Note 7 - Leases

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Leases Disclosure [Text Block]

7. LEASES

Lessee

The Company has operating leases primarily for administrative and sales and marketing offices, manufacturing operations and research and development facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than a year to four years. Some of these leases include options to renew the lease term for up to two years or on a month-to-month basis. The Company does not have finance lease arrangements.

The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):

		December 31,
	Financial Statement Line Item	2021		2020
Operating lease ROU assets	Other long-term assets	$	6,297	$	3,719
Operating lease liabilities	Other accrued liabilities	$	2,539	$	1,406
	Other long-term liabilities	$	3,268	$	1,693

The following tables summarize certain information related to the leases (in thousands, except percentages):

	Year Ended December 31,
	2021		2020		2019
Lease costs:
Operating lease costs	$	2,454	$	1,488	$	1,509
Other		740		300		465
Total lease costs	$	3,194	$	1,788	$	1,974

	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,315	$	1,526	$	1,364
ROU assets obtained in exchange for new operating lease liabilities (1)	$	5,195	$	2,181	$	3,667

	December 31,
	2021			2020
Weighted-average remaining lease term (in years)		2.8			2.7
Weighted-average discount rate		2.0	%		2.7	%

___________

(1) For the year ended December 31, 2019, the amount includes $2.3 million for operating leases existing on January 1, 2019, the adoption date of ASU No. 2016-02, Leases (Topic 842).

As of  December 31, 2021, the maturities of the lease liabilities were as follows (in thousands):

2022	$	2,630
2023		1,724
2024		956
2025		656
2026		8
Total remaining lease payments		5,974
Less: imputed interest		(167	)
Total lease liabilities	$	5,807

As of  December 31, 2021, the Company had no operating leases that have not yet commenced.

Lessor

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from less than one year to four years. Some of these leases include options to renew the lease term for up to five years.

Income related to lease payments was $2.2 million, $1.9 million and $1.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, future income related to lease payments was as follows (in thousands):

2022	$	2,255
2023		1,582
2024		617
2025		109
2026		21
Total	$	4,584