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LEASES
3 Months Ended
Mar. 31, 2020
Leases  
Leases

Note 4—Leases

 

The Company leases certain facilities from a related party, which is a company affiliated with us through common ownership. Included in the right-of-use asset as of March 31, 2020 was $4,353 and a corresponding lease liability of $4,353 associated with related party leases.

 

As of March 31, 2020, there were no additional operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2020

 

Three months ended March 31, 2019

 

Related Parties

 

Others

 

Total

 

Related Parties

 

Others

 

Total

Lease Cost

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Capitalized operating lease cost

$

379

 

$

784

 

$

1,163

 

$

379

 

$

831

 

$

1,210

Short-term lease cost

 

41

 

 

 2

 

 

43

 

 

41

 

 

 2

 

 

43

Total lease cost

$

420

 

$

786

 

$

1,206

 

$

420

 

$

833

 

$

1,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows

$

379

 

$

781

 

$

1,160

 

$

379

 

$

884

 

$

1,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term (in years):

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Capitalized operating leases

 

3.65

 

 

6.29

 

 

5.60

 

 

4.59

 

 

10.55

 

 

8.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized operating leases

 

3.92%

 

 

3.92%

 

 

3.92%

 

 

3.92%

 

 

3.92%

 

 

3.92%

 

As of March 31, 2020, future lease payments over the remaining term of capitalized operating leases were as follows:

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31, 

    

 

Related Parties

    

 

Others

    

 

Total

2020, excluding the three months ended March 31, 2020

 

$

1,006

 

$

2,489

 

$

3,495

2021

 

 

1,253

 

 

3,091

 

 

4,344

2022

 

 

1,253

 

 

2,111

 

 

3,364

2023

 

 

1,149

 

 

1,675

 

 

2,824

2024

 

 

 —

 

 

1,699

 

 

1,699

2025

 

 

 —

 

 

1,594

 

 

1,594

Thereafter

 

 

 —

 

 

888

 

 

888

 

 

$

4,661

 

$

13,547

 

$

18,208

 

 

 

 

 

 

 

 

 

 

Imputed interest

 

 

 

 

 

 

 

 

(1,595)

Lease liability balance at March 31, 2020

 

 

 

 

 

 

 

$

16,613

 

As of March 31, 2020, the ROU asset had a balance of $15,776. The long-term lease liability was $12,551 and the short-term lease liability, which is included in accrued expenses and other liabilities in the consolidated balance sheets, was $4,062.