilities |
Interest Expense |
— |
|
|
— |
|
Total finance lease cost |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
Total lease cost |
|
$ |
1,148 |
|
|
$ |
3,472 |
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|
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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 |
September 30, 2019 |
Assets: |
|
|
Operating |
Operating lease assets |
$ |
14,364 |
|
Finance |
Property, plant, and equipment |
— |
|
Total leased assets |
|
$ |
14,364 |
|
|
|
|
Liabilities: |
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|
Current |
|
|
Operating |
Current portion of operating lease liabilities |
$ |
3,247 |
|
Finance |
Short-term debt and current portion of long-term debt |
— |
|
Noncurrent |
|
|
Operating |
Operating lease liabilities |
11,117 |
|
Finance |
Long-term debt |
— |
|
Total lease liabilities |
|
$ |
14,364 |
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
Three Months Ended September 30, 2019 |
|
Nine Months Ended September 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 |
— |
|
|
— |
|
|
|
|
|
|
September 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 September 30, 2019, maturities of lease liabilities were as follows:
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|
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
3,811 |
|
$ |
— |
|
2021 |
3,559 |
|
— |
|
2022 |
3,391 |
|
— |
|
2023 |
2,571 |
|
— |
|
2024 |
1,243 |
|
— |
|
Thereafter |
1,329 |
|
— |
|
Total lease payments |
$ |
15,904 |
|
$ |
— |
|
Less: Interest |
1,540 |
|
— |
|
Total lease obligations |
$ |
14,364 |
|
$ |
— |
|
|
Finance lease maturities |
As of September 30, 2019, maturities of lease liabilities were as follows:
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
3,811 |
|
$ |
— |
|
2021 |
3,559 |
|
— |
|
2022 |
3,391 |
|
— |
|
2023 |
2,571 |
|
— |
|
2024 |
1,243 |
|
— |
|
Thereafter |
1,329 |
|
— |
|
Total lease payments |
$ |
15,904 |
|
$ |
— |
|
Less: Interest |
1,540 |
|
— |
|
Total lease obligations |
$ |
14,364 |
|
$ |
— |
|
|
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 |
|
Beyond 2023 |
2,065 |
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