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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases Of Lessee Disclosure [TextBlock]
Note 6 – Leases
As previously disclosed in the Company’s
 
2019 Form 10-K, during 2019, the Company adopted, as required,
 
an accounting
standard update regarding the accounting and disclosure
 
for leases which changed the manner in which it accounts for
 
leases effective
January 1, 2019.
 
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 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 PP&E, current portion of long-term debt and long-term debt
 
on the
Consolidated Balance Sheet.
Operating lease expense is recognized on a straight-line
 
basis over the lease term.
 
Operating lease expense for the years ended
December 31, 2020 and 2019 was $
14.2
 
million and $
9.4
 
million, respectively.
 
Short-term lease expense for the years ended
December 31, 2020 and 2019 was $
1.3
 
million and $
1.5
 
million, respectively.
 
The Company has
no
 
material variable lease costs or
sublease income for the years ended December 31,
 
2020 and 2019.
 
Cash paid for operating leases during the years ended December
 
31, 2020 and 2019 was $
14.1
 
million and $
9.2
 
million,
respectively.
 
The Company recorded new right of use lease assets and associated lease liabilities
 
of $
6.9
 
million during the year
ended December 31, 2020.
Supplemental balance sheet information related to the Company’s
 
leases is as follows:
December 31,
December 31,
2020
2019
Right of use lease assets
$
38,507
$
42,905
Other accrued liabilities
10,901
11,177
Long-term lease liabilities
27,070
31,273
Total operating
 
lease liabilities
$
37,971
$
42,450
Weighted average
 
remaining lease term (years)
6.0
6.2
Weighted average
 
discount rate
4.20%
4.21%
Maturities of operating lease liabilities as of December
 
31, 2020 were as follows:
December 31,
2020
For the year ended December 31, 2021
$
12,342
For the year ended December 31, 2022
8,395
For the year ended December 31, 2023
6,220
For the year ended December 31, 2024
4,610
For the year ended December 31, 2025
3,836
For the year ended December 31, 2026 and beyond
8,141
Total lease payments
43,544
Less: imputed interest
(5,573)
Present value of lease liabilities
$
37,971