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Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases Of Lessee Disclosure [Text Block]
Note 6 – Leases
The Company determines if an arrangement is a lease
 
at its inception.
 
This determination generally depends on whether the
arrangement conveys the right to control the use of an
 
identified fixed asset explicitly or implicitly for a period of
 
time in exchange for
consideration.
 
Control of an underlying asset is conveyed if the Company
 
obtains the rights to direct the use of, and obtains
substantially all of the economic benefits from the use
 
of, the underlying asset.
 
Lease expense for variable leases and short-term
leases is recognized when the obligation is incurred.
 
The Company has operating leases for certain facilities, vehicles
 
and machinery and equipment with remaining lease terms up
 
to
11
 
years.
 
In addition, the Company has certain land use leases with remaining
 
lease terms up to
95
 
years.
 
The lease term for all of the
Company’s leases includes
 
the non-cancellable period of the lease plus any additional periods
 
covered by an option to extend the lease
that the Company is reasonably
 
certain it will exercise.
 
Operating leases are included in right of use lease assets, other current
liabilities and long-term lease liabilities on the Condensed
 
Consolidated Balance Sheet.
 
Right of use lease assets and liabilities are
recognized at each lease’s
 
commencement date based on the present value of its lease payments
 
over its respective lease term.
 
The
Company uses the stated borrowing rate for a lease when
 
readily determinable.
 
When a stated borrowing rate is not available in a
lease agreement, the Company uses its incremental borrowing
 
rate based on information available at the lease’s
 
commencement date
to determine the present value of its lease payments.
 
In determining the incremental borrowing rate used to present
 
value each of its
leases, the Company considers certain information
 
including fully secured borrowing rates readily available to the Company
 
and its
subsidiaries.
 
The Company has immaterial finance leases, which are
 
included in property, plant
 
and equipment, current portion of
long-term debt and long-term debt on the Condensed Consolidated
 
Balance Sheet.
Operating lease expense is recognized on a straight-line
 
basis over the lease term.
 
Operating lease expense for the three and six
months ended June 30, 2020 was $
3.5
 
million and $
6.9
 
million, respectively.
 
Comparatively, operating
 
lease expense for the three
and six months ended June 30, 2019 was $
1.7
 
million and $
3.5
 
million, respectively.
 
Short-term lease expense for the three and six
months ended June 30, 2020 was $
0.4
 
million and $
0.9
 
million, respectively.
 
Comparatively, short-term
 
lease expense for the three
and six months ended June 30, 2019 was $
0.2
 
million and $
0.3
 
million, respectively.
 
The Company has
no
 
material variable lease
costs or sublease income for the three or six months ended
 
June 30, 2020 and 2019.
 
Cash paid for operating leases during the six months ended
 
June 30, 2020 and 2019 was $
6.8
 
million and $
3.4
 
million,
respectively.
 
The Company recorded new right of use lease assets and associated lease liabilities
 
of $
4.1
 
million during the six
months ended June 30, 2020.
 
Supplemental balance sheet information related to the Company’s
 
leases is as follows:
June 30,
December 31,
2020
2019
Right of use lease assets
$
40,517
$
42,905
Other current liabilities
11,085
11,177
Long-term lease liabilities
28,908
31,273
Total operating
 
lease liabilities
$
39,993
$
42,450
Weighted average
 
remaining lease term (years)
6.0
6.2
Weighted average
 
discount rate
4.21%
4.21%
Maturities of operating lease liabilities as of June 30,
 
2020 were as follows:
June 30,
2020
For the remainder of 2020
$
6,598
For the year ended December 31, 2021
10,978
For the year ended December 31, 2022
7,435
For the year ended December 31, 2023
5,434
For the year ended December 31, 2024
4,232
For the year ended December 31, 2025 and beyond
11,356
Total lease payments
46,033
Less: imputed interest
(6,040)
Present value of lease liabilities
$
39,993