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Leases and Contingencies

9 Months Ended

Sep. 30, 2020

Leases and Contingencies [Abstract]

Leases and Contingencies

5. LEASES AND CONTINGENCIES

Operating Leases

The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of September 30, 2020 and 2019, respectively, or for the nine-month periods then ended, respectively.

Our leases relating to office and warehouse space have terms of 19 to 122 months. Our leases relating to equipment have lease terms of 60 to 203 months, with some of them having clauses relating to automatic renewal.

The Company’s warehouse agreement also contains non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred.

The operating lease expense was $0.9 million and $0.7 million for the three months ended September 30, 2020 and 2019, respectively, and was $2.6 million and $2.1 million for the nine months ended September 30, 2020 and 2019, respectively.

Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):

​	​	​	​	​	​	​
​	​	Nine months ended September 30,
​	​	2020		​	2019
​	​	​	​	​	​	​
Cash paid for amounts included in the measurements of lease liabilities	​	​	​	​	​	​
Operating cash flow used in operating leases	​	$	2,778	​	$	2,121
​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for lease obligations	​	​	​	​	​	​
Operating leases	​	$	887	​	$	1,490
​	​	​	​	​	​	​

​

As of September 30, 2020, the weighted average remaining lease term was 3.9 years and the weighted average discount rate was 3.5%.

The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2020 (in thousands):

​

​	​	​	​
2020 (excluding the nine months ended September 30, 2020)	​	$	1,052
2021	​	​	3,991
2022	​	​	3,397
2023	​	​	1,851
2024	​	​	1,234
Thereafter	​	​	1,452
Total lease payments	​	$	12,977
Less: imputed interest	​	​	(879)
Total	​	$	12,098

​

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- References

No definition available.

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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

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