LEASES |
LEASES The components of lease expense were as follows:
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December 31, |
($ in thousands) |
Classification in the Consolidated Statements of Operations |
2021 |
2020 |
2019 |
Operating lease cost (a) |
Cost of sales, exclusive of depreciation and amortization |
$ |
4,366 |
|
$ |
4,088 |
|
$ |
4,361 |
|
Operating lease cost (a) |
Selling, general and administrative |
135 |
|
137 |
|
137 |
|
Total operating lease cost |
|
$ |
4,501 |
|
$ |
4,225 |
|
$ |
4,498 |
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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 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
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|
|
|
|
|
Total lease cost |
|
$ |
4,501 |
|
$ |
4,225 |
|
$ |
4,498 |
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(a) Short-term lease costs were approximately $0.8 million, $0.5 million and nil as of December 31, 2021, 2020 and 2019, respectively. |
The Company had no variable lease expense during the period.
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December 31, |
($ in thousands) |
Classification on the Consolidated Balance Sheets |
2021 |
|
2020 |
Assets: |
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|
Operating |
Operating lease assets |
$ |
8,170 |
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|
$ |
10,528 |
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Finance |
Property, plant, and equipment |
— |
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|
— |
|
Total leased assets |
|
$ |
8,170 |
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|
$ |
10,528 |
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Liabilities: |
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Current |
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|
Operating |
Current portion of operating lease liabilities |
$ |
3,227 |
|
|
$ |
3,195 |
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Finance |
Short-term debt and current portion of long-term debt |
— |
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|
— |
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Noncurrent |
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Operating |
Operating lease liabilities |
4,923 |
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|
7,333 |
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Finance |
Long-term debt |
— |
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|
— |
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Total lease liabilities |
|
$ |
8,150 |
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|
$ |
10,528 |
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December 31, |
($ in thousands) |
2021 |
|
2020 |
|
2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
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|
|
Operating cash flows used for operating leases |
$ |
3,678 |
|
|
$ |
3,713 |
|
|
$ |
4,389 |
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Operating cash flows used for finance leases |
— |
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|
— |
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|
— |
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Financing cash flows used for finance leases |
— |
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— |
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|
— |
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Right-of-use assets obtained in exchange for lease obligations: |
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Operating leases |
$ |
915 |
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|
$ |
206 |
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|
$ |
81 |
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Finance leases |
— |
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— |
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— |
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December 31, |
|
2021 |
2020 |
Weighted-average remaining lease term (in years): |
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Operating leases |
3.0 |
3.7 |
Finance leases |
0.0 |
0.0 |
Weighted-average discount rate: |
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|
Operating leases |
4.5 |
% |
4.5 |
% |
Finance leases |
— |
% |
— |
% |
Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company’s estimated incremental borrowing rate is based on information available at the inception of the lease.
As of December 31, 2021, maturities of lease liabilities were as follows:
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|
($ in thousands) |
Operating Leases |
Finance Leases |
2022 |
$ |
3,511 |
|
$ |
— |
|
2023 |
2,619 |
|
— |
|
2024 |
1,298 |
|
— |
|
2025 |
1,123 |
|
— |
|
2026 |
149 |
|
— |
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|
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Total lease payments |
$ |
8,700 |
|
$ |
— |
|
Less: Interest |
550 |
|
— |
|
Total lease obligations |
$ |
8,150 |
|
$ |
— |
|
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LEASES |
LEASES The components of lease expense were as follows:
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|
|
|
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|
|
|
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|
|
December 31, |
($ in thousands) |
Classification in the Consolidated Statements of Operations |
2021 |
2020 |
2019 |
Operating lease cost (a) |
Cost of sales, exclusive of depreciation and amortization |
$ |
4,366 |
|
$ |
4,088 |
|
$ |
4,361 |
|
Operating lease cost (a) |
Selling, general and administrative |
135 |
|
137 |
|
137 |
|
Total operating lease cost |
|
$ |
4,501 |
|
$ |
4,225 |
|
$ |
4,498 |
|
|
|
|
|
|
Finance lease cost: |
|
|
|
|
Amortization of right-of-use assets |
Depreciation |
— |
|
— |
|
— |
|
Interest on lease liabilities |
Interest Expense |
— |
|
— |
|
— |
|
Total finance lease cost |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
Total lease cost |
|
$ |
4,501 |
|
$ |
4,225 |
|
$ |
4,498 |
|
|
|
|
|
|
(a) Short-term lease costs were approximately $0.8 million, $0.5 million and nil as of December 31, 2021, 2020 and 2019, respectively. |
The Company had no variable lease expense during the period.
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|
December 31, |
($ in thousands) |
Classification on the Consolidated Balance Sheets |
2021 |
|
2020 |
Assets: |
|
|
|
|
Operating |
Operating lease assets |
$ |
8,170 |
|
|
$ |
10,528 |
|
Finance |
Property, plant, and equipment |
— |
|
|
— |
|
Total leased assets |
|
$ |
8,170 |
|
|
$ |
10,528 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
Current |
|
|
|
|
Operating |
Current portion of operating lease liabilities |
$ |
3,227 |
|
|
$ |
3,195 |
|
Finance |
Short-term debt and current portion of long-term debt |
— |
|
|
— |
|
Noncurrent |
|
|
|
|
Operating |
Operating lease liabilities |
4,923 |
|
|
7,333 |
|
Finance |
Long-term debt |
— |
|
|
— |
|
Total lease liabilities |
|
$ |
8,150 |
|
|
$ |
10,528 |
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|
December 31, |
($ in thousands) |
2021 |
|
2020 |
|
2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Operating cash flows used for operating leases |
$ |
3,678 |
|
|
$ |
3,713 |
|
|
$ |
4,389 |
|
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 |
$ |
915 |
|
|
$ |
206 |
|
|
$ |
81 |
|
Finance leases |
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2021 |
2020 |
Weighted-average remaining lease term (in years): |
|
|
Operating leases |
3.0 |
3.7 |
Finance leases |
0.0 |
0.0 |
Weighted-average discount rate: |
|
|
Operating leases |
4.5 |
% |
4.5 |
% |
Finance leases |
— |
% |
— |
% |
Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company’s estimated incremental borrowing rate is based on information available at the inception of the lease.
As of December 31, 2021, maturities of lease liabilities were as follows:
|
|
|
|
|
|
|
|
|
($ in thousands) |
Operating Leases |
Finance Leases |
2022 |
$ |
3,511 |
|
$ |
— |
|
2023 |
2,619 |
|
— |
|
2024 |
1,298 |
|
— |
|
2025 |
1,123 |
|
— |
|
2026 |
149 |
|
— |
|
|
|
|
Total lease payments |
$ |
8,700 |
|
$ |
— |
|
Less: Interest |
550 |
|
— |
|
Total lease obligations |
$ |
8,150 |
|
$ |
— |
|
|