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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | Note 5. Leases The Company leases real estate property under operating leases. The Company leases office space in Santa Clara, Michigan, Malaysia, Japan, Taiwan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through March 2027. The Company signed an amendment to its Santa Clara office space lease where the lessor paid the Company lease incentives of $0.4 million and extended the term of the lease by three months. The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges. As of June 30, 2021, the Company did not have any leases that had not yet commenced. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of June 30, 2021:
|  | As of |
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Right-of-use assets |  | $ | 8,417 |  |  | $ | 8,892 |
Lease liabilities included in accrued expenses and other current liabilities |  |  | 1,086 |  |  |  | 1,264 |
Lease liabilities - non-current |  |  | 6,718 |  |  |  | 6,986 |
Total operating lease liabilities |  | $ | 7,804 |  |  | $ | 8,250 |
Weighted-average remaining lease term (years) |  |  | 5.5 |  |  |  | 5.9 |
Weighted-average discount rate |  |  | 4.6 | % |  |  | 4.2 | %
The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2021 and 2020:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |
Operating lease cost |  | $ | 567 |  |  | $ | 426 |  |  | $ | 882 |  |  | $ | 851 |
Short-term lease cost |  |  | 86 |  |  |  | 80 |  |  |  | 164 |  |  |  | 165 |
Variable lease cost |  |  | 82 |  |  |  | 56 |  |  |  | 165 |  |  |  | 156 |
Total lease cost |  | $ | 735 |  |  | $ | 562 |  |  | $ | 1,211 |  |  | $ | 1,172 |
Cash paid for operating lease liabilities was $0.4 million, $0.4 million, $0.8 million, and $1.6 million, respectively, for the three and six months ended June 30, 2021 and 2020. Operating Lease Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of June 30, 2021:
|  | (in thousands) |
2021 |  | $ | 395 |
2022 |  |  | 1,739 |
2023 |  |  | 1,585 |
2024 |  |  | 1,548 |
2025 |  |  | 1,580 |
2026 and beyond |  |  | 2,019 |
Total minimum lease payments |  |  | 8,866 |
Less: amount of lease payments representing interest |  |  | (1,062 | )
Present value of future minimum lease payments |  |  | 7,804 |
Less: current obligations under leases |  |  | (1,086 | )
Long-term lease liabilities |  | $ | 6,718 |

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- Definition The entire disclosure for operating leases of lessee and lessor. Lessee information also Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References No definition available. + Details
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- References No definition available. + Details
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