Annual report pursuant to Section 13 and 15(d)

LEASES

v3.22.0.1
LEASES
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
The components of lease expense were as follows:
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, $0.5 million and nil as of December 31, 2021, 2020 and 2019, respectively.
The Company had no variable lease expense during the period.
December 31,
($ 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 
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  $ — 
LEASES LEASES
The components of lease expense were as follows:
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, $0.5 million and nil as of December 31, 2021, 2020 and 2019, respectively.
The Company had no variable lease expense during the period.
December 31,
($ 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 
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  $ —