Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 18 -- Leases

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

	December 31,
	2023		2022
Operating leases:
ROU assets	$	1,407	$	777
Liabilities	$	1,408	$	721
Finance leases:
ROU assets	$	1	$	80
Liabilities	$	2	$	13

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 Company entered into a new lease effective March 2023 for its office space in Plantation, Florida which relates to its claims related administration. The lease has an initial term of 5.25 years.

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	36 to 63 months	Yes	(a)
Office space	5 to 9 years	Yes	(a), (b)
Finance lease:
Office equipment	3.25 years	Not applicable	(c)

(a) There are no variable lease payments.

(b) Rent escalation provisions exist.

(c) There is a bargain purchase option.

As of December 31, 2023, maturities of lease liabilities were as follows:

	Leases
	Operating		Finance
Due in Year
2024	$	285	$	2
2025		294		—
2026		304		—
2027		313		—
2028		211		—
Thereafter		248		—
Total lease payments		1,655		2
Less: interest		247		—
Total lease obligations	$	1,408	$	2

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

	Years Ended December 31,
	2023			2022
Lease costs:
Finance lease costs:
Amortization – ROU assets*	$	21		$	16
Interest expense		—			1
Operating lease costs*		280			1,219
Short-term lease costs*		360			408
Total lease costs	$	661		$	1,644
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows – finance leases	$	—		$	1
Operating cash flows – operating leases	$	215		$	1,194
Financing cash flows – finance leases	$	12		$	18
	December 31, 2023
Weighted-average remaining lease term:
Finance leases (in years)		0.8
Operating leases (in years)		5.6
Weighted-average discount rate:
Finance leases (%)		2.4	%
Operating leases (%)		6.1	%

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

In connection with the purchase of commercial real estate in December 2023 as described in e) Real Estate Investments under Note 5 -- “Investments”, the Company entered into a one-year operating lease with the seller with an effective lease date of December 18, 2023, for the term of the lease which expires on December 31, 2024. The seller is currently subleasing the property to the existing tenant, whose lease expires on December 31, 2024. Under the terms of the lease, the seller will pay a de minimis rent plus operating costs. If the existing tenant remains on property after June 2024, the seller will pay a $75 monthly penalty to the Company until the property is fully vacated.

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.