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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
(4) | Commitments and Contingencies
(a) | Leases
The Company leases office space under operating leases that expire at various dates through 2029. In addition to rental payments, the Company pays real property taxes, insurance, and repair and maintenance expenses for its office facilities. The Company recognizes rent expense on a straight-line basis over the life of the related lease, including any periods of free rent. The Company adopted Topic 842 as of January 1, 2019. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. At the date of adoption of Topic 842, the Company determined lease liability amounts using a discount rate of 5.01%, which represents the Company’s incremental borrowing rate. The Company determines its incremental borrowing rate for lease liability using its current borrowing rate, adjusted for various factors including level of collateralization and lease term. As of March 31, 2020, the remaining weighted average lease term was 4 years. During the three months ended March 31, 2020, the Company entered into one new lease, which increased ROU assets and lease liabilities by $1,778. ROU assets and lease liabilities were equal as no lease costs or incentives were associated with acquiring the leases. Variable and short-term lease costs were immaterial for the three months ended March 31, 2020. Additional details of the Company’s operating leases are presented in the following table:
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
Operating lease costs |  | $ | 1,506 |  |  | $ | 1,009 |
Cash paid for operating leases |  |  | 1,892 |  |  |  | 1,409 |
Maturities of operating lease liabilities as of March 31, 2020 under noncancelable operating leases were as follows:
Year ending December 31: |  |  |  |
Remainder of 2020 |  | $ | 4,580 |
2021 |  |  | 4,454 |
2022 |  |  | 1,724 |
2023 |  |  | 1,515 |
2024 |  |  | 1,532 |
Thereafter |  |  | 1,886 |
Total future minimum lease payments |  |  | 15,691 |
Less: imputed interest |  |  | (707 | )
Present value of future minimum lease payments |  |  | 14,984 |
Less: current portion of operating leases payments |  |  | (5,851 | )
Lease liabilities, long-term |  | $ | 9,133 |
(b) | Legal Matters
From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome of such matters is not likely to have a material adverse effect on the Company’s financial position or results of operations or cash flows.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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