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LEASES | 12 Months Ended
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Dec. 31, 2019
LEASES |
LEASES | NOTE 7—LEASES In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases” (Topic 842) (“ASC 842”). ASC 842 requires companies to recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. We adopted ASC 842 using the effective date of January 1, 2019 as the date of our initial application of the standard. Consequently, financial information for the comparative periods will not be updated. The Company determines if a contract is, or contains, a lease at contract inception. The Company elected the package of practical expedients for leases that commenced prior to January 1, 2019 and will not reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs capitalization for any existing leases. The Company elected upon adoption the use of hindsight in assessing factors that impact determination of the lease term, such as the likelihood that any renewal or purchase options are exercised. The Company elected to make an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet. The Company also elected not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component. The Company recognizes those lease payments in the consolidated statements of income on a straight-line basis over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the lease payments. The Company leases its office space and office equipment under long-term operating lease agreements which expire at various dates through August 2026, some of which include options to extend the leases for up to 3 years, and some of which included options to terminate the leases within 1 year. Under the operating leases, the Company pays certain operating expenses relating to the office equipment and leased property. The components of lease expense were as follows:
| Year Ended
| December 31,
| 2019
Lease cost |  |
Operating lease cost | $ | 2,935
Finance lease cost: |  |
Amortization of right-of-use assets |  | 15
Interest on lease liabilities |  | 3
Short-term lease cost |  | 30
Variable lease cost |  | 319
Sublease income |  | (243)
Total lease cost | $ | 3,059
Supplemental cash flow information related to leases was as follows |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from finance leases | $ | 13
Operating cash flows from operating leases | $ | 3,412
Financing cash flows from finance leases | $ | 10
Supplemental balance sheet information related to leases was as follows:
(In thousands, except lease term and discount rate) |  |  |  |  | December 31,
|  |  |  | 2019
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  |  |  |  | $ | 6,572
Current operating lease liabilities (1) |  |  |  |  | $ | 3,013
Non-current operating lease liabilities |  |  |  |  |  | 5,013
Total operating lease liabilities |  |  |  |  | $ | 8,026
Finance leases |  |  |  |  |  |
Finance lease right-of-use assets |  |  |  |  | $ | 76
Current finance lease liabilities (1) |  |  |  |  | $ | 38
Non-current finance lease liabilities |  |  |  |  |  | 36
Total finance lease liabilities |  |  |  |  | $ | 74
Weighted average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  |  |  |  |  | 4.2
Finance leases |  |  |  |  |  | 2.1
Weighted average discount rate |  |  |  |  |  |
Operating leases |  |  |  |  |  | 7.7%
Finance leases |  |  |  |  |  | 7.9%
| (1) |  | Current lease liabilities are included in “Accrued expenses and other current liabilities.”
Maturities of lease liabilities were as follows:
|  | Operating |  | Finance
|  | Leases |  | Leases
Year Ending December 31, |  |  |  |  |  |
2020 |  | $ | 3,142 |  | $ | 39
2021 |  |  | 2,160 |  |  | 32
2022 |  |  | 1,381 |  |  | 8
2023 |  |  | 969 |  |  | —
2024 |  |  | 944 |  |  | —
Thereafter |  |  | 838 |  |  | —
Total lease payments |  |  | 9,434 |  |  | 79
Less imputed interest |  |  | (1,408) |  |  | (5)
Total |  |  | 8,026 |  |  | 74
The following disclosures relate to periods prior to adoption of the new lease accounting standard, including those operating leases entered into during 2018, but not yet commenced:
|  | Operating |
|  | Leases |
2019 |  | $ | 3,034 |
2020 |  |  | 2,654 |
2021 |  |  | 1,808 |
2022 |  |  | 1,218 |
2023 |  |  | 925 |
Thereafter |  |  | 1,795 |
Total minimum lease payments |  | $ | 11,434 |

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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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