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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | Leases As lessor, and as of September 30, 2019, all of our leases were operating leases with the exception of two leases entered into during the first quarter of 2019 which are classified as notes receivables under the failed sale leaseback guidance provided by ASC 842. As lessee, the significant majority of leases the Company enters are for real estate (office and warehouse space for our operations as well as automobiles). These lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of January 1, 2019, the Company did not have any significant leases that had not yet commenced but that created significant rights and obligations. Leases with terms of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Some of the Company's leases include variable non-lease components (e.g., taxes) which are not separated from associated lease components (e.g. fixed rent, common-area maintenance costs, vehicle protection plans and other service fees) as elected under the practical expedient package provided by ASC 842. The Company's leases have remaining lease terms of one to seven years, some of which include options to renew or extend the lease term from one to five years. Our automobile leases include an option to purchase the vehicle at lease termination. The depreciable life of assets is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The exercise of lease renewal options or purchase at lease termination is at the Company's sole discretion. If it is reasonably certain that we will exercise such options, the periods covered by such options are included in the lease term and are recognized as part of our ROU assets and lease liabilities. Supplemental balance sheet information related to leases was as follows:
Leases |  | Classification |  | September 30, 2019
|  |  |  | (in thousands, except lease term and discount rate)
Assets |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 4,294 |
Total leased assets |  |  |  | $ | 4,294 |
Liabilities |  |  |  |
Operating lease right-of-use liabilities |  | Accounts payable and accrued expenses |  | $ | 4,015 |
Total lease liabilities |  |  |  | $ | 4,015 |
Weighted average remaining lease term (years) |  |  |  |
Operating leases |  |  |  | 5.11 |
Weighted average discount rate |  |  |  |
Operating leases |  |  |  | 4.5 | %
Future maturities of the Company's operating lease liabilities at September 30, 2019 are as follows:
Year |  | (in thousands)
Remaining for year ending December 31, 2019 |  | $ | 250 |
2020 |  | 943 |
2021 |  | 890 |
2022 |  | 758 |
2023 |  | 501 |
Thereafter |  | 1,245 |
Total lease payments |  | 4,587 |
Less: interest |  | (572 | )
Total lease liabilities |  | $ | 4,015 |
The following table represents future minimum lease payments under noncancelable operating leases at December 31, 2018 as presented in the Company’s 2018 Form 10-K:
Year |  | (in thousands)
2019 |  | $ | 1,172 |
2020 |  | 676 |
2021 |  | 638 |
2022 |  | 645 |
2023 |  | 483 |
Thereafter |  | 1,183 |
|  | $ | 4,797 |
The components of lease expense for the three and nine months ended September 30, 2019 were as follows:
Lease expense |  | Classification |  | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
|  |  |  | (in thousands)
Operating lease cost |  | General and administrative |  | $ | 328 |  |  | $ | 1,069 |
Net lease cost |  |  |  | $ | 328 |  |  | $ | 1,069 |
Supplemental cash flow information related to leases for the nine months ended September 30, 2019 was as follows:
|  | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases |  | $ | 754 |
Right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases |  | $ | 495 |

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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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