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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases | 6. Leases The Company has entered into a number of operating leases, primarily for office space and commercial property. These leases have terms which range from four to 19 years, and generally include one or more options to terminate or renew. The termination options can reduce the lease term for periods ranging from two to 10 years, however the remaining lease terms do not represent these early termination dates as management have concluded that it is reasonably certain that the Company will not exercise these options. The renewal terms can extend the lease term for additional periods ranging from three to five years. These renewal options are represented in the remaining lease term as management have concluded that it is reasonably certain that the Company will exercise the renewal option. Certain leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement. Certain agreements contain both lease and non-lease components. The Company has elected to separately account for these components in determining the lease liabilities and right-of-use assets. The Company’s lease agreements generally do not provide an implicit borrowing rate, therefore an internal incremental borrowing rate was determined based on information available at lease commencement date for the purposes of determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for all leases that commenced prior to that date. All operating lease expenses are recognized on a straight-line basis over the lease term. The Company recognized $505 and $510 of operating lease costs for right-of-use assets during the six months ended June 30, 2020 and 2019, respectively. Information related to the Company’s right-of-use assets and related lease liabilities is as follows:
|  | Three months ended |  |  | Three months ended |  |  | Six Months Ended |  |  | Six months ended |
|  | June 30, 2020 |  |  | June 30, 2019 |  |  | June 30, 2020 |  |  | June 30, 3019 |
Cash paid for operating lease liabilities |  | $ | 253 |  |  | $ | 243 |  |  | $ | 586 |  |  | $ | 433 |
Right-of-use assets obtained in exchange for new operating lease obligation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,622 |
|  | June 30, 2020 |  |  | December 31, 2019 |
Weighted-average remaining lease term |  | 12.2 years |  |  | 12.5 years |
Weighted-average discount rate |  |  | 7.6 | % |  |  | 7.6 | %
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows, representing the Company’s right to use the underlying asset for the lease term (“Other assets”) and the Company’s obligation to make lease payments (“Other current liabilities” and “Other liabilities”):
|  | June 30, 2020 |  |  | December 31, 2019 |
Other assets |  | $ | 6,893 |  |  | $ | 7,144 |
Other current liabilities |  | $ | 530 |  |  | $ | 580 |
Other liabilities |  |  | 6,473 |  |  |  | 6,748 |
Total lease liabilities |  | $ | 7,003 |  |  | $ | 7,328 |
Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of June 30, 2020 for the following five fiscal years and thereafter were as follows:
Due in 12 month period ended June 30 |  |  |  |
2021 |  | $ | 1,020 |
2022 |  |  | 1,026 |
2023 |  |  | 1,037 |
2024 |  |  | 1,040 |
2025 |  |  | 1,034 |
Thereafter |  |  | 5,133 |
|  | $ | 10,290 |
Less imputed interest |  |  | (3,287 | )
Total lease liabilities |  | $ | 7,003 |

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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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