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Commitments Rights of Use and Contingent Liabilities | 9 Months Ended
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Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments, Rights of Use and Contingent Liabilities | COMMITMENTS, RIGHTS OF USE AND CONTINGENT LIABILITIES Operating Leases and Rights of Use. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2029. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2022. Under ASC 842, all leases with durations greater than 12 months, including non-cancelable operating leases, are now recognized on the balance sheet. The aggregated present value of lease agreements, net of deferred rent, is recorded as a long-term asset titled right-of-use assets. The corresponding lease liabilities are split between other payables and long-term lease liabilities. Upon implementation of ASC 842, effective January 1, 2019, the Company recorded an increase in right-of-use assets obtained in exchange for lease obligations of $15,733 on our opening balance sheet. Lease and rental payments for the nine months ended September 30, 2019, totaled $3,799. Future minimum lease payments under non-cancelable operating leases as of September 30, 2019, are as follows:
| September 30, 2019
| Unaudited
Future minimum lease payments: |
2019 (remainder of the year) | $ | 1,146 |
2020 | 4,519 |
2021 | 4,193 |
2022 | 3,130 |
2023 | 1,933 |
Thereafter | 3,651 |
Total future minimum lease payments | $ | 18,572 |
Less imputed interest | (2,956) |
Net present value of future minimum lease payments | $ | 15,616 |
Presented as of September 30, 2019: |
Short-term lease liabilities | $ | 4,249 |
Long-term lease liabilities | 11,367 |
Net present value of future minimum lease payments | $ | 15,616 |
Weighted average of remaining operating lease term | 4.85
Weighted average of operating lease discount rate | 7.51% |
Pledged deposits and bank guarantees. As of September 30, 2019 and December 31, 2018, the Company pledged bank deposits of $1,325 and $1,143, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $1,491 and $1,299, respectively.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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