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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | Leases The Company adopted ASU No. 2016-02 “Leases (Topic 842)” on January 1, 2019, resulting in the recognition of right-of-use assets of $458 and liabilities of $574. The Company enters into leases for land, office space, warehouses and equipment. A number of the leases include one or more options to renew the lease terms, purchase the leased property or terminate the lease. The exercise of these options is at the Company’s discretion and is therefore recognized on the balance sheet when it is reasonably certain the Company will exercise such options. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date. Substantially all of the Company’s leases are considered operating leases. Finance leases were not material as of December 31, 2019 or for the three and twelve months ended December 31, 2019. As of December 31, 2019, the Company’s right-of use assets and liabilities for operating leases were as follows:
Other assets | $ | 502 |
Other accruals | $ | 145 |
Other liabilities | 491 |
Total operating lease liabilities | $ | 636 |
Lease commitments under noncancellable operating leases as of December 31, 2019 were as follows:
2020 | $ | 167 |
2021 | 127 |
2022 | 101 |
2023 | 63 |
2024 | 36 |
Thereafter | 241 |
Total lease commitments | $ | 735 |
Less: Interest | (99 | )
Present value of lease liabilities | $ | 636 |
The components of the Company’s operating lease cost for the twelve months ended December 31, 2019 were as follows:
Operating lease cost | $ | 169 |
Short-term lease cost | 5 |
Variable lease cost | 30 |
Sublease income | — |
Total lease cost | $ | 204 |
Short-term lease cost represents the Company’s cost with respect to leases with a duration of 12 months or less and is not reflected on the Company’s Consolidated Balance Sheets. Variable lease costs are comprised of costs, such as the Company’s proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance, that are not included in the lease liability and are recognized in the period in which they are incurred. Supplemental cash flow information related to operating leases for the twelve months ended December 31, 2019 was as follows: ▪Payments against amounts included in the measurement of lease liabilities: $202 ▪Lease assets obtained in exchange for lease liabilities: $232 As of December 31, 2019, the weighted-average remaining lease term for operating leases was 8 years and the weighted-average discount rate for operating leases was 4.1% There were no material operating leases that the Company had entered into and that were yet to commence as of December 31, 2019. Minimum rental commitments under noncancellable operating leases as of December 31, 2018, prior to adoption of ASU 2016-02, were as follows:
2019 | $ | 193 |
2020 | 165 |
2021 | 123 |
2022 | 102 |
2023 | 51 |
Thereafter | 32 |
Prior to adoption of ASU 2016-02, Company’s rental expense amounted to $213 in 2018 and $211 in 2017.

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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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