LEASES (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Leases [Abstract] |
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Lease information |
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($ in thousands) |
December 31, 2019 |
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December 31, 2018 |
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December 31, 2017 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows used for operating leases |
$ |
4,389 |
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$ |
— |
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$ |
— |
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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 |
$ |
81 |
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$ |
— |
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$ |
— |
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Finance leases |
— |
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— |
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— |
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The components of lease expense were as follows:
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($ in thousands) |
Classification in the Consolidated Statements of Operations |
December 31, 2019 |
December 31, 2018 |
December 31, 2017 |
Operating lease cost (a) |
Cost of sales, exclusive of depreciation and amortization |
$ |
4,361 |
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$ |
— |
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$ |
— |
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Operating lease cost (a) |
Selling, general and administrative |
137 |
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— |
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— |
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Total operating lease cost |
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$ |
4,498 |
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$ |
— |
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$ |
— |
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Finance lease cost: |
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Amortization of right-of-use assets |
Depreciation |
— |
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— |
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— |
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Interest on lease liabilities |
Interest Expense |
— |
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— |
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— |
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Total finance lease cost |
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$ |
— |
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$ |
— |
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$ |
— |
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Total lease cost |
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$ |
4,498 |
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$ |
— |
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$ |
— |
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(a) Short-term lease costs were approximately $64,000, nil and nil as of December 31, 2019, 2018 and 2017, respectively. |
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Lease information |
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($ in thousands) |
Classification on the Consolidated Balance Sheets |
December 31, 2019 |
Assets: |
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Operating |
Operating lease assets |
$ |
13,512 |
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Finance |
Property, plant, and equipment |
— |
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Total leased assets |
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$ |
13,512 |
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Liabilities: |
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Current |
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Operating |
Current portion of operating lease liabilities |
$ |
3,174 |
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Finance |
Short-term debt and current portion of long-term debt |
— |
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Noncurrent |
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Operating |
Operating lease liabilities |
10,338 |
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Finance |
Long-term debt |
— |
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Total lease liabilities |
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$ |
13,512 |
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December 31, 2019 |
Weighted-average remaining lease term (in years): |
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Operating leases |
4.5 |
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Finance leases |
0.0 |
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Weighted-average discount rate: |
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Operating leases |
4.5 |
% |
Finance leases |
— |
% |
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Operating lease maturities |
As of December 31, 2019, maturities of lease liabilities were as follows:
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
3,703 |
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$ |
— |
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2021 |
3,540 |
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— |
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2022 |
3,218 |
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— |
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2023 |
2,329 |
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— |
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2024 |
1,026 |
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— |
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Thereafter |
1,082 |
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— |
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Total lease payments |
$ |
14,898 |
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$ |
— |
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Less: Interest |
1,386 |
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— |
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Total lease obligations |
$ |
13,512 |
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$ |
— |
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Finance lease maturities |
As of December 31, 2019, maturities of lease liabilities were as follows:
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($ in thousands) |
Operating Leases |
Finance Leases |
2020 |
$ |
3,703 |
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$ |
— |
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2021 |
3,540 |
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— |
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2022 |
3,218 |
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— |
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2023 |
2,329 |
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— |
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2024 |
1,026 |
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— |
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Thereafter |
1,082 |
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— |
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Total lease payments |
$ |
14,898 |
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$ |
— |
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Less: Interest |
1,386 |
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— |
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Total lease obligations |
$ |
13,512 |
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$ |
— |
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Operating leases, future minimum rental payments |
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 |
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2020 |
3,583 |
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2021 |
3,418 |
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2022 |
3,107 |
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2023 |
2,288 |
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Beyond 2023 |
2,065 |
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