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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Note 16 -- Leases The table below summarizes the Company’s right-of-use (“ROU”) assets and corresponding liabilities for operating and finance leases:
|  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Operating leases: |  |  |  |  |  |  |  |
ROU Assets |  | $ | 5,668 |  |  | $ | 484 |
Liabilities |  | $ | 5,682 |  |  | $ | 513 |
Finance leases: |  |  |  |  |  |  |  |
ROU Assets |  | $ | 79 |  |  | $ | 79 |
Liabilities |  | $ | 48 |  |  | $ | 60 |
As a result of the change in ownership of the Company’s headquarters building through the eminent domain proceeding described in Note 9 -- “Property and Equipment, Net,” all existing intercompany operating leases related to this building that were previously eliminated on consolidation are now reflected on the balance sheet. These leases were determined to be at market rates on the date of the ownership change. The following table summarizes the Company’s operating and finance leases in which the Company is a lessee:
|  |  |  | Renewal |  | Other Terms and
Class of Assets |  | Initial Term |  | Option |  | Conditions
Operating lease: |  |  |  |  |  |
Office equipment |  | 1 to 63 months |  | Yes |  | (a), (b)
Office space |  | 3 to 10 years |  | Yes |  | (b), (c)
Finance lease: |  |  |  |  |  |
Office equipment |  | 3 to 5 years |  | Not applicable |  | (d)
| (a) | At the end of the lease term, the Company can purchase the equipment at fair market value.
| (b) | There are no variable lease payments.
| (c) | Rent escalation provisions exist.
| (d) | There is a bargain purchase option.
As of September 30, 2020, maturities of lease liabilities were as follows:
|  | Leases |
|  | Operating |  |  | Finance |
Due in 12 months following September 30, |  |  |  |  |  |  |  |
2020 |  | $ | 2,223 |  |  | $ | 19 |
2021 |  |  | 2,038 |  |  |  | 18 |
2022 |  |  | 1,651 |  |  |  | 13 |
Total lease payments |  |  | 5,912 |  |  |  | 50 |
Less: interest and foreign taxes |  |  | 230 |  |  |  | 2 |
Total lease obligations |  | $ | 5,682 |  |  | $ | 48 |
The following table provides quantitative information with regard to the Company’s operating and finance leases.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization – ROU assets* |  | $ | 4 |  |  | $ | 4 |  |  | $ | 13 |  |  | $ | 10 |
Interest expense |  |  | 1 |  |  |  | 1 |  |  |  | 2 |  |  |  | 2 |
Operating lease costs* |  |  | 404 |  |  |  | 90 |  |  |  | 560 |  |  |  | 244 |
Short-term lease costs* |  |  | 44 |  |  |  | 37 |  |  |  | 135 |  |  |  | 141 |
Total lease costs |  | $ | 453 |  |  | $ | 132 |  |  | $ | 710 |  |  | $ | 397 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows – finance leases |  |  |  |  |  |  |  |  |  | $ | 1 |  |  | $ | 2 |
Operating cash flows – operating leases |  |  |  |  |  |  |  |  |  | $ | 566 |  |  | $ | 239 |
Financing cash flows – finance leases |  |  |  |  |  |  |  |  |  | $ | 13 |  |  | $ | 9 |
|  | September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance leases (in years) |  |  | 2.8 |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases (in years) |  |  | 2.9 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average discount rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance leases |  | 3.7% |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases |  | 2.9% |  |  |  |  |  |  |  |  |  |  |  |  |
| * | Included in other operating expenses of the consolidated statement of income.
The following table summarizes the Company’s operating leases in which the Company is a lessor:
|  |  |  | Renewal |  | Other Terms and
Class of Assets |  | Initial Term |  | Option |  | Conditions
Operating lease: |  |  |  |  |  |
Office space |  | 1 to 3 years |  | Yes |  | (e)
Retail space |  | 3 to 20 years |  | Yes |  | (e)
Boat docks/wet slips |  | 1 to 12 months |  | Yes |  | (e)
| (e) | There are no purchase options.

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- Definition The entire disclosure for lessee entity's and lessor entity's leasing arrangements including, but not limited to, the existence and terms of renewal or purchase options and escalation clauses. + References No definition available. + Details
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- References No definition available. + Details
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