Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 378

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1A
Chunk 378
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 II, Item 8, Note 2 “Recent Accounting Pronouncements” for additional
information. We determine whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be
or contain a lease if the contract conveys the right to control and directs the use of identified property or equipment for a period of
time in exchange for consideration. We generally must also have the right to obtain substantially all of the economic benefits from the
use of the property and equipment. Lease assets and liabilities are recognized at the lease commencement date based on the present value
of lease payments over the lease term. To determine the present value of lease payments not yet paid, we estimate incremental borrowing
rates based on the floating interest rate on our Line of Credit with Wells Fargo Bank, N.A. at the lease commencement date, as rates are
not implicitly stated in most leases. Lease liabilities are included in accrued expenses and other liabilities and right-of-use assets
are included in other assets in our Consolidated Balance Sheets.

There were expenses of $484, $407, and $391 related
to these leases during the years ended December 31, 2024, 2023, and 2022, respectively.

Additional information regarding the Company’s
leases are as follows:

     As of and For the Year Ended December 31,      2024   2023   2022   Operating lease cost  $383   $389   $391   Finance lease cost:                 Amortization of right-of-use assets   80    14    —   Interest on lease liabilities   21    4    —   Finance lease cost   101    18    —   Total lease cost  $484   $407   $391                     Other information on leases:                 Cash payments included in operating cash flows from operating leases  $406   $408   $340   Cash payments included in operating cash flows from finance leases   21    4    —   Cash payments included in financing cash flows from finance leases   99    16    —   Right-of-use assets obtained in exchange for new operating lease liabilities   185    247    —   Right-of-use assets obtained in exchange