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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases

Note 15 -- Leases

The table below summarizes the Company’s right-of-use (“ROU”) assets and corresponding liabilities for operating and finance leases:

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Operating leases:

 

 

 

 

 

 

ROU assets

 

$

1,296

 

 

$

1,407

 

Liabilities

 

$

1,305

 

 

$

1,408

 

Finance leases:

 

 

 

 

 

 

ROU assets

 

$

—

 

 

$

1

 

Liabilities

 

$

1

 

 

$

2

 

 

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 June 30, 2024, maturities of lease liabilities were as follows:

 

 

 

Leases

 

 

 

Operating

 

 

Finance

 

Due in 12 months following June 30,

 

 

 

 

 

 

2024

 

$

289

 

 

$

1

 

2025

 

 

299

 

 

 

—

 

2026

 

 

308

 

 

 

—

 

2027

 

 

303

 

 

 

—

 

2028

 

 

123

 

 

 

—

 

Thereafter

 

 

190

 

 

 

—

 

Total lease payments

 

 

1,512

 

 

 

1

 

Less: interest

 

 

207

 

 

 

—

 

Total lease obligations

 

$

1,305

 

 

$

1

 

 

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization – ROU assets*

 

$

—

 

 

$

4

 

 

$

—

 

 

$

8

 

Operating lease costs*

 

 

76

 

 

 

77

 

 

 

145

 

 

 

129

 

Short-term lease costs*

 

 

83

 

 

 

74

 

 

 

175

 

 

 

167

 

Total lease costs

 

$

159

 

 

$

155

 

 

$

320

 

 

$

304

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows – operating leases

 

 

 

 

 

 

 

$

142

 

 

$

73

 

Financing cash flows – finance leases

 

 

 

 

 

 

 

$

1

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term:

 

 

 

 

 

 

 

 

 

 

 

 

Finance leases (in years)

 

 

0.3

 

 

 

 

 

 

 

 

 

 

Operating leases (in years)

 

 

5.1

 

 

 

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Finance leases (%)

 

 

2.4

%

 

 

 

 

 

 

 

 

 

Operating leases (%)

 

 

6.0

%

 

 

 

 

 

 

 

 

 

 

* 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

 

(d)

Retail space

 

3 to 20 years

 

Yes

 

(d)

Boat docks/wet slips

 

1 to 12 months

 

Yes

 

(d)

 

(d)
There are no purchase options.