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LEASES | 3 Months Ended
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Mar. 31, 2019
Lessee Disclosure [Abstract] |
LEASES |
(4) | LEASES
We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all of our lease agreements. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years. The exercise of lease renewal options is at our sole discretion, and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements do not contain any residual value guarantees or restrictive covenants or options to purchase the leased property.
Leases (In thousands) |  | Classification |  | March 31, 2019
Assets: |  |  |  |  |  |  |
Operating |  | Other assets |  | $ | 4,638 |  |
Liabilities: |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating |  | Other current liabilities |  |  | 658 |  |
Noncurrent |  |  |  |  |  |  |
Operating |  | Other liabilities |  |  | 4,419 |  |
Total lease liabilities |  |  |  | $ | 5,077 |  |
As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019 for operating leases that began prior to that date.
|  |  |  | Three Months Ended
Lease costs (In thousands) |  | Classification |  | March 31, 2019
Operating lease costs |  | General and administrative |  | $ | 662 |  |
Short-term leases |  | General and administrative |  |  | 454 |  |
Variable lease costs |  | General and administrative |  |  | 334 |  |
Sublease income |  | General and administrative |  |  | (2 | ) |
Net lease cost |  |  |  | $ | 1,448 |  |
Our variable lease payments consist primarily of shared operating costs recognized over the term of the lease.
Maturity of lease liabilities (In thousands) |  | Operating leases
2019 |  | $ | 1,085 |  |
2020 |  |  | 1,227 |  |
2021 |  |  | 1,188 |  |
2022 |  |  | 997 |  |
2023 |  |  | 748 |  |
After 2023 |  |  | 1,217 |  |
Total lease payments |  | $ | 6,462 |  |
Less: Interest |  |  | 1,385 |  |
Present value of lease liabilities |  | $ | 5,077 |  |
Lease term and discount rate |  | March 31, 2019
Weighted average remaining lease term in years |  |  | 4.5 |  |
Weighted average discount rate |  |  | 7.0 |  | %
The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the three months ended March 31, 2019 was $0.3 million. Right-of-use assets obtained in exchange for operating lease obligations were $0.5 million for the three months ended March 31, 2019. Lease expense for the three months ended March 31, 2019 was $1.1 million comprised primarily of office and other leases. Future minimum rental commitments under these leases as of December 31, 2018 are as follows:
|  | Minimum
Year ending (In thousands) |  | rental commitments
2019 |  | $ | 3,511 |  |
2020 |  |  | 2,804 |  |
2021 |  |  | 2,501 |  |
2022 |  |  | 2,455 |  |
2023 |  |  | 1,734 |  |
After 2023 |  |  | 2,495 |  |
Total lease payments |  | $ | 15,500 |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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