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Leases | 9 Months Ended
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Sep. 30, 2019
Lessee Disclosure [Abstract] |
Leases |
8. | Leases
In February 2016, the FASB issued ASU No. 2016-02, Leases. The standard requires lessees to recognize lease assets and lease liabilities on the balance sheet and requires expanded disclosures about leasing arrangements. We adopted this standard on January 1, 2019 on a modified retrospective basis and will not restate comparative amounts. We determine whether an arrangement is a lease at inception. We have operating and finance leases for corporate offices, warehouse space and equipment (including vehicles). As of September 30, 2019, we are the lessee in all agreements. Our leases have remaining lease terms of 1 to 8 years, some of which include options to extend the leases based on agreed upon terms, and some of which include options to terminate the leases within 1 year. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components (e.g., common-area maintenance). For these agreements, we account for lease components separate from non-lease components. The components of lease expense are as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, 2019 |  |  | September 30, 2019 |
Operating Lease Cost |  | $ | 232 |  |  | $ | 695 |
Finance Lease Cost |  |  |  |  |  |  |  |
Amortization of right-of use assets |  |  | 112 |  |  |  | 264 |
Interest on lease liabilities |  |  | 10 |  |  |  | 23 |
Total Finance Lease Cost |  | $ | 122 |  |  | $ | 287 |
Lease cost for the three and nine months ended September 30, 2018 was $368 and $1,097. Supplemental cash flow information related to leases is as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, 2019 |  |  | September 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 232 |  |  | $ | 690 |
Operating cash flows from financing leases |  |  | 10 |  |  |  | 23 |
Financing cash flows from financing leases |  |  | 129 |  |  |  | 253 |
Non-cash activity |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | - |  |  |  | 240 |
Right-of-use assets obtained in exchange for finance lease obligations |  |  | - |  |  |  | 1,249 |
Supplemental balance sheet information related to leases is as follows:
|  | September 30, 2019 |
Operating Leases |  |  |  |
Right-of-use assets |  | $ | 3,574 |
Current lease liabilities |  |  | 761 |
Non-current lease liabilities |  |  | 3,053 |
Total operating lease liabilities |  | $ | 3,814 |
Finance Leases |  |  |  |
Right-of-use assets |  | $ | 1,276 |
Current lease liabilities |  |  | 439 |
Non-current lease liabilities |  |  | 829 |
Total finance lease liabilities |  | $ | 1,268 |
Weighted Average Remaining Lease Term |  |  |  |
Weighted-average remaining lease term—operating leases |  |  | 4.89 |
Weighted-average remaining lease term—finance leases |  |  | 3.25 |
Weighted Average Discount Rate |  |  |  |
Weighted-average discount rate—operating leases |  |  | 4.23 | %
Weighted-average discount rate—finance leases |  |  | 2.82 | %
As of September 30, 2019, minimum lease payments by period are expected to be as follows:
| Finance |  |  | Operating |
2019 (excluding the nine months ended September 30, 2019) | $ | 120 |  |  | $ | 231 |
2020 |  | 454 |  |  |  | 951 |
2021 |  | 325 |  |  |  | 923 |
2022 |  | 324 |  |  |  | 898 |
2023 |  | 94 |  |  |  | 542 |
Thereafter |  | 4 |  |  |  | 807 |
Total Minimum Lease Payments |  | 1,321 |  |  |  | 4,352 |
Less: imputed interest |  | (53 | ) |  |  | (538 | )
Present Value of Lease Liabilities | $ | 1,268 |  |  | $ | 3,814 |
As of December 31, 2018, minimum lease payments under non-cancelable operating leases by period were expected to be as follows:
2019 | $ | 903 |
2020 |  | 902 |
2021 |  | 877 |
2022 |  | 850 |
2023 |  | 506 |
Thereafter |  | 737 |
| $ | 4,775 |

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- References No definition available. + Details
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