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Leases (Tables)
12 Months Ended
Dec. 31, 2019
Lessee Disclosure [Abstract]  
Schedule of Cumulative Effects of Adoption of ASC 842

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:

As previously reported at December 31, 2018

Adjustments Increase/ (decrease)

Opening balance, as adjusted, January 1, 2019

ASSETS

Cash and cash equivalents

$197,755

$

$197,755

Accounts receivable, net

223,176

223,176

Contract assets

57,447

57,447

Inventories

85,904

85,904

Income taxes prepaid and receivable

7,473

7,473

Prepaid expenses and other current assets

21,294

(370)

20,924

Total current assets

$593,049

$(370)

$592,679

 

Property, plant and equipment, net

462,055

(6,144)

455,911

Intangibles, net

49,206

49,206

Goodwill

164,382

164,382

Deferred income taxes

62,622

(20)

62,602

Noncurrent receivables

45,061

45,061

Other assets

41,617

13,615

55,232

Total assets

$1,417,992

$7,081

$1,425,073

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Notes and loans payable

$

$

$

Accounts payable

52,246

52,246

Accrued liabilities

129,030

4,964

133,994

Current maturities of long-term debt

1,224

(1,206)

18

Income taxes payable

6,806

6,806

Total current liabilities

189,306

3,758

193,064

 

Long-term debt

523,707

(24,680)

499,027

Other noncurrent liabilities

88,277

27,968

116,245

Deferred taxes and other liabilities

8,422

8,422

Total liabilities

809,712

7,046

816,758

 

SHAREHOLDERS' EQUITY

Preferred stock, par value $5.00 per share;

authorized 2,000,000 shares; none issued

Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017

37

37

Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017

3

3

Additional paid in capital

430,555

430,555

Retained earnings

589,645

35

589,680

Accumulated items of other comprehensive income:

Translation adjustments

(115,976)

(115,976)

Pension and postretirement liability adjustments

(47,109)

(47,109)

Derivative valuation adjustment

4,697

4,697

Treasury stock (Class A), at cost 8,418,620 shares in 2018

and 8,431,335 shares in 2017

(256,603)

(256,603)

Total Company shareholders' equity

605,249

35

605,284

Noncontrolling interest

3,031

3,031

Total equity

608,280

35

608,315

Total liabilities and shareholders' equity

$1,417,992

$7,081

$1,425,073

Schedule of Components of Lease Expense

The components of lease expense were as follows:

(in thousands)

For the year ended

December 31, 2019

Finance lease

Amortization of right-of-use asset

$997

Interest on lease liabilities

1,563

Operating lease

Fixed lease cost

5,063

Variable lease cost

35

Short-term lease cost

1,283

Total lease expense

$ 8,941

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

(in thousands)

For the year

ended December 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$ 4,932

Operating cash flows from finance leases

1,563

Financing cash flows from finance leases

1,180

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

$ 9,250

Finance leases

5,686

The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows.

Supplemental balance sheet information related to leases was as follows:

(in thousands)

December 31, 2019

Operating leases

Right of use assets included in Other assets

$18,223

Lease liabilities included in

Accrued liabilities

$4,023

Other noncurrent liabilities

14,386

Total operating lease liabilities

$ 18,409

Finance leases

Right-of-use assets included in Property, plant and equipment, net

$ 15,689

Lease liabilities included in

Accrued liabilities

$1,835

Other noncurrent liabilities

22,700

Total finance lease liabilities

$24,535

Additional information for leases existing at December 31, 2019 was as follows:

Weighted average remaining lease term

Operating leases

6 years

Finance leases

10 years

Weighted average discount rate

Operating leases

4.9%

Finance leases

6.7%

 

Schedule of Supplemental Balance Sheet Information Related to Leases

The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows.

Schedule of Additional Information Related to Leases

Additional information for leases existing at December 31, 2019 was as follows:

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2019 were as follows:

(in thousands)

Operating leases

Finance leases

Year ending December 31,

2020

$5,153

$3,347

2021

4,133

3,347

2022

3,096

3,394

2023

2,128

3,560

2024

1,496

3,560

Thereafter

5,332

15,692

Total lease payments

21,338

32,900

Less imputed interest

(2,929)

(8,365)

Total

$ 18,409

$ 24,535

As of December 31, 2018, future rental payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year, were: 2019, $4.6 million; 2020, $3.2 million; 2021, $2.1 million; 2022, $1.5 million; and 2023 and thereafter, $6.5 million.

Schedule of Maturities of SLC Finance Lease Liability

The following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments as of December 31, 2018:

(in thousands)

Year ending December 31,

2019

$2,451

2020

2,974

2021

2,990

2022

3,054

2023

3,277

Thereafter

18,930

Total minimum payments

33,676

Less imputed interest

(7,790)

Total

$25,886

As of December 31, 2018, the capitalized value associated with the SLC lease was included in Property, plant, and equipment, net at a value of $17.3 million, which included a gross cost of $20.8 million, and Accumulated depreciation of $3.6 million.