LEASES AND COMMITMENTS

12 Months Ended

Dec. 31, 2021

LEASES AND COMMITMENTS [Abstract]

LEASES AND COMMITMENTS

12. LEASES AND COMMITMENTS:

Facilities and Leases

The Company owns its main executive, administrative, manufacturing and technical offices in San Jose, California. The Company also owns a research and development facility in New Jersey, a design center in Germany and a multipurpose office building in Switzerland. The Company’s leases consist of operating leases for administrative office spaces, research-and-development facilities and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total lease expense was $3.3 million, $2.7 million and $2.5 million in the years ended December 31, 2021, 2020 and 2019, respectively, while short-term and variable lease expenses were not material during these periods.

Balance sheet information related to leases was as follows:

		December 31,		December 31,
(In thousands)	Balance Sheet Classification	2021		2020
Right-of-use assets
Operating lease assets	Other assets	$	11,887	$	10,295
Lease liabilities
Current operating lease liabilities	Other accrued liabilities	$	3,050	$	2,682
Non-current operating lease liabilities	Other liabilities		8,371		7,345
Total		$	11,421	$	10,027

Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to eight years, some of which include options to extend for up to six years, and some of which include options to terminate within one year. Leases with an initial term of twelve months or less are not recorded on the balance sheet. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at commencement date.

	December 31,		December 31,
Lease term and discount rate	2021		2020
Weighted average remaining lease term	4.2	years	4.2	years
Weighted average discount rate	3.3	%	3.3	%

Supplemental cash flows information related to leases was as follow:

	Year Ended December 31,
(In thousands)	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,538	$	2,459
Right-of-use assets obtained in exchange for new operating lease obligations	$	5,225	$	2,947

Future minimum lease payments under all non-cancelable lease agreements as of December 31, 2021, are as follows:

	December 31,
(In thousands)	2021
2022	$	3,472
2023		3,672
2024		2,294
2025		1,047
2026		669
Thereafter		1,339
Total future minimum lease payments		12,493
Less imputed interest		(1,072)
Total	$	11,421

Purchase Obligations

At December 31, 2021, the Company had no non-cancelable purchase obligations that were due beyond one year.