LEASES

12 Months Ended

Dec. 31, 2020

The Company has operating leases for railcars, computer equipment, an office space, and certain equipment. The Company has no finance leases. Leases with terms of twelve months or less are not recorded on the Company’s Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. For leases beginning in 2019 and later, lease components are accounted for separately from non-lease components, such as common-area maintenance, based on the relative, observable stand-alone prices of the components.

The Company’s leases have remaining lease terms of one year to five years, some of which may include options to extend the lease. Options to renew the Company’s leases were not considered when assessing the value of the right-of-use assets because the Company was not reasonably certain that it will assert the options to renew the leases. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental collateralized borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides supplemental balance sheet classification information related to leases:


		December 31,
Leases	Balance Sheet Classification	2020		2019
Assets
Operating	Operating lease right-of-use-assets, net	$	5,151	$	6,490
Total leased assets		$	5,151	$	6,490

Liabilities
Current Operating	Accrued expenses	$	2,112	$	2,244
Noncurrent Operating	Long-term operating lease liabilitites	3,057		4,267
Total operating lease liability		$	5,169	$	6,511

The following table presents the components of lease costs:


	Year Ended December 31,
	2020		2019
Operating lease costs	$	2,704	$	2,434
Short-term lease costs	281		767
Sublease income	(99)		(247)
Net lease costs(a)	$	2,886	$	2,954

(a) Recorded as a component of Operating income on the Company’s Consolidated Statement of Income.

The following table presents supplemental cash flow and non-cash activity related to lease information:


	Year Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	2,707	$	2,414

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	1,048	$	2,064

The following table presents weighted average discount rate and remaining lease term:



	December 31,
	2020		2019
Weighted average discount rate
Operating leases	5.01	%	5.77	%

Weighted average remaining lease term
Operating leases	2.8 years		3.3 years

As of December 31, 2020, the maturities of operating lease liabilities were as follows:


2021	$	2,308
2022	1,689
2023	1,093
2024	420
2025	1
Thereafter	—
Total lease payments	5,511
Less interest	(342)
Total operating lease liability	$	5,169