XML 32 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company has leases for corporate offices, research and development facilities, warehouses, sales offices and equipment. The leases have remaining lease terms of one to fifteen years, s ome of which include options to extend the leases for up to ten years. The Company’s largest lease is for the Global Research and Innovation Center (“GRIC”). The lease was entered into on July 12, 2015, with a fifteen-year term and an option to renew for an additional seven years. The rent payments on the GRIC lease escalate each year until the end of the term. Operating lease right-of-use assets and corresponding operating lease liabilities, net of deferred rent, represent the present value of future lease payments under operating leases with terms of greater than twelve months. Leases with an initial expected term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. The discount rate used upon adoption of ASC 842, “Leases,” in the calculation was the incremental borrowing rate on the revolving credit facility in 2019. During the first quarter of 2020, the Company ceased use of the corporate headquarters leased offices and moved corporate employees to the GRIC during the second quarter of 2020. In addition, the lease liability and corresponding right-of-use assets for the corporate headquarters and GRIC were remeasured to remove the anticipated term extensions as the Company determined it was no longer reasonably certain to utilize the extension at the GRIC. The remeasurement resulted in adjustments to lease liabilities and right-of-use assets totaling of $6.2 million at March 31, 2020. In addition, during the first quarter of 2020, the Company recorded an impairment of the right-of-use assets totaling $7.4 million. See Note 11, “Impairment of Fixed, Long-lived and Intangible Assets.” During the second quarter of 2020, the Company terminated the lease of the corporate headquarters office in exchange for a one-time payment of $1.0 million and moved all corporate employees to the GRIC facility effective as of June 29, 2020. As a result of terminating the corporate headquarters office lease and making the one-time payment, the Company recorded a gain on lease termination of $0.6 million. The components of lease expense and supplemental cash flow information are as follows (in thousands):
| For the years ended |  |
| December 31,
| 2020 |  | 2019
Operating lease expense | $ | 1,370 |  |  |  |  | $ | 2,609 |  |  |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | 17 |  |  |  |  | 1,237 |  |  |
Interest on lease liabilities | 18 |  |  |  |  | 10 |  |  |
Total finance lease expense | 35 |  |  |  |  | 1,247 |  |  |
Short-term lease expense | 202 |  |  |  |  | 123 |  |  |
Total lease expense | $ | 1,607 |  |  |  |  | $ | 3,979 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 2,884 |  |  |  |  | $ | 2,336 |  |  |
Operating cash flows from finance leases | 18 |  |  |  |  | 10 |  |  |
Financing cash flows from finance leases | 70 |  |  |  |  | 51 |  |  |
Maturities of lease liabilities are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 1,367 |  |  | $ | 69 |
2022 |  | 1,289 |  |  | 46 |
2023 |  | 1,317 |  |  | 39 |
2024 |  | 1,347 |  |  | 23 |
2025 |  | 1,347 |  |  | — |
Thereafter |  | 6,865 |  |  | — |
Total lease payments |  | 13,532 |  |  | 177 |
Less: Interest |  | (4,548) |  |  | (21) |
Present value of lease liabilities |  | $ | 8,984 |  |  | $ | 156 |
Supplemental balance sheet information related to leases is as follows for the years ended December 31 (in thousands):
| 2020 |  | 2019 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 2,320 |  |  | $ | 16,388 |  |  |
Current portion of operating lease liabilities | $ | 636 |  |  | $ | 486 |  |  |
Long-term operating lease liabilities | 8,348 |  |  | 16,973 |  |  |
Total operating lease liabilities | $ | 8,984 |  |  | $ | 17,459 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | 147 |  |  | $ | 293 |  |  |
Accumulated depreciation | (26) |  |  | (28) |  |  |
Property and equipment, net | $ | 121 |  |  | $ | 265 |  |  |
Current portion of finance lease liabilities | $ | 60 |  |  | $ | 55 |  |  |
Long-term finance lease liabilities | 96 |  |  | 158 |  |  |
Total finance lease liabilities | $ | 156 |  |  | $ | 213 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 9.9 years |  | 16.6 years |  |
Finance leases | 3.1 years |  | 4.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 8.9 | % |  | 8.9 | % |  |
Finance leases | 9.0 | % |  | 9.0 | % |  |
Rent expense under operating leases totaled $1.6 million for the year ended December 31, 2020, and $2.9 million for the year ended December 31, 2019.
Leases | Leases The Company has leases for corporate offices, research and development facilities, warehouses, sales offices and equipment. The leases have remaining lease terms of one to fifteen years, s ome of which include options to extend the leases for up to ten years. The Company’s largest lease is for the Global Research and Innovation Center (“GRIC”). The lease was entered into on July 12, 2015, with a fifteen-year term and an option to renew for an additional seven years. The rent payments on the GRIC lease escalate each year until the end of the term. Operating lease right-of-use assets and corresponding operating lease liabilities, net of deferred rent, represent the present value of future lease payments under operating leases with terms of greater than twelve months. Leases with an initial expected term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. The discount rate used upon adoption of ASC 842, “Leases,” in the calculation was the incremental borrowing rate on the revolving credit facility in 2019. During the first quarter of 2020, the Company ceased use of the corporate headquarters leased offices and moved corporate employees to the GRIC during the second quarter of 2020. In addition, the lease liability and corresponding right-of-use assets for the corporate headquarters and GRIC were remeasured to remove the anticipated term extensions as the Company determined it was no longer reasonably certain to utilize the extension at the GRIC. The remeasurement resulted in adjustments to lease liabilities and right-of-use assets totaling of $6.2 million at March 31, 2020. In addition, during the first quarter of 2020, the Company recorded an impairment of the right-of-use assets totaling $7.4 million. See Note 11, “Impairment of Fixed, Long-lived and Intangible Assets.” During the second quarter of 2020, the Company terminated the lease of the corporate headquarters office in exchange for a one-time payment of $1.0 million and moved all corporate employees to the GRIC facility effective as of June 29, 2020. As a result of terminating the corporate headquarters office lease and making the one-time payment, the Company recorded a gain on lease termination of $0.6 million. The components of lease expense and supplemental cash flow information are as follows (in thousands):
| For the years ended |  |
| December 31,
| 2020 |  | 2019
Operating lease expense | $ | 1,370 |  |  |  |  | $ | 2,609 |  |  |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | 17 |  |  |  |  | 1,237 |  |  |
Interest on lease liabilities | 18 |  |  |  |  | 10 |  |  |
Total finance lease expense | 35 |  |  |  |  | 1,247 |  |  |
Short-term lease expense | 202 |  |  |  |  | 123 |  |  |
Total lease expense | $ | 1,607 |  |  |  |  | $ | 3,979 |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 2,884 |  |  |  |  | $ | 2,336 |  |  |
Operating cash flows from finance leases | 18 |  |  |  |  | 10 |  |  |
Financing cash flows from finance leases | 70 |  |  |  |  | 51 |  |  |
Maturities of lease liabilities are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2021 |  | $ | 1,367 |  |  | $ | 69 |
2022 |  | 1,289 |  |  | 46 |
2023 |  | 1,317 |  |  | 39 |
2024 |  | 1,347 |  |  | 23 |
2025 |  | 1,347 |  |  | — |
Thereafter |  | 6,865 |  |  | — |
Total lease payments |  | 13,532 |  |  | 177 |
Less: Interest |  | (4,548) |  |  | (21) |
Present value of lease liabilities |  | $ | 8,984 |  |  | $ | 156 |
Supplemental balance sheet information related to leases is as follows for the years ended December 31 (in thousands):
| 2020 |  | 2019 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 2,320 |  |  | $ | 16,388 |  |  |
Current portion of operating lease liabilities | $ | 636 |  |  | $ | 486 |  |  |
Long-term operating lease liabilities | 8,348 |  |  | 16,973 |  |  |
Total operating lease liabilities | $ | 8,984 |  |  | $ | 17,459 |  |  |
Finance Leases |  |  |  |  |
Property and equipment | $ | 147 |  |  | $ | 293 |  |  |
Accumulated depreciation | (26) |  |  | (28) |  |  |
Property and equipment, net | $ | 121 |  |  | $ | 265 |  |  |
Current portion of finance lease liabilities | $ | 60 |  |  | $ | 55 |  |  |
Long-term finance lease liabilities | 96 |  |  | 158 |  |  |
Total finance lease liabilities | $ | 156 |  |  | $ | 213 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 9.9 years |  | 16.6 years |  |
Finance leases | 3.1 years |  | 4.6 years |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 8.9 | % |  | 8.9 | % |  |
Finance leases | 9.0 | % |  | 9.0 | % |  |
Rent expense under operating leases totaled $1.6 million for the year ended December 31, 2020, and $2.9 million for the year ended December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration