• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

Note 17 -- Leases

At December 31, 2019, the Company had operating leases’ ROU assets and corresponding liabilities of $484 and $513, respectively. In addition, the Company had finance leases with ROU assets of $79 and corresponding lease liabilities of $60 at December 31, 2019. The following table summarizes the Company’s operating and finance leases in which the Company is a lessee:

 

 

 

 

 

Renewal

 

Other Terms and

Class of Assets

 

Initial Term

 

Option

 

Conditions

Operating lease:

 

 

 

 

 

 

Office equipment

 

1 to 63 months

 

Yes

 

(a), (b)

Storage units

 

2 years

 

Yes

 

(b)

Office space

 

3 to 10 years

 

Yes

 

(b), (c)

Finance lease:

 

 

 

 

 

 

Office equipment

 

3 to 5 years

 

Not applicable

 

(d)

 

(a)

At the end of the lease term, the Company can purchase the equipment at fair market value.

(b)

There are no variable lease payments.

(c)

Rent escalation provisions exist.

(d)

There is a bargain purchase option.

As of December 31, 2019, maturities of lease liabilities were as follows:

 

 

 

Leases

 

 

 

Operating

 

 

Finance

 

Due in Year

 

 

 

 

 

 

 

 

2020

 

$

327

 

 

$

19

 

2021

 

 

208

 

 

 

19

 

2022

 

 

17

 

 

 

17

 

2023

 

 

 

 

 

9

 

Total lease payments

 

 

552

 

 

 

64

 

Less: interest and foreign taxes

 

 

39

 

 

 

4

 

Total lease obligations

 

$

513

 

 

$

60

 

 

 

The following table provides quantitative information with regard to the Company’s operating and finance leases.

 

 

 

Year Ended

 

 

 

December 31, 2019

 

Lease costs:

 

 

 

 

Finance lease costs:

 

 

 

 

Amortization – ROU assets*

 

$

15

 

Interest expense

 

 

2

 

Operating lease costs*

 

 

314

 

Short-term lease costs*

 

 

198

 

Total lease costs

 

$

529

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows – finance leases

 

$

2

 

Operating cash flows – operating leases

 

$

318

 

Financing cash flows – finance leases

 

$

14

 

 

 

 

 

 

 

 

December 31, 2019

 

Weighted-average remaining lease term:

 

 

 

 

Finance leases (in years)

 

 

3.7

 

Operating leases (in years)

 

 

1.7

 

Weighted-average discount rate:

 

 

 

 

Finance leases

 

 

3.7

%

Operating leases

 

 

4.0

%

 

*

Included in other operating expenses of the consolidated statement of income.

The following table summarizes the Company’s operating leases in which the Company is a lessor:

 

 

 

 

 

Renewal

 

Other Terms and

Class of Assets

 

Initial Term

 

Option

 

Conditions

Operating lease:

 

 

 

 

 

 

Office space

 

1 to 3 years

 

Yes

 

(e)

Retail space

 

3 to 20 years

 

Yes

 

(e)

Boat docks/wet slips

 

1 to 12 months

 

Yes

 

(e)

 

(e)

There are no purchase options.