| Lessee, Finance Leases |
13. Leases:
Operating lease costs of $16,817 and $15,125 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statement of income for the year ended December 31, 2020 and 2019, respectively. Finance lease, short-term lease and variable lease costs for the years ended December 31, 2020 and 2019 were not material. Lease income is not material to the results of operations for the years ended December 31, 2020 and 2019.
The Company entered into a sale-leaseback transaction during the year ended December 31, 2019. Disclosures related to this transaction can be found within Note 8 to these consolidated financial statements.
The table below presents the operating and finance right-of-use lease assets and lease liabilities recognized on the consolidated balance sheet as of December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classification |
|
December 31,
2020 |
|
December 31,
2019 |
| Assets |
|
|
|
|
|
|
| Operating lease assets |
|
Right-of-use lease assets |
|
$ |
48,239 |
|
|
$ |
48,417 |
|
| Finance lease assets |
|
Property, plant and equipment, net |
|
1,752 |
|
|
1,556 |
|
| Total leased assets |
|
|
|
$ |
49,991 |
|
|
$ |
49,973 |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
| Operating lease liabilities |
|
Operating lease liabilities—current |
|
$ |
15,194 |
|
|
$ |
11,857 |
|
| Finance lease liabilities |
|
Accrued liabilities |
|
262 |
|
|
185 |
|
|
|
|
|
|
|
|
| Noncurrent: |
|
|
|
|
|
|
| Operating lease liabilities |
|
Operating lease liabilities—noncurrent |
|
32,019 |
|
|
34,908 |
|
| Finance lease liabilities |
|
Other long-term liabilities |
|
366 |
|
|
315 |
|
| Total lease liabilities |
|
|
|
$ |
47,841 |
|
|
$ |
47,265 |
|
|
|
|
|
|
|
|
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020 |
|
December 31,
2019 |
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
5.18 |
|
5.51 |
| Finance leases |
|
2.45 |
|
2.65 |
|
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
5.55 |
% |
|
5.66 |
% |
| Finance leases |
|
4.67 |
% |
|
4.67 |
% |
|
|
|
|
|
Maturities of lease liabilities as of December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year |
|
Operating
Leases |
|
Finance
Leases |
|
|
| 2021 |
|
$ |
17,363 |
|
|
$ |
406 |
|
|
|
| 2022 |
|
10,707 |
|
|
161 |
|
|
|
| 2023 |
|
8,655 |
|
|
40 |
|
|
|
| 2024 |
|
6,404 |
|
|
35 |
|
|
|
| 2025 |
|
3,917 |
|
|
8 |
|
|
|
| Thereafter |
|
7,785 |
|
|
— |
|
|
|
| Total lease payments |
|
54,831 |
|
|
650 |
|
|
|
| Less: Interest |
|
(7,618) |
|
|
(22) |
|
|
|
| Total lease liabilities |
|
$ |
47,213 |
|
|
$ |
628 |
|
|
|
|
|
|
|
|
|
|
(1) Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the presentation of the lease liabilities in the Company’s consolidated balance sheet at December 31, 2020.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2020 |
|
2019 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Payments on operating leases included in operating cash flows |
|
$ |
16,135 |
|
|
$ |
14,814 |
|
| Interest payments under finance lease obligations included in operating cash flows |
|
21 |
|
|
26 |
|
| Principal payments under finance lease obligations included in financing cash flows |
|
209 |
|
|
177 |
|
|
|
|
|
|
| Right-of-use assets obtained in exchange for new lease liabilities (non-cash): |
|
|
|
|
| Operating leases |
|
14,439 |
|
|
8,798 |
|
| Finance leases |
|
353 |
|
|
— |
|
|
|
|
|
|
|
| Lessee, Operating Leases |
13. Leases:
Operating lease costs of $16,817 and $15,125 are included in cost of goods sold and in selling, general and administrative expenses on the consolidated statement of income for the year ended December 31, 2020 and 2019, respectively. Finance lease, short-term lease and variable lease costs for the years ended December 31, 2020 and 2019 were not material. Lease income is not material to the results of operations for the years ended December 31, 2020 and 2019.
The Company entered into a sale-leaseback transaction during the year ended December 31, 2019. Disclosures related to this transaction can be found within Note 8 to these consolidated financial statements.
The table below presents the operating and finance right-of-use lease assets and lease liabilities recognized on the consolidated balance sheet as of December 31, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classification |
|
December 31,
2020 |
|
December 31,
2019 |
| Assets |
|
|
|
|
|
|
| Operating lease assets |
|
Right-of-use lease assets |
|
$ |
48,239 |
|
|
$ |
48,417 |
|
| Finance lease assets |
|
Property, plant and equipment, net |
|
1,752 |
|
|
1,556 |
|
| Total leased assets |
|
|
|
$ |
49,991 |
|
|
$ |
49,973 |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
| Operating lease liabilities |
|
Operating lease liabilities—current |
|
$ |
15,194 |
|
|
$ |
11,857 |
|
| Finance lease liabilities |
|
Accrued liabilities |
|
262 |
|
|
185 |
|
|
|
|
|
|
|
|
| Noncurrent: |
|
|
|
|
|
|
| Operating lease liabilities |
|
Operating lease liabilities—noncurrent |
|
32,019 |
|
|
34,908 |
|
| Finance lease liabilities |
|
Other long-term liabilities |
|
366 |
|
|
315 |
|
| Total lease liabilities |
|
|
|
$ |
47,841 |
|
|
$ |
47,265 |
|
|
|
|
|
|
|
|
The Company’s weighted average remaining lease term and weighted average discount rate for operating and financing leases as of December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020 |
|
December 31,
2019 |
| Weighted average remaining lease term (in years): |
|
|
|
|
| Operating leases |
|
5.18 |
|
5.51 |
| Finance leases |
|
2.45 |
|
2.65 |
|
|
|
|
|
| Weighted average discount rate: |
|
|
|
|
| Operating leases |
|
5.55 |
% |
|
5.66 |
% |
| Finance leases |
|
4.67 |
% |
|
4.67 |
% |
|
|
|
|
|
Maturities of lease liabilities as of December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year |
|
Operating
Leases |
|
Finance
Leases |
|
|
| 2021 |
|
$ |
17,363 |
|
|
$ |
406 |
|
|
|
| 2022 |
|
10,707 |
|
|
161 |
|
|
|
| 2023 |
|
8,655 |
|
|
40 |
|
|
|
| 2024 |
|
6,404 |
|
|
35 |
|
|
|
| 2025 |
|
3,917 |
|
|
8 |
|
|
|
| Thereafter |
|
7,785 |
|
|
— |
|
|
|
| Total lease payments |
|
54,831 |
|
|
650 |
|
|
|
| Less: Interest |
|
(7,618) |
|
|
(22) |
|
|
|
| Total lease liabilities |
|
$ |
47,213 |
|
|
$ |
628 |
|
|
|
|
|
|
|
|
|
|
(1) Refer to the above table regarding the Company’s right-of-use lease assets and lease liabilities for the presentation of the lease liabilities in the Company’s consolidated balance sheet at December 31, 2020.
The following table presents other information related to the Company’s operating and finance leases and the impact on the Company’s consolidated statement of cash flows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2020 |
|
2019 |
| Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
| Payments on operating leases included in operating cash flows |
|
$ |
16,135 |
|
|
$ |
14,814 |
|
| Interest payments under finance lease obligations included in operating cash flows |
|
21 |
|
|
26 |
|
| Principal payments under finance lease obligations included in financing cash flows |
|
209 |
|
|
177 |
|
|
|
|
|
|
| Right-of-use assets obtained in exchange for new lease liabilities (non-cash): |
|
|
|
|
| Operating leases |
|
14,439 |
|
|
8,798 |
|
| Finance leases |
|
353 |
|
|
— |
|
|
|
|
|
|
|