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Leased Assets | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leased Assets | 7.Leased Assets The Company leases certain of its real estate and equipment. The Company has evaluated all its leases and determined that all are operating leases under the definitions of the guidance of ASU 2016-02. The Company’s lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. 63 Table of Contents The Company adopted the provisions of ASU 2016-02 using the effective date method on January 1, 2019 and recorded right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2019:
|  | Balance Sheet Line Item |  |  | December 31, 2019 |
Right-of-use assets |  | Other assets |  |  | $ | 2,610 |
Operating lease liabilities |  |  |  |  |  |  |  |
Current portion |  | Trade accounts payable and accrued expenses |  |  | $ | 464 |
Noncurrent portion |  | Lease liabilities |  |  |  | 2,176 |
Total operating lease liabilities |  |  |  |  |  | $ | 2,640 |
The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight line basis over the life of the lease. The Company’s leases generally do not provide an implicit interest rate, and therefore the Company uses its incremental borrowing rate enumerated in its revolving line of credit (see Note 9) to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2019:
2020 |  | $ | 589 |
2021 |  |  | 559 |
2022 |  |  | 244 |
2023 |  |  | 213 |
2024 |  |  | 215 |
Thereafter |  |  | 1,600 |
Total undiscounted future minimum lease payments |  |  | 3,420 |
Less: Difference between undiscounted lease payments & the present value of future lease payments |  |  | (780 | )
Total operating lease liabilities |  | $ | 2,640 |
Certain of the Company’s lease agreements contain renewal options at the Company’s discretion. The Company does not recognize right-of-use assets or lease liabilities for leases of one year or less or for renewal periods unless it is reasonably certain that the Company will exercise the renewal option at the inception of the lease or when a triggering event occurs. The Company’s weighted average remaining lease term for operating leases as of December 31, 2019 is 11.6 years.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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