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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease. The following table presents operating lease right-of-use assets and lease liabilities.
Lease expenses are primarily included in insurance expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below.
(1) - Leases with an initial term of twelve months or less are not recorded on the balance sheet. (2) - Sublease income consists of rent from third parties of office space and is recognized as part of other income in the Condensed Consolidated Statements of Income. Note 6 - Leases (continued) Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2020 and 2019 is as follows:
Significant judgments and assumptions for determining lease asset and liability at March 31, 2020 are presented below.
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Future minimum lease payments under finance and operating leases at March 31, 2020 are presented below.
Note 6 - Leases (continued) Future minimum lease payments under finance and operating leases at December 31, 2019 are presented below.
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Leases | Leases The Company leases certain office space under non-cancelable operating leases, with initial terms typically ranging from one to fifteen years, along with options that permit renewals for additional periods. The Company also leases certain equipment under non-cancelable operating leases, with initial terms typically ranging from one to five years. Minimum rent is expensed on a straight-line basis over the term of the lease. The following table presents operating lease right-of-use assets and lease liabilities.
Lease expenses are primarily included in insurance expenses in the Condensed Consolidated Statement of Income. Additional information regarding the Company’s lease cost is presented below.
(1) - Leases with an initial term of twelve months or less are not recorded on the balance sheet. (2) - Sublease income consists of rent from third parties of office space and is recognized as part of other income in the Condensed Consolidated Statements of Income. Note 6 - Leases (continued) Other Information on Operating Leases Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2020 and 2019 is as follows:
Significant judgments and assumptions for determining lease asset and liability at March 31, 2020 are presented below.
Most of the Company’s leases do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of its lease payments. Future minimum lease payments under finance and operating leases at March 31, 2020 are presented below.
Note 6 - Leases (continued) Future minimum lease payments under finance and operating leases at December 31, 2019 are presented below.
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