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LEASES | 9 Months Ended
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Sep. 30, 2019
LEASES |
LEASES | 3. LEASES Adoption of Accounting Standards Codification 842, Leases On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach as of the adoption date. Reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for those periods. The table below details the impact of adoption on the Company’s unaudited condensed consolidated balance sheet as of January 1, 2019 (in thousands):
|  |  |  | Impact of adoption |  |
|  | December 31, 2018 |  | of ASC 842 |  | January 1, 2019
Other noncurrent assets: |  |  |  |  |  |  |  |  |
Operating lease right of use assets |  | $ | — |  | $ | 5,462 |  | $ | 5,462
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 157,848 |  | $ | (85) |  | $ | 157,763
Operating lease liabilities |  |  | — |  |  | 2,103 |  |  | 2,103
Other noncurrent liabilities: |  |  |  |  |  |  |  |  |
Operating lease liabilities |  |  | — |  |  | 3,444 |  |  | 3,444
Practical Expedients The Company elected the following practical expedients for transition to, and ongoing accounting under, ASC 842: i) the Company does not separate lease and non-lease components of a contract, ii) the Company does not reassess whether expired or existing contracts contain leases, nor does it reassess the lease classification for expired or existing leases and does not reassess whether previously capitalized initial direct costs would qualify for capitalization under ASC 842, iii) the Company applies a single discount rate to a portfolio of leases with reasonably similar characteristics and iv) the Company does not assess whether existing or expired land easements that were not previously accounted for as leases are or contain a lease under ASC 842. Leases The Company leases equipment and office space under operating leases. The operating leases have initial lease terms ranging from 1 to 5 years, some of which include options to extend or renew the leases for one year. Payments due under the lease contracts include fixed payments plus, in some instances, variable payments. The table below summarizes the Company’s leases for the nine months ended September 30, 2019 (in thousands, except years and discount rate):
|  | Nine Months Ended |
|  | September 30, 2019 |
Lease cost |  |  |  |
Operating lease costs |  | $ | 1,932 |
Short-term lease costs |  |  | 12,262 |
Variable lease costs |  |  | 1,210 |
Total lease costs |  | $ | 15,404 |
Other information |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 1,936 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 5,462 |
Weighted-average remaining lease term—operating leases |  |  | 3.7 | years
Weighted-average discount rate—operating leases |  |  | 4.83 | %
Future minimum lease payments associated with the Company's non-cancellable operating leases for office space and equipment as of September 30, 2019, are presented in the table below (in thousands):
|  | September 30, 2019
Remaining period in 2019 |  | $ | 380
2020 |  |  | 1,360
2021 |  |  | 876
2022 |  |  | 574
2023 |  |  | 585
Thereafter |  |  | 345
Total operating lease payments |  |  | 4,120
Less: discount to present value |  |  | 345
Total operating lease liabilities |  |  | 3,775
Less: current operating lease liabilities |  |  | 1,337
Noncurrent operating lease liabilities |  | $ | 2,438
Prior to the adoption of ASC 842, future obligations, including variable nonlease components, associated with the Company's non-cancellable operating leases for office space and equipment as of December 31, 2018, are presented in the table below (in thousands):
|  | December 31, 2018
2019 |  | $ | 3,792
2020 |  |  | 2,350
2021 |  |  | 1,899
2022 |  |  | 968
2023 |  |  | 999
Thereafter |  |  | 599
Total operating lease payments |  | $ | 10,607

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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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