Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7: Property and Equipment

	(in thousands)
	September 30, 2020			December 31, 2019
Land, buildings and improvements	$	10,547		$	10,547
Furniture, fixtures, and equipment		5,127			5,114
Total property and equipment		15,674			15,661
Less: accumulated depreciation		(9,045	)		(8,545	)
Property and equipment, net	$	6,629		$	7,116

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, ranging from three to thirty-nine years.

On March 16, 2018, the Company sold land and a building for $4,080,000 and concurrently entered into an agreement to lease the property back for ten years. The lease payments are initially $408,000 per year for two years through March 31, 2020 and will escalate in subsequent years. (See Note 14: Financing Obligation Arising from Sale Leaseback Transaction for more details on the sale leaseback of the property and equipment).