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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

Note 16 -- Leases

The table below summarizes the Company’s ROU assets and corresponding liabilities for operating and finance leases:

 

 

December 31,

 

 

 

2022

 

 

2021

 

Operating leases:

 

 

 

 

 

 

ROU assets

 

$

777

 

 

$

2,204

 

Liabilities

 

$

721

 

 

$

2,203

 

Finance leases:

 

 

 

 

 

 

ROU assets

 

$

80

 

 

$

86

 

Liabilities

 

$

13

 

 

$

31

 

 

The Company’s lease of office space in India for its information technology operations expired in January 2022 and a new lease agreement was entered into effective February 2022 with an initial term of nine years.

In December 2022, the Company notified the FDOT of the election to terminate one of the operating leases for office space effective January 31, 2023, resulting in a derecognition of the ROU assets and its corresponding liabilities by $553.

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 51 months

 

Yes

 

(a), (b)

Office space

 

3 to 9 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, 2022, maturities of lease liabilities were as follows:

 

 

 

Leases

 

 

 

Operating

 

 

Finance

 

Due in Year

 

 

 

 

 

 

2023

 

$

110

 

 

$

11

 

2024

 

 

91

 

 

 

2

 

2025

 

 

96

 

 

 

—

 

2026

 

 

101

 

 

 

—

 

2027

 

 

106

 

 

 

—

 

Thereafter

 

 

361

 

 

 

—

 

Total lease payments

 

 

865

 

 

 

13

 

Less: interest

 

 

144

 

 

 

—

 

Total lease obligations

 

$

721

 

 

$

13

 

 

 

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

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

Lease costs:

 

 

 

 

 

 

Finance lease costs:

 

 

 

 

 

 

Amortization – ROU assets*

 

$

16

 

 

$

19

 

Interest expense

 

 

1

 

 

 

1

 

Operating lease costs*

 

 

1,219

 

 

 

1,622

 

Short-term lease costs*

 

 

408

 

 

 

348

 

Total lease costs

 

$

1,644

 

 

$

1,990

 

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

 

 

 

 

 

 

Operating cash flows – finance leases

 

$

1

 

 

$

1

 

Operating cash flows – operating leases

 

$

1,194

 

 

$

1,626

 

Financing cash flows – finance leases

 

$

18

 

 

$

19

 

 

 

December 31, 2022

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

Finance leases (in years)

 

 

1.1

 

 

 

 

Operating leases (in years)

 

 

7.9

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

Finance leases (%)

 

 

3.4

%

 

 

 

Operating leases (%)

 

 

4.5

%

 

 

 

 

* Included in other operating expenses on the consolidated statements of income.

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

 

 

 

 

 

Renewal

 

Other Terms

Class of Assets

 

Initial Term

 

Option

 

and 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.