Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases  
Leases

7.

Leases

The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one year to 15 years, some of which include options to extend the leases for up to 10 years. Such renewal options were not included in the determination of the lease term unless deemed reasonably certain of exercise. The discount rate used in measuring the lease liabilities is based on the Company’s interest rate on its secured Term Loan Credit Agreement. Certain of the Company’s leases contain escalating rental payments based on an index. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Lease Expense

The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:

Three Months Ended

Three Months Ended

March 31, 2021

March 31, 2020

Operating lease expense

$ 1,371

$ 1,311

Short term lease cost

$ 115

$ 39

Total lease cost

$ 1,486

$ 1,350

Cash Flow

Supplemental cash flow information related to leases is as follows:

Three Months Ended

Three Months Ended

March 31, 2021

March 31, 2020

Cash paid for amounts included in the measurement of operating lease liabilities

$ 1,356

$ 1,303

Non-cash lease expense - right-of-use assets

$ 1,036

$ 1,015

Right-of-use assets obtained in exchange for operating lease obligations

$ 65

$ 321

Balance Sheet

Supplemental balance sheet information related to leases is as follows:  

March 31, 2021

December 31, 2020

Operating Leases

Operating lease right-of-use assets

$ 20,404

$ 21,441

Other current liabilities

4,359

4,326

Operating lease liabilities

16,380

17,434

Total operating lease liabilities

$ 20,739

$ 21,760

Weighted Average Remaining Lease Term

Operating leases

64

months

67

months

Weighted Average Discount Rate

Operating leases

5.16%

5.16%

Lease Maturities

Maturities of leases were as follows:

Year ending December 31,

Operating Leases

2021 (excluding the three months ended March 31, 2021)

$ 3,981

2022

4,954

2023

4,406

2024

3,745

2025

3,016

Thereafter

3,562

Total Lease Payments

23,664

Less: imputed interest

(2,925)

Total

$ 20,739