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Note 7 - Leases | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
( 7 ) | LEASES
As previously discussed in Note 2, we account for our leases in accordance with the guidance in ASC 842, which was effective for us as of January 1, 2019. In connection with the implementation of ASC 842, we recorded non-cash increases in operating lease liabilities and right-of-use assets of $5,197 and $4,816, respectively, as of the effective date of this guidance. We lease our offices, warehouse facilities and certain equipment under non-cancellable operating leases that expire at various dates through 2028. Total operating lease and short-term lease costs for the three and six months ended June 30, 2019 and 2018, respectively, were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Operating lease cost |  | $ | 370 |  |  | $ | 417 |  |  | $ | 736 |  |  | $ | 835 |
Short-term lease cost |  | $ | 14 |  |  | $ | 13 |  |  | $ | 27 |  |  | $ | 27 |
The following is additional information about our leases as of June 30, 2019:
Range of remaining lease terms (in years) |  |  | 0.3 | to | 8.9 |
Weighted average remaining lease term (in years) |  |  |  |  | 5.7 |
Weighted average discount rate |  |  |  |  | 5.0 | %
Supplemental cash flow information related to leases for the six months ended June 30, 2019 was as follows:
Non-cash increases (decreases) in operating lease liabilities and right-of-use assets as a result of lease modifications: |  |  |  |
Modification to Ambrell’s U.K. facility lease |  | $ | (486 | )
Modification to lease for facility in Mansfield, Massachusetts |  | $ | 1,819 |
The lease for Ambrell’s U.K. facility had an original term of 15 years, which extended through August 2029. The lease included the option to terminate the lease at specified points in time without penalty. We exercised this option in March 2019, and the lease now expires in September 2019. At the effective date of this modification, we recorded a reduction in our ROU assets and operating lease liabilities of approximately $486. On April 8, 2019, we executed an amendment to the lease for our facility in Mansfield, Massachusetts that extended the term of the lease for an additional forty months to December 31, 2024 and expanded the amount of leased space by approximately 6,100 square feet. The current rate per square foot that is in place through August 31, 2021 ( the original expiration date of the lease) did not change. After August 31, 2021, there are predetermined fixed escalations of the rate as outlined in the amendment. At the effective date of this modification, we recorded an increase in our ROU assets and operating lease liabilities of approximately $1,819. Maturities of lease liabilities as of June 30, 2019 were as follows:
2019 (remainder) |  | $ | 807 |
2020 |  |  | 1,572 |
2021 |  |  | 1,064 |
2022 |  |  | 825 |
2023 |  |  | 834 |
Thereafter |  |  | 1,626 |
Total lease payments |  | $ | 6,728 |
Less imputed interest |  |  | (866 | )
Total |  | $ | 5,862 |

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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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