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Leases
9 Months Ended
Sep. 30, 2019
Text Block [Abstract]  
Leases
3)
Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company has various operating leases for real estate and
non-real
estate items. The
non-real
estate leases are mainly comprised of automobiles but also include copiers, printers and other lower-valued items. The Company does not have any finance leases.
The Company has lease arrangements with lease and
non-lease
components, has elected to account for the lease and
non-lease
components as a single lease component, and has allocated all of the contract consideration to the lease component only. The Company has existing net leases in which the
non-lease
components (e.g. common area maintenance, maintenance, consumables, etc.) are paid separately from rent based on actual costs incurred. Therefore,
non-lease
components are not included in the
right-of-use
asset and lease liability and are reflected as expenses in the periods incurred.
The Company has existing leases that include variable lease and
non-lease
components that are not included in the
right-of-use
asset and lease liability, and are reflected as expenses in the periods incurred. Such payments primarily include common area maintenance charges and increases in rent payments that are driven by factors such as future changes in an index (e.g., the Consumer Price Index).
A
right-of-use
asset of $67,632, short-term lease liability of $20,575 and long-term lease liability of $47,294 were reflected on the balance sheet as of September 30, 2019.
The elements of lease expense were as follows:
                 
 
Three Months
 
Ended
September 30,
 
2019
 
 
Nine Months
 
Ended
September 30,
 
2019
 
Lease Cost:
   
     
 
Operating lease cost
  $
6,313
    $
17,694
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The weighted average discount rate and the weighted average remaining lease term were
3.8
% and
5.0
years, respectively, for the period ended September 
30
,
2019
. Operating cash flows used for operating leases for the nine months ended September 
30
,
2019
was $
17,444
.
Future lease payments under
non-cancelable
leases as of September 30, 2019 are detailed as follows:
         
 
 
Amount
 
Year Ending December 31,
 
 
 
2019 (remaining)
  $
5,887
 
2020
   
21,569
 
2021
   
14,064
 
2022
   
8,497
 
2023
   
7,158
 
Thereafter
   
17,453
 
         
Total lease payments
   
74,628
 
Less:imputed interest
   
6,759
 
         
Total operating lease liabilities
  $
67,869
 
         
 
 
 
 
 
 
 
 
 
 
 
Minimum lease payments under operating leases prior to adoption of ASU
2016-02
were as follows:
         
 
 
Operating
 
Leases
 
Year Ending December 31,
 
 
 
2019
  $
20,106
 
2020
   
17,142
 
2021
   
10,325
 
2022
   
5,573
 
2023
   
4,411
 
Thereafter
   
8,739
 
         
Total minimum lease payments
  $
66,296