XML 80 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Leasing Arrangements
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leasing Arrangements Leasing Arrangements
The Company leases real and personal property in the normal course of business under various operating leases and other insignificant finance leases, including non-cancelable and immaterial month-to-month agreements. Rent expense is recognized on a straight-line basis over the lease term.

The following table sets forth the Company’s lease cost components (in thousands):

Three Months Ended
March 31,
20202019
Operating lease cost$1,174  $1,152  
Amortization of finance lease assets5  46  
Interest on finance lease liabilities1  7  
Short-term lease cost40  10  
Variable lease cost476  —  
Sublease income(19) —  
Total lease cost(1)
$1,677  $1,215  

(1) Of the total lease cost of $1.7 million and $1.2 million during the three months ended March 31, 2020 and 2019, respectively, $0.9 million and $0.6 million was included within selling, general and administrative expenses, $0.4 million and $0.3 million was including within cost of sales, and $0.4 million and $0.3 million was included in research and development expenses in the condensed consolidated statement of comprehensive (loss), respectively.

The following table sets forth the Company’s supplemental cash flow information related to leases (in thousands):

Three Months Ended
March 31,
20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,194  $1,179  
Operating cash flows from finance leases
1  5  
Financing cash flows from finance leases
6  335  
Three Months Ended
March 31,
20202019
Right-of-use assets, net obtained in exchange for new lease obligations:
Operating leases
110  22,523  
Finance leases$—  $441  
The following table sets forth the Company’s supplemental balance sheet information related to leases (in thousands):

March 31,
2020		December 31,
2019
Right-of-use assets, net:
Operating leases, gross$24,570  $24,564  
Accumulated reduction(2,588) (2,119) 
Operating leases, net$21,982  $22,445  
Finance leases (included in “Other non-current assets”), gross
72  72  
Accumulated depreciation(26) (21) 
Finance leases (included in “Other non-current assets”), net
$46  $51  
Total Right-of-use assets, net$22,028  $22,496  
Lease liabilities:
Current portion of Operating lease liability$2,401  $2,290  
Long-term Operating lease liability21,427  22,021  
Total Operating lease liability$23,828  $24,311  
Current portion of Finance lease (included in “Accrued expenses and other liabilities”) liability
$20  $20  
Long-term Finance lease (included in “Pension obligations and other liabilities”) liability
29  34  
Total Finance lease liability$49  $54  
Total Lease liabilities$23,877  $24,365  

The following table sets forth the Company’s weighted-average lease terms and discount rates (lease term in years):

March 31,
2020		March 31,
2019
Weighted-average remaining lease terms:
Operating leases8.2 years8.9 years
Finance leases2.3 years3.3 years
Weighted-average discount rates:
Operating leases10.0 %10.0 %
Finance leases5.5 %5.5 %
The following table sets forth the Company’s scheduled maturities of lease liabilities as of March 31, 2020, (in thousands):

Year ending December 31,Operating leasesFinance leases
2020$3,451  $17  
20214,817  23  
20224,536  13  
20233,878  —  
20243,560  —  
2025 and beyond15,345  —  
Total lease payments(1)
$35,587  $53  
Less: Imputed interest$(11,759) $(4) 
Total lease liabilities$23,828  $49  

(1) Under ASC 842, the Company is required to take into consideration contractual lease renewal options that are reasonably assured to be exercised when determining the lease liability.  As of March 31, 2020, the Company has approximately $11.4 million of reasonably assured renewal option payments included in the total lease payments.
Leasing Arrangements Leasing Arrangements
The Company leases real and personal property in the normal course of business under various operating leases and other insignificant finance leases, including non-cancelable and immaterial month-to-month agreements. Rent expense is recognized on a straight-line basis over the lease term.

The following table sets forth the Company’s lease cost components (in thousands):

Three Months Ended
March 31,
20202019
Operating lease cost$1,174  $1,152  
Amortization of finance lease assets5  46  
Interest on finance lease liabilities1  7  
Short-term lease cost40  10  
Variable lease cost476  —  
Sublease income(19) —  
Total lease cost(1)
$1,677  $1,215  

(1) Of the total lease cost of $1.7 million and $1.2 million during the three months ended March 31, 2020 and 2019, respectively, $0.9 million and $0.6 million was included within selling, general and administrative expenses, $0.4 million and $0.3 million was including within cost of sales, and $0.4 million and $0.3 million was included in research and development expenses in the condensed consolidated statement of comprehensive (loss), respectively.

The following table sets forth the Company’s supplemental cash flow information related to leases (in thousands):

Three Months Ended
March 31,
20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$1,194  $1,179  
Operating cash flows from finance leases
1  5  
Financing cash flows from finance leases
6  335  
Three Months Ended
March 31,
20202019
Right-of-use assets, net obtained in exchange for new lease obligations:
Operating leases
110  22,523  
Finance leases$—  $441  
The following table sets forth the Company’s supplemental balance sheet information related to leases (in thousands):

March 31,
2020		December 31,
2019
Right-of-use assets, net:
Operating leases, gross$24,570  $24,564  
Accumulated reduction(2,588) (2,119) 
Operating leases, net$21,982  $22,445  
Finance leases (included in “Other non-current assets”), gross
72  72  
Accumulated depreciation(26) (21) 
Finance leases (included in “Other non-current assets”), net
$46  $51  
Total Right-of-use assets, net$22,028  $22,496  
Lease liabilities:
Current portion of Operating lease liability$2,401  $2,290  
Long-term Operating lease liability21,427  22,021  
Total Operating lease liability$23,828  $24,311  
Current portion of Finance lease (included in “Accrued expenses and other liabilities”) liability
$20  $20  
Long-term Finance lease (included in “Pension obligations and other liabilities”) liability
29  34  
Total Finance lease liability$49  $54  
Total Lease liabilities$23,877  $24,365  

The following table sets forth the Company’s weighted-average lease terms and discount rates (lease term in years):

March 31,
2020		March 31,
2019
Weighted-average remaining lease terms:
Operating leases8.2 years8.9 years
Finance leases2.3 years3.3 years
Weighted-average discount rates:
Operating leases10.0 %10.0 %
Finance leases5.5 %5.5 %
The following table sets forth the Company’s scheduled maturities of lease liabilities as of March 31, 2020, (in thousands):

Year ending December 31,Operating leasesFinance leases
2020$3,451  $17  
20214,817  23  
20224,536  13  
20233,878  —  
20243,560  —  
2025 and beyond15,345  —  
Total lease payments(1)
$35,587  $53  
Less: Imputed interest$(11,759) $(4) 
Total lease liabilities$23,828  $49  

(1) Under ASC 842, the Company is required to take into consideration contractual lease renewal options that are reasonably assured to be exercised when determining the lease liability.  As of March 31, 2020, the Company has approximately $11.4 million of reasonably assured renewal option payments included in the total lease payments.