XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.1
Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
The Company leases administrative, manufacturing, research and distribution facilities through operating leases. Several of leases include fixed payments including rent and non-lease components such as common-area or other maintenance costs.
On January 27, 2022, AC entered into a Commercial Lease Amendment ("Amendment") with JA-Cole L.P., with an effective date of February 1, 2022, pursuant to the original Commercial Lease dated April 21, 2015, as amended (the "Lease"). The lease is for the office and warehouse facility located in Burleson, Texas. The Amendment revised the commencement date to May 1, 2022 and the expiration date to April 30, 2027. The Company accounted for the Lease revisions as a lease modification in accordance with Accounting Standard Codification ("ASC") 842, Leases, as the modification effectively terminated the existing lease and created a new lease which commenced on February 1, 2022. The Lease and related modification entries are included in the operating lease line items on the condensed consolidated balance sheet.
Total operating lease expense for the three months ended March 31, 2022 and 2021 was $1,408 and $1,225 respectively.
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate )March 31, 2022December 31, 2021
Operating Leases
Right-of-use operating assets$15,406 $15,193 
Current maturities of long-term lease obligations$2,065 $1,825 
Long-term lease obligations$20,875 $20,794 
Financing Leases
Right-of-use financing leases (1)
$36 $42 
Current maturities of long-term lease obligations $8 $9 
Long-term lease obligations $3 $4 
Weighted average operating lease term (in years):11.212.1
Weighted average operating financing term (in years):1.42.2
Weighted average discount rate operating lease10.26 %10.32% 
Weighted average discount rate financing lease7.09% 7.23% 
(1) Financing leases are included within property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at March 31, 2022 were as follows:
(In thousands) 
2022 (excluding the three months ended March 31, 2022)$3,213 
20233,415 
20243,186 
20253,268 
20263,276 
Thereafter24,056 
Total$40,414 
Less: Imputed interest(17,463)
Total lease liability$22,951 
Less: Current lease liability $(2,073)
Long-term lease liability$20,878 
Leases Leases
The Company leases administrative, manufacturing, research and distribution facilities through operating leases. Several of leases include fixed payments including rent and non-lease components such as common-area or other maintenance costs.
On January 27, 2022, AC entered into a Commercial Lease Amendment ("Amendment") with JA-Cole L.P., with an effective date of February 1, 2022, pursuant to the original Commercial Lease dated April 21, 2015, as amended (the "Lease"). The lease is for the office and warehouse facility located in Burleson, Texas. The Amendment revised the commencement date to May 1, 2022 and the expiration date to April 30, 2027. The Company accounted for the Lease revisions as a lease modification in accordance with Accounting Standard Codification ("ASC") 842, Leases, as the modification effectively terminated the existing lease and created a new lease which commenced on February 1, 2022. The Lease and related modification entries are included in the operating lease line items on the condensed consolidated balance sheet.
Total operating lease expense for the three months ended March 31, 2022 and 2021 was $1,408 and $1,225 respectively.
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate )March 31, 2022December 31, 2021
Operating Leases
Right-of-use operating assets$15,406 $15,193 
Current maturities of long-term lease obligations$2,065 $1,825 
Long-term lease obligations$20,875 $20,794 
Financing Leases
Right-of-use financing leases (1)
$36 $42 
Current maturities of long-term lease obligations $8 $9 
Long-term lease obligations $3 $4 
Weighted average operating lease term (in years):11.212.1
Weighted average operating financing term (in years):1.42.2
Weighted average discount rate operating lease10.26 %10.32% 
Weighted average discount rate financing lease7.09% 7.23% 
(1) Financing leases are included within property and equipment, net on the condensed consolidated balance sheets.
Future minimum lease payments under operating and financing leases at March 31, 2022 were as follows:
(In thousands) 
2022 (excluding the three months ended March 31, 2022)$3,213 
20233,415 
20243,186 
20253,268 
20263,276 
Thereafter24,056 
Total$40,414 
Less: Imputed interest(17,463)
Total lease liability$22,951 
Less: Current lease liability $(2,073)
Long-term lease liability$20,878