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Leases | 6 Months Ended
--- | ---
Jun. 30, 2023
Leases [Abstract] |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense from continuing operations was $422 and $537 for the three months ended June 30, 2023 and 2022, respectively, and was $874 and $1,081 for the six months ended June 30, 2023 and 2022, respectively. Short-term operating lease costs were $15 and $43 for the three months ended June 30, 2023 and 2022, respectively, and were $40 and $98 for the six months ended June 30, 2023 and 2022, respectively. Maturities of lease liabilities as of June 30, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2023 | $ | 820 |
2024 | 611 |
2025 | 92 |
2026 | 48 |
2027 and thereafter | 82 |
Total minimum lease payments | $ | 1,653 |
Less amount representing interest | $ | (75) |
Present value of net minimum operating lease payments | $ | 1,578 |
Less current installments of obligation under current-operating lease liabilities | $ | 1,207 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 371 |
Weighted-average remaining lease term - operating leases (years) | 1.57
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. The current portion of the net investment in these leases was $4,145 as of June 30, 2023 and the non-current portion of the net investment in these leases was $4,584 as of June 30, 2023. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $174 and $193 during the three months ended June 30, 2023 and 2022, respectively, and was $342 and $400 during the six months ended June 30, 2023 and 2022, respectively. The future undiscounted cash flows from these leases as of June 30, 2023 are:
Remainder of 2023 | $ | 2,822 |
2024 | 3,306 |
2025 | 1,972 |
2026 | 1,029 |
2027 | 493 |
2028 | 82
Total undiscounted cash flows | $ | 9,704 |
Present value of lease payments | $ | 8,729 |
Difference between undiscounted cash flows and discounted cash flows | $ | 975 |
In 2021, the Company began entering into three-year leases for its TracPhone VSAT systems, in which ownership of the hardware does not transfer to the lessee by the end of the lease term. As a result, and in light of other factors indicated in ASC 842, these leases are classified as operating leases. As of June 30, 2023, the gross costs and accumulated depreciation associated with these operating leases are included in revenue generating assets and amounted to $1,880 and $704, respectively. They are depreciated on a straight-line basis over a five-year estimated useful life. Depreciation expense for these assets was $94 and $188 for the three and six months ended June 30, 2023, respectively. Lease revenue recognized was $139 and $277 for the three and six months ended June 30, 2023, respectively, in service sales in the consolidated statements of operations. As of June 30, 2023, minimum future lease payments to be recognized on the operating leases are as follows:
Remainder of 2023 | $ | 277 |
2024 | 343 |
2025 | 25 |
Total | $ | 645 |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense from continuing operations was $422 and $537 for the three months ended June 30, 2023 and 2022, respectively, and was $874 and $1,081 for the six months ended June 30, 2023 and 2022, respectively. Short-term operating lease costs were $15 and $43 for the three months ended June 30, 2023 and 2022, respectively, and were $40 and $98 for the six months ended June 30, 2023 and 2022, respectively. Maturities of lease liabilities as of June 30, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2023 | $ | 820 |
2024 | 611 |
2025 | 92 |
2026 | 48 |
2027 and thereafter | 82 |
Total minimum lease payments | $ | 1,653 |
Less amount representing interest | $ | (75) |
Present value of net minimum operating lease payments | $ | 1,578 |
Less current installments of obligation under current-operating lease liabilities | $ | 1,207 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 371 |
Weighted-average remaining lease term - operating leases (years) | 1.57
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. The current portion of the net investment in these leases was $4,145 as of June 30, 2023 and the non-current portion of the net investment in these leases was $4,584 as of June 30, 2023. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $174 and $193 during the three months ended June 30, 2023 and 2022, respectively, and was $342 and $400 during the six months ended June 30, 2023 and 2022, respectively. The future undiscounted cash flows from these leases as of June 30, 2023 are:
Remainder of 2023 | $ | 2,822 |
2024 | 3,306 |
2025 | 1,972 |
2026 | 1,029 |
2027 | 493 |
2028 | 82
Total undiscounted cash flows | $ | 9,704 |
Present value of lease payments | $ | 8,729 |
Difference between undiscounted cash flows and discounted cash flows | $ | 975 |
In 2021, the Company began entering into three-year leases for its TracPhone VSAT systems, in which ownership of the hardware does not transfer to the lessee by the end of the lease term. As a result, and in light of other factors indicated in ASC 842, these leases are classified as operating leases. As of June 30, 2023, the gross costs and accumulated depreciation associated with these operating leases are included in revenue generating assets and amounted to $1,880 and $704, respectively. They are depreciated on a straight-line basis over a five-year estimated useful life. Depreciation expense for these assets was $94 and $188 for the three and six months ended June 30, 2023, respectively. Lease revenue recognized was $139 and $277 for the three and six months ended June 30, 2023, respectively, in service sales in the consolidated statements of operations. As of June 30, 2023, minimum future lease payments to be recognized on the operating leases are as follows:
Remainder of 2023 | $ | 277 |
2024 | 343 |
2025 | 25 |
Total | $ | 645 |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense from continuing operations was $422 and $537 for the three months ended June 30, 2023 and 2022, respectively, and was $874 and $1,081 for the six months ended June 30, 2023 and 2022, respectively. Short-term operating lease costs were $15 and $43 for the three months ended June 30, 2023 and 2022, respectively, and were $40 and $98 for the six months ended June 30, 2023 and 2022, respectively. Maturities of lease liabilities as of June 30, 2023 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2023 | $ | 820 |
2024 | 611 |
2025 | 92 |
2026 | 48 |
2027 and thereafter | 82 |
Total minimum lease payments | $ | 1,653 |
Less amount representing interest | $ | (75) |
Present value of net minimum operating lease payments | $ | 1,578 |
Less current installments of obligation under current-operating lease liabilities | $ | 1,207 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 371 |
Weighted-average remaining lease term - operating leases (years) | 1.57
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. The current portion of the net investment in these leases was $4,145 as of June 30, 2023 and the non-current portion of the net investment in these leases was $4,584 as of June 30, 2023. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $174 and $193 during the three months ended June 30, 2023 and 2022, respectively, and was $342 and $400 during the six months ended June 30, 2023 and 2022, respectively. The future undiscounted cash flows from these leases as of June 30, 2023 are:
Remainder of 2023 | $ | 2,822 |
2024 | 3,306 |
2025 | 1,972 |
2026 | 1,029 |
2027 | 493 |
2028 | 82
Total undiscounted cash flows | $ | 9,704 |
Present value of lease payments | $ | 8,729 |
Difference between undiscounted cash flows and discounted cash flows | $ | 975 |
In 2021, the Company began entering into three-year leases for its TracPhone VSAT systems, in which ownership of the hardware does not transfer to the lessee by the end of the lease term. As a result, and in light of other factors indicated in ASC 842, these leases are classified as operating leases. As of June 30, 2023, the gross costs and accumulated depreciation associated with these operating leases are included in revenue generating assets and amounted to $1,880 and $704, respectively. They are depreciated on a straight-line basis over a five-year estimated useful life. Depreciation expense for these assets was $94 and $188 for the three and six months ended June 30, 2023, respectively. Lease revenue recognized was $139 and $277 for the three and six months ended June 30, 2023, respectively, in service sales in the consolidated statements of operations. As of June 30, 2023, minimum future lease payments to be recognized on the operating leases are as follows:
Remainder of 2023 | $ | 277 |
2024 | 343 |
2025 | 25 |
Total | $ | 645 |

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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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