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Note 8 - Operating Leases | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 8. Operating Leases As of December 31, 2019, the Company had two primary leases, its real estate leases in Bedford, Massachusetts and Padova, Italy. The Company leases approximately 134,000 square feet of administrative, research and development, and manufacturing space in Bedford, Massachusetts (the “Bedford lease”), and approximately 33,000 square feet of office, research and development, training, and warehousing space in Padova, Italy (the “Padova lease”). The current term of the Bedford lease extends to 2022 with several lease renewal options into 2038, and the current term of the Padova lease extends to 2032, with a right to terminate at the Company’s option in 2026 without penalty. The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on January 1, 2019 as follows: Incremental borrowing rate . The Company derives its incremental borrowing rate from information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents a collateralized rate of interest the Company would have to pay to borrow over a similar term an amount equal to the lease payments in a similar economic environment. The Company’s lease agreements do not provide implicit rates. As the Company did not have any external borrowings at the transition date with comparable terms to its lease agreements, the Company estimated its incremental borrowing rate based on its credit quality, line of credit agreement and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of the lease. The weighted average discount rate at December 31, 2019 is 4.1%. Lease term. The Company applied the hindsight practical expedient and as a result the lease term for the Bedford lease was determined to include all lease renewal options. There were no changes to the lease terms for its other leases. For the Padova lease, the Company considered the termination option when determining the lease term. The weighted average lease term at December 31, 2019 is 16.8 years. The components of lease expense and other information are as follows:
|  | For the twelve months ended December 31, 2019
Lease cost |  |  |  |
Operating lease cost |  | $ | 2,087 |
Short-term lease cost |  |  | 6 |
Variable lease cost |  |  | 216 |
Total lease cost |  | $ | 2,309 |
Other information |  |  |  |
Operating cash flows from operating leases |  | $ | 1,980 |
Future commitments due under these lease operating agreements as of December 31, 2019 are as follows:
Years ended December 31, |  |
2020 |  | $ | 2,025 |
2021 |  |  | 2,024 |
2022 |  |  | 1,981 |
2023 |  |  | 1,965 |
2024 |  |  | 1,924 |
Thereafter |  |  | 21,374 |
Present value adjustment |  |  | (8,785 | )
Present value of lease payments |  |  | 22,508 |
Less current portion included in Accrued expenses and other current liabilities |  |  | (1,141 | )
Operating lease liabilities |  | $ | 21,367 |
The following table summarizes the future minimum payments due for the Company’s operating leases under the prior lease guidance without the hindsight practical expedient for each of the next five years and the total thereafter as of December 31, 2018:
Years ended December 31, |  |
2019 |  | $ | 1,879 |
2020 |  |  | 1,917 |
2021 |  |  | 1,924 |
2022 |  |  | 1,672 |
2023 |  |  | 414 |
2024 and thereafter |  |  | 897 |
Total |  | $ | 8,703 |

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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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