Annual report pursuant to Section 13 and 15(d)

LEASES

v3.20.4
LEASES
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
LEASES LEASES
The components of lease expense were as follows:
December 31,
($ in thousands) Classification in the Consolidated Statements of Operations 2020 2019 2018
Operating lease cost (a) Cost of sales, exclusive of depreciation and amortization $ 4,088  $ 4,361  $ — 
Operating lease cost (a) Selling, general and administrative 137  137  — 
Total operating lease cost   $ 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   $ 4,225  $ 4,498  $ — 
(a) Short-term lease costs were approximately $0.5 million, $0.1 million and nil as of December 31, 2020, 2019 and 2018, respectively.
The Company had no variable lease expense during the period.
December 31,
($ in thousands) Classification on the Consolidated Balance Sheets 2020 2019
Assets:  
Operating Operating lease assets $ 10,528  $ 13,512 
Finance Property, plant, and equipment —  — 
Total leased assets   $ 10,528  $ 13,512 
Liabilities:  
Current  
Operating Current portion of operating lease liabilities $ 3,195  $ 3,174 
Finance Short-term debt and current portion of long-term debt —  — 
Noncurrent  
Operating Operating lease liabilities 7,333  10,338 
Finance Long-term debt —  — 
Total lease liabilities   $ 10,528  $ 13,512 
December 31,
($ in thousands) 2020 2019 2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases $ 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 $ 206  $ 81  $ — 
Finance leases —  —  — 
December 31,
  2020 2019
Weighted-average remaining lease term (in years):  
Operating leases 3.7 4.5
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, 2020, maturities of lease liabilities were as follows:
($ in thousands) Operating Leases Finance Leases
2020 $ 3,590  $ — 
2021 3,268  — 
2022 2,376  — 
2023 1,062  — 
2024 991  — 
Thereafter 117  — 
Total lease payments $ 11,404  $ — 
Less: Interest 876  — 
Total lease obligations $ 10,528  $ — 
LEASES LEASES
The components of lease expense were as follows:
December 31,
($ in thousands) Classification in the Consolidated Statements of Operations 2020 2019 2018
Operating lease cost (a) Cost of sales, exclusive of depreciation and amortization $ 4,088  $ 4,361  $ — 
Operating lease cost (a) Selling, general and administrative 137  137  — 
Total operating lease cost   $ 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   $ 4,225  $ 4,498  $ — 
(a) Short-term lease costs were approximately $0.5 million, $0.1 million and nil as of December 31, 2020, 2019 and 2018, respectively.
The Company had no variable lease expense during the period.
December 31,
($ in thousands) Classification on the Consolidated Balance Sheets 2020 2019
Assets:  
Operating Operating lease assets $ 10,528  $ 13,512 
Finance Property, plant, and equipment —  — 
Total leased assets   $ 10,528  $ 13,512 
Liabilities:  
Current  
Operating Current portion of operating lease liabilities $ 3,195  $ 3,174 
Finance Short-term debt and current portion of long-term debt —  — 
Noncurrent  
Operating Operating lease liabilities 7,333  10,338 
Finance Long-term debt —  — 
Total lease liabilities   $ 10,528  $ 13,512 
December 31,
($ in thousands) 2020 2019 2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases $ 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 $ 206  $ 81  $ — 
Finance leases —  —  — 
December 31,
  2020 2019
Weighted-average remaining lease term (in years):  
Operating leases 3.7 4.5
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, 2020, maturities of lease liabilities were as follows:
($ in thousands) Operating Leases Finance Leases
2020 $ 3,590  $ — 
2021 3,268  — 
2022 2,376  — 
2023 1,062  — 
2024 991  — 
Thereafter 117  — 
Total lease payments $ 11,404  $ — 
Less: Interest 876  — 
Total lease obligations $ 10,528  $ —