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Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases LEASES
The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company leases portions of its land to third parties for agriculture or other miscellaneous uses. The Company’s significant agriculture lease agreements are short-term in nature. As of June 30, 2020, all leasing arrangements are classified as operating leases.
The Company’s office leases have remaining lease terms of approximately four years to nine years and include one or more extension options to renew, some of which include options to extend the leases for up to ten years. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options.
The components of lease costs were as follows for the three and six months ended June 30, 2020 and 2019 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Operating lease cost$552  $666  $1,106  $1,327  
Related party operating lease cost788  783  1,577  1,567  
Short-term lease cost182  119  308  251  

Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 were as follows (in thousands, except lease term in years and discount rate):
June 30, 2020December 31, 2019
Operating lease right-of-use assets ($21,992 and $23,047 related party, respectively)
$30,449  $32,579  
Operating lease liabilities ($15,746 and $16,282 related party, respectively)
$25,640  $27,206  
Weighted average remaining lease term (operating lease)6.67.1
Weighted average discount rate (operating lease)5.9 %5.9 %
Operating lease right-of-use assets are included in other assets or related party assets and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets.
The table below reconciles the undiscounted cash flows to the operating lease liabilities recorded on the condensed consolidated balance sheet as of June 30, 2020 (in thousands):
Years Ending December 31,Rental
Payments
2020 (excluding the six months ended June 30, 2020)
$2,294  
20215,263  
20225,420  
20235,583  
20242,495  
20252,474  
Thereafter8,096  
Total lease payments$31,625  
Discount$5,985  
Total operating lease liabilities$25,640  
Leases LEASES
The Company’s lessee arrangements consist of agreements to lease certain office facilities and equipment and the Company leases portions of its land to third parties for agriculture or other miscellaneous uses. The Company’s significant agriculture lease agreements are short-term in nature. As of June 30, 2020, all leasing arrangements are classified as operating leases.
The Company’s office leases have remaining lease terms of approximately four years to nine years and include one or more extension options to renew, some of which include options to extend the leases for up to ten years. The Company only includes renewal options in the lease term when it is reasonably certain that it will exercise such options.
The components of lease costs were as follows for the three and six months ended June 30, 2020 and 2019 (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Operating lease cost$552  $666  $1,106  $1,327  
Related party operating lease cost788  783  1,577  1,567  
Short-term lease cost182  119  308  251  

Supplemental balance sheet information related to leases as of June 30, 2020 and December 31, 2019 were as follows (in thousands, except lease term in years and discount rate):
June 30, 2020December 31, 2019
Operating lease right-of-use assets ($21,992 and $23,047 related party, respectively)
$30,449  $32,579  
Operating lease liabilities ($15,746 and $16,282 related party, respectively)
$25,640  $27,206  
Weighted average remaining lease term (operating lease)6.67.1
Weighted average discount rate (operating lease)5.9 %5.9 %
Operating lease right-of-use assets are included in other assets or related party assets and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets.
The table below reconciles the undiscounted cash flows to the operating lease liabilities recorded on the condensed consolidated balance sheet as of June 30, 2020 (in thousands):
Years Ending December 31,Rental
Payments
2020 (excluding the six months ended June 30, 2020)
$2,294  
20215,263  
20225,420  
20235,583  
20242,495  
20252,474  
Thereafter8,096  
Total lease payments$31,625  
Discount$5,985  
Total operating lease liabilities$25,640