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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2019
LEASE COMMITMENTS |
LEASE COMMITMENTS | 11. LEASE COMMITMENTS Due to the adoption of ASU 2016-02, Leases (Topic 842), the Company completed a comprehensive review and analysis of all its property and equipment contracts. As a result of this review, it was determined that the Company leases eight office locations under both operating and financing leases and one copy machine under a short-term lease. Several assumptions and judgments were made when applying the requirements of Topic 842 to the Company’s existing lease commitments, including the allocation of consideration in the contracts between lease and non-lease components, determination of the lease term, and determination of the discount rate used in calculating the present value of the lease payments. See Note 1 for information on policy elections. The following table presents the lease cost associated with both operating and financing leases for the year ended December 31, 2019 (in thousands). Total rent expense recorded during the years ended December 31, 2018 and 2017 was $415,000 and $571,000, respectively.
|  | YEAR ENDED DECEMBER 31, 2019
Lease cost |  |  |
Financing lease cost: |  |  |
Amortization of right-of-use asset |  | $ | 258
Interest expense |  |  | 117
Operating lease cost |  |  | 117
Total lease cost |  | $ | 492
The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2019.
|  | OPERATING |  | FINANCING |
Weighted-average remaining term (years) |  | 11.9 |  | 17.1 |
Weighted-average discount rate |  | 3.46 | % | 3.60 | %
The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2019, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.
|  | OPERATING |  | FINANCING
Undiscounted cash flows due: |  |  |  |  |  |
Within 1 year |  | $ | 118 |  | $ | 296
After 1 year but within 2 years |  |  | 120 |  |  | 275
After 2 years but within 3 years |  |  | 98 |  |  | 277
After 3 years but within 4 years |  |  | 69 |  |  | 274
After 4 years but within 5 years |  |  | 69 |  |  | 236
After 5 years |  |  | 589 |  |  | 3,007
Total undiscounted cash flows |  |  | 1,063 |  |  | 4,365
Discount on cash flows |  |  | (198) |  |  | (1,202)
Total lease liabilities |  | $ | 865 |  | $ | 3,163

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- References No definition available. + Details
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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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