LEASES

12 Months Ended

Dec. 31, 2020

The components of lease expense were as follows:


		December 31,
($ in thousands)	Classification in the Consolidated Statements of Operations	2020		2019		2018
Operating lease cost (a)	Cost of sales, exclusive of depreciation and amortization	$	4,088	$	4,361	$	—
Operating lease cost (a)	Selling, general and administrative	137		137		—
Total operating lease cost		$	4,225	$	4,498	$	—

Finance lease cost:
Amortization of right-of-use assets	Depreciation	—		—		—
Interest on lease liabilities	Interest Expense	—		—		—
Total finance lease cost		$	—	$	—	$	—

Total lease cost		$	4,225	$	4,498	$	—

(a) Short-term lease costs were approximately $0.5 million, $0.1 million and nil as of December 31, 2020, 2019 and 2018, respectively.

The Company had no variable lease expense during the period.


		December 31,
($ in thousands)	Classification on the Consolidated Balance Sheets	2020		2019
Assets:
Operating	Operating lease assets	$	10,528	$	13,512
Finance	Property, plant, and equipment	—		—
Total leased assets		$	10,528	$	13,512

Liabilities:
Current
Operating	Current portion of operating lease liabilities	$	3,195	$	3,174
Finance	Short-term debt and current portion of long-term debt	—		—
Noncurrent
Operating	Operating lease liabilities	7,333		10,338
Finance	Long-term debt	—		—
Total lease liabilities		$	10,528	$	13,512


	December 31,
($ in thousands)	2020		2019		2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	3,713	$	4,389	$	—
Operating cash flows used for finance leases	—		—		—
Financing cash flows used for finance leases	—		—		—
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	206	$	81	$	—
Finance leases	—		—		—


	December 31,
	2020		2019
Weighted-average remaining lease term (in years):
Operating leases	3.7		4.5
Finance leases	0.0		0.0
Weighted-average discount rate:
Operating leases	4.5	%	4.5	%
Finance leases	—	%	—	%

Nearly all of the Company’s lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company’s estimated incremental borrowing rate is based on information available at the inception of the lease.

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


($ in thousands)	Operating Leases		Finance Leases
2020	$	3,590	$	—
2021	3,268		—
2022	2,376		—
2023	1,062		—
2024	991		—
Thereafter	117		—
Total lease payments	$	11,404	$	—
Less: Interest	876		—
Total lease obligations	$	10,528	$	—

LEASES

The components of lease expense were as follows:


		December 31,
($ in thousands)	Classification in the Consolidated Statements of Operations	2020		2019		2018
Operating lease cost (a)	Cost of sales, exclusive of depreciation and amortization	$	4,088	$	4,361	$	—
Operating lease cost (a)	Selling, general and administrative	137		137		—
Total operating lease cost		$	4,225	$	4,498	$	—

Finance lease cost:
Amortization of right-of-use assets	Depreciation	—		—		—
Interest on lease liabilities	Interest Expense	—		—		—
Total finance lease cost		$	—	$	—	$	—

Total lease cost		$	4,225	$	4,498	$	—

(a) Short-term lease costs were approximately $0.5 million, $0.1 million and nil as of December 31, 2020, 2019 and 2018, respectively.

The Company had no variable lease expense during the period.


		December 31,
($ in thousands)	Classification on the Consolidated Balance Sheets	2020		2019
Assets:
Operating	Operating lease assets	$	10,528	$	13,512
Finance	Property, plant, and equipment	—		—
Total leased assets		$	10,528	$	13,512

Liabilities:
Current
Operating	Current portion of operating lease liabilities	$	3,195	$	3,174
Finance	Short-term debt and current portion of long-term debt	—		—
Noncurrent
Operating	Operating lease liabilities	7,333		10,338
Finance	Long-term debt	—		—
Total lease liabilities		$	10,528	$	13,512


	December 31,
($ in thousands)	2020		2019		2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	3,713	$	4,389	$	—
Operating cash flows used for finance leases	—		—		—
Financing cash flows used for finance leases	—		—		—
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	206	$	81	$	—
Finance leases	—		—		—


	December 31,
	2020		2019
Weighted-average remaining lease term (in years):
Operating leases	3.7		4.5
Finance leases	0.0		0.0
Weighted-average discount rate:
Operating leases	4.5	%	4.5	%
Finance leases	—	%	—	%

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


($ in thousands)	Operating Leases		Finance Leases
2020	$	3,590	$	—
2021	3,268		—
2022	2,376		—
2023	1,062		—
2024	991		—
Thereafter	117		—
Total lease payments	$	11,404	$	—
Less: Interest	876		—
Total lease obligations	$	10,528	$	—