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Note 14 - Leases | 12 Months Ended
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Dec. 31, 2019
Notes |
Note 14 - Leases | Note 14 – Leases UTMD has operating leases for a portion of its parking lot at its Midvale facility and an automobile at its Ireland facility. The remaining lease term on the parking lot is 12 years and on the automobile it is 24 months. There are no options to extend or terminate the leases. UTMD has no other leases yet to commence. As neither lease contains implicit rates, UTMD’s incremental borrowing rate, based on information available at adoption date, was used to determine the present value of the leases.
The components of lease cost were as follows: | As of December 31, 2019
Operating Lease Cost (in thousands) | $60
Right of Use Assets obtained in exchange for new operating lease obligations | $42
Other Information | As of December 31, 2019
Weighted Average Remaining Lease Term - Operating Leases | 12 years
Weighted Average Discount Rate – Operating Leases | 5.4%
Operating lease liabilities/ payments | (in thousands)
Operating lease payments, 2020 | $60
Operating lease payments, 2021 | $60
Operating lease payments, 2022 | $45
Operating lease payments, 2023 | $45
Operating lease payments, 2024 | $45
Thereafter | $299
Reconciliation of operating lease liabilities/ payments to operating lease liabilities | (in thousands)
Total operating lease liabilities/ payments | $554
Operating lease liabilities – current (included in Accrued Expenses) | $38
Operating lease liabilities – long term | $376
Present value adjustment | $140
Maturities of lease liabilities were as follows: | (in thousands)
Year ending December 31, |
2020 | $38
2021 | $40
2022 | $27
2023 | $29
2024 | $29
Thereafter | $251

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- 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
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