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Leases (Tables) | 9 Months Ended
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Sep. 30, 2020
Disclosure Of Leases [Abstract] |
Disclosure of right-of-use assets and liabilities for operating and finance 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 |
Disclosure of operating and finance leases of lessee | 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.
Disclosure of lease liabilities maturities | 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 |
Disclosure of quantitative information of operating and finance leases | 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.
Disclosure of operating leases of lessor entity | 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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