Adoption of Accounting Standards Codification 842 (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of New Accounting Pronouncements and Changes in Accounting Policies

The net impact to the various captions on our January 1, 2019 opening consolidated balance sheets was as follows:



	(Dollars in thousands)
	December 31, 2018					January 1, 2019
Unaudited Consolidated Balance Sheets	Balances Without Adoption of ASC 842		Effect of Adoption			Balances With Adoption of ASC 842
Assets
Other current assets	$	6,531	$	(208	)	$	6,323
Operating lease right-of-use assets	$	—	$	18,985		$	18,985
Non-current deferred income taxes	$	308	$	5		$	313
Other assets	$	5,155	$	254		$	5,409
Liabilities
Operating lease liabilities	$	—	$	2,544		$	2,544
Accrued and other liabilities	$	37,786	$	(329	)	$	37,457
Non-current operating lease liabilities	$	—	$	18,117		$	18,117
Non-current deferred income taxes	$	18,070	$	(76	)	$	17,994
Other long-term liabilities	$	14,441	$	(956	)	$	13,485
Shareholders’ Equity
Retained earnings	$	180,356	$	(264	)	$	180,092

Lease, Cost

The components of lease expense for the year ended December 31, 2019 were as follows:



	(In thousands)
Operating leases expense	$	3,963

Finance leases expense:
Amortization of right-of-use assets	$	216
Interest on lease liabilities	42
Total finance lease expense	$	258

Supplemental cash flow information related to leases for the year ended December 31, 2019 was as follows:



	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,030
Operating cash flows from finance leases	$	39
Financing cash flows from finance leases	$	169

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,574
Finance leases	$	483

The weighted average remaining lease terms as of December 31, 2019 were as follows:



	(In years)
Operating leases	7
Finance leases	4

The weighted average discount rates as of December 31, 2019 were as follows:



Operating leases	6.5	%
Finance leases	6.5	%

Finance Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:



	(In thousands)
	Operating Leases		Finance Leases
2020	$	4,178	$	242
2021	4,147		229
2022	3,756		92
2023	3,425		53
2024	3,003		26
Thereafter	7,022		46
Total lease payments	25,531		688
Less imputed interest	5,010		74
Total	$	20,521	$	614

Lessee, Operating Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:



	(In thousands)
	Operating Leases		Finance Leases
2020	$	4,178	$	242
2021	4,147		229
2022	3,756		92
2023	3,425		53
2024	3,003		26
Thereafter	7,022		46
Total lease payments	25,531		688
Less imputed interest	5,010		74
Total	$	20,521	$	614

Schedule of Future Minimum Rental Payments for Operating Leases

As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous accounting maturities of lease liabilities were as follows as of December 31, 2018:



	(In thousands)
2019	$	3,680
2020	3,405
2021	2,789
2022	1,404
2023	980
Thereafter	580
Total	$	12,838