Note 2 - Leases
|3 Months Ended|
Mar. 31, 2019
|Notes to Financial Statements|
|Leases of Lessee Disclosure [Text Block]||
We lease certain warehouse facilities, manufacturing facilities, office space, equipment, and vehicles. Leases with an initial term of
12months or less are
notrecorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term.
We determine if an arrangement is a lease at inception. For lease arrangements, we recognize right-of-use assets and lease liabilities on the balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. On our consolidated balance sheets, operating lease right-of-use assets are included in Other noncurrent assets and finance lease right-of-use assets are included in Property, plant and equipment, net.
Right-of-use assets and lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. Some of our leases include renewal options that are exercisable at our sole discretion. Our lease terms include the renewal option period when it is reasonably certain that we will exercise that option. As the implicit rate for most of our operating leases is
notreadily determinable, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For finance leases, we use the implicit rate in the lease in determining the present value of lease payments. Right-of-use assets also include any lease payments made and exclude lease incentives. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
We have lease agreements with lease and non-lease components. We elected the option to
notseparate lease and non-lease components for all of our leases. Our lease agreements do
notcontain any significant variable lease payments, residual value guarantees, or restrictive covenants.
Supplemental balance sheet information related to leases was as follows:
(a) Operating and finance lease assets are recorded net of accumulated amortization of
million, respectively, as of
March 31, 2019
The following table sets forth the components of lease expense:
(a) Includes short-term lease expense and sublease income, which are
Supplemental cash flow information related to leases was as follows:
The following table sets for the weighted-average remaining lease terms and discount rates:
Maturities of lease liabilities are as follows:
Future minimum lease payments for operating and finance leases as of
December 31, 2018were as follows:
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef