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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

NOTE 3 – Leases

For the years ended December 31, 2020 and 2019, cash paid for amounts included in the measurement of operating lease liabilities was $306 and $283, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities was $328 and $360, respectively. The weighted-average remaining lease term was four years as of both December 31, 2020 and 2019, and the weighted-average discount rate was 2.6% and 3.2%, respectively.

The Partnership adopted ASC 842, Leases, effective January 1, 2019. For the years ended December 31, 2020 and 2019, operating lease cost was $304 and $280, respectively, and variable lease cost not included in the lease liability was $57 and $55, respectively. Total lease cost for the years ended December 31, 2020 and 2019 was $360 and $335, respectively. Under ASC 840, Leases, the predecessor to ASC 842, rent and other lease-related expenses were $305 for the year ended December 31, 2018. The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:

 

 

December 31, 2020

 

December 31, 2019

 

2021

$

300

 

$

283

 

2022

 

247

 

 

239

 

2023

 

190

 

 

183

 

2024

 

125

 

 

128

 

2025

 

65

 

 

65

 

Thereafter

 

60

 

 

63

 

Total lease payments

 

987

 

 

961

 

Less: Interest

 

49

 

 

63

 

Total present value of lease liabilities

$

938

 

$

898

 

 

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.