Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Leases

The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2019, the Company’s leases have remaining lease terms of 1 year to 9 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of December 31, 2019 was 6.0 percent. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of December 31, 2019 was 7.0 percent.

The Company’s operating and finance lease cost is as follows:

	Year Ended
	December 31, 2019
Operating Leases
Operating lease expense	$	6,474
Finance Leases
Amortization of ROU assets	306
Interest	209
Total	$	6,989

As of December 31, 2019, the weighted average remaining lease term is 4.3 years and 6.9 years for operating leases and financing leases, respectively. Cash provided by operating activities includes approximately $6 million from operating lease payments made during the year ended December 31, 2019.

As of December 31, 2019, assets acquired under finance leases of $3 million are reflected in Property, Plant and Equipment, net. The Company’s finance leases liabilities are included as debt and the maturities for the next five four years and thereafter are included in Note 10 — Debt and Finance Leases.

The Company’s balance sheet includes the following operating lease assets and liabilities:

	Balance Sheet Classification	December 31, 2019
Right-of-use assets	Other assets	$	22,406
Lease liabilities, current	Accrued and other current liabilities	$	5,887
Lease liabilities, non-current	Other non-current liabilities	$	17,522

As of December 31, 2019, operating lease maturities for 2020 through 2024 and thereafter are as follows:

	December 31, 2019
2020	$	7,093
2021	6,148
2022	5,661
2023	4,680
2024	1,532
Thereafter	1,586
Total minimum lease payments	26,700
Less: imputed interest	(3,291		)
Present value of future minimum lease payments	$	23,409

Leases

Leases

The Company’s operating and finance leases are primarily for corporate offices, warehouse space, rail cars and equipment. As of December 31, 2019, the Company’s leases have remaining lease terms of 1 year to 9 years with standard renewal and termination options available at the Company’s discretion. Certain equipment leases have purchase options at the end of the term of the lease, which are not included in the ROU assets as it is not reasonably certain that the Company will exercise such options. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company uses its incremental borrowing rate in determining the present value of lease payments unless the lease provides an implicit or explicit interest rate. The weighted average discount rate used in determining the operating lease ROU assets and liabilities as of December 31, 2019 was 6.0 percent. The weighted average discount rate used in determining the finance lease ROU assets and liabilities as of December 31, 2019 was 7.0 percent.

The Company’s operating and finance lease cost is as follows:

	Year Ended
	December 31, 2019
Operating Leases
Operating lease expense	$	6,474
Finance Leases
Amortization of ROU assets	306
Interest	209
Total	$	6,989

As of December 31, 2019, the weighted average remaining lease term is 4.3 years and 6.9 years for operating leases and financing leases, respectively. Cash provided by operating activities includes approximately $6 million from operating lease payments made during the year ended December 31, 2019.

As of December 31, 2019, assets acquired under finance leases of $3 million are reflected in Property, Plant and Equipment, net. The Company’s finance leases liabilities are included as debt and the maturities for the next five four years and thereafter are included in Note 10 — Debt and Finance Leases.

The Company’s balance sheet includes the following operating lease assets and liabilities:

	Balance Sheet Classification	December 31, 2019
Right-of-use assets	Other assets	$	22,406
Lease liabilities, current	Accrued and other current liabilities	$	5,887
Lease liabilities, non-current	Other non-current liabilities	$	17,522

As of December 31, 2019, operating lease maturities for 2020 through 2024 and thereafter are as follows:

	December 31, 2019
2020	$	7,093
2021	6,148
2022	5,661
2023	4,680
2024	1,532
Thereafter	1,586
Total minimum lease payments	26,700
Less: imputed interest	(3,291		)
Present value of future minimum lease payments	$	23,409