Operating Leases

12 Months Ended

Dec. 31, 2017

OPERATING LEASES [Abstract]

OPERATING LEASES

NOTE 11 – OPERATING LEASES

We lease a 50,724 square foot mixed office and warehouse facility in Golden Valley, Minnesota. The lease has a term of 90 months and expires on December 31, 2018. The lease contains an escalation clause and two renewal options of three years each. Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility.

We lease a 10,165 square foot mixed office and warehouse facility in Bloomington, Minnesota. The lease expires on December 31, 2018. Rental expense, including the effects of lease incentives, is recognized on a straight-line basis over the term of the lease. We are also required to pay insurance, property taxes and other operating expenses related to the leased facility. 

We lease a 19,805 square foot mixed office and warehouse facility in Singapore. The lease expires in July 2020, contains an escalation clause and one three year renewal option. In addition, we lease facilities for the operations of our other subsidiaries under operating leases that expire at various times through November 2018. 

Rent expense was $1.3 million in 2017, $1.3 million in 2016, and $1.2 million in 2015.  At December 31, 2017, the future minimum lease payments required under non-cancelable operating lease agreements are as follows:

Year ending December 31,	(In thousands)
2018	$	1,433
2019	445
2020	259
2021	—
Total	$	2,137