Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 138

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 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 the Consolidated Balance Sheets.

There were expenses of $114 and $122 related to these
leases during the three months ended June 30, 2025 and 2024, respectively, and $230 and $244 during the six months ended June 30, 2025
and 2024.

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

     As of and For the Three Months 
Ended June 30,   As of and For the Six Months Ended 
June 30,      2025   2024   2025   2024   Operating lease expense  $91   $96   $183   $192   Finance lease cost                      Amortization of right-of-use assets   20    20    40    40   Interest on lease liabilities   3    6    7    12   Finance lease cost   23    26    47    52   Total lease cost  $114   $122   $230   $244                          Other information on leases:                      Cash payments included in operating cash flows from operating leases  $98   $102   $195   $203   Cash payments included in operating cash flows from finance leases   3    6    7    12   Cash payments included in financing cash flows from finance leases   27    24    53    48   Right-of-use assets obtained in exchange for new operating lease liabilities   —    185    —    185   Right-of-use assets obtained in exchange for new finance lease liabilities