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Leases | 9 Months Ended
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Sep. 30, 2020
Leases |
Leases | 7. LEASES The Company has operating leases with fixed payment terms for certain buildings and warehouses. The Company's leases have remaining lease terms of less than one year to four years , some of which include options to extend the lease for five years . Operating leases are included in operating lease right -of-use ("ROU") assets, accrued other liabilities and other non-current liabilities in the Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company used the applicable incremental borrowing rate at implementation date to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company ’s secured borrowing rate. At each reporting period when there is a new lease initiated, the Company will utilize its incremental borrowing rate to perform lease classification tests on lease components and to measure ROU assets and lease liabilities. The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating lease cost $ 357,000 $ 358,000 $ 1,072,000 $ 1,073,000 Total net lease cost $ 357,000 $ 358,000 $ 1,072,000 $ 1,073,000 Other supplemental balance sheet information related to leases was as follows: September 30, 2020 December 31, 2019 Operating leases: Operating lease right of use assets $ 3,506,000 $ 4,484,000 Total operating lease right of use assets $ 3,506,000 $ 4,484,000 Current operating lease liabilities (A) $ 843,000 $ 1,304,000 Noncurrent operating lease liabilities (B) 2,602,000 3,119,000 Total operating lease liabilities $ 3,445,000 $ 4,423,000 Weighted average remaining lease term (in years): Operating leases 3.5 4.0 Weighted average discount rate: Operating leases 5.0 % 4.9 % Current operating lease liabilities are included in accrued other liabilities on the Consolidated Balance Sheets. (B) Noncurrent operating lease liabilities are included in other non-current liabilities on the Consolidated Balance Sheets. Other information related to leases were as follows: Nine Months Ended September 30, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases (C) $ 1,072,000 $ 1,073,000 (C) Cash flow from operating lease included in prepaid and other assets on the Consolidated Statements of Cash Flows. As of September 30, 2020, maturities of lease liabilities were as follows: Operating Leases 2020 (remainder of year) $ 358,000 2021 1,174,000 2022 1,102,000 2023 1,000,000 2024 530,000 Total lease payments 4,164,000 Less: imputed interest (719,000) Total lease obligations 3,445,000 Less: current obligations (843,000) Long-term lease obligations $ 2,602,000 As of December 31, 2019, maturities of lease liabilities were as follows: Operating Leases 2020 $ 1,433,000 2021 1,174,000 2022 1,102,000 2023 1,000,000 2024 530,000 Total lease payments 5,239,000 Less: imputed interest (816,000) Total lease obligations 4,423,000 Less: current obligations (1,304,000) Long-term lease obligations $ 3,119,000

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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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