Leases (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases

Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases as of March 31, 2019:

	March 31, 2019
Weighted average remaining lease term:
Operating leases	7.6 years
Financing leases	5.1 years
Weighted average discount rate:
Operating leases		3.9	%
Financing leases		5.8	%

Summary of Balances Related to Lease Portfolio within Consolidated Condensed Statement of Operations

Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated condensed statement of operations for the first quarter of 2019:

(in thousands)	First Quarter 2019
Cost of sales impact:
Operating leases costs	$	1,341
Short-term and variable leases		2,262
Depreciation expense from financing leases⁽¹⁾		353
Total cost of sales impact	$	3,956

Selling, delivery and administrative expenses impact:
Operating leases costs	$	2,896
Short-term and variable leases		1,059
Depreciation expense from financing leases⁽¹⁾		1,139
Total selling, delivery and administrative expenses impact	$	5,094

Interest expense, net impact:
Interest payments on financing lease obligations⁽²⁾	$	702
Total interest expense, net impact	$	702

Total lease cost	$	9,752

⁽¹⁾	^{During the first quarter of 2018, the Company had depreciation expense from capital leases of $0.4 million and $1.1 million in cost of sales and SD&A expenses, respectively.}

⁽²⁾	^{During the first quarter of 2018, the Company had interest payments on capital lease obligations of $0.9 million.}

Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of March 31, 2019:

(in thousands)	Operating Leases		Financing Leases		Total
Remainder of 2019	$	12,426	$	7,830	$	20,256
2020		16,444		10,611		27,055
2021		14,251		6,215		20,466
2022		11,636		2,694		14,330
2023		10,050		2,750		12,800
Thereafter		34,245		8,214		42,459
Total minimum lease payments including interest	$	99,052	$	38,314	$	137,366
Less: Amounts representing interest		14,152		4,966		19,118
Present value of minimum lease principal payments		84,900		33,348		118,248
Less: Current portion of lease liabilities - operating and financing leases		13,555		8,833		22,388
Noncurrent portion of lease liabilities - operating and financing leases	$	71,345	$	24,515	$	95,860

Summary of Future Minimum Lease Payments For Noncancelable Operating And Capital Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and capital leases as of December 30, 2018:

(in thousands)	Operating Leases		Capital Leases		Total
2019	$	14,146	$	10,434	$	24,580
2020		13,526		10,613		24,139
2021		12,568		6,218		18,786
2022		11,161		2,697		13,858
2023		10,055		2,753		12,808
Thereafter		33,805		8,106		41,911
Total minimum lease payments including interest	$	95,261	$	40,821	$	136,082
Less: Amounts representing interest				5,573
Present value of minimum lease principal payments				35,248
Less: Current portion of lease liabilities - capital leases				8,617
Noncurrent portion of lease liabilities - capital leases			$	26,631

Summary of Balances Related to Lease Portfolio within Consolidated Condensed Statement of Cash Flow

Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated condensed statements of cash flows for the first quarter of 2019:

(in thousands)	First Quarter 2019
Cash flows from operating activities impact:
Operating leases	$	4,136
Interest payments on financing lease obligations⁽¹⁾		702
Total cash flows from operating activities impact	$	4,838

Cash flows from financing activities:
Principal payments on financing lease obligations⁽¹⁾	$	2,114
Total cash flows from financing activities impact	$	2,114

⁽¹⁾	^{During the first quarter of 2018, the Company had principal payments on capital lease obligations of $2.1 million and interest payments on capital lease obligations of $0.9 million.}