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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Note 11. Leases Operating leases The Company adopted ASC 842 on January 1, 2021, using the effective date transition method, which requires a cumulative-effect adjustment to the opening balance of retained earnings on the effective date. As a result of the adoption of ASC 842, the Company recognized right-of-use assets and lease liabilities of $3.2 million and $3.5 million, respectively, as of the January 1, 2021 effective date. There was no impact to opening retained earnings or to the condensed consolidated statement of operations from the adoption of ASC 842. The Company has made certain assumptions and judgements when applying ASC 842 including the adoption of the package of practical expedients available for transition. The practical expedients allowed the Company to not reassess (i) whether expired or existing contracts contained leases, (ii) lease classification for expired or existing leases and (iii) previously capitalized initial direct costs. The Company also elected not to recognize right-of-use assets and lease liabilities for short-term leases (leases with a term of twelve months or less). Operating lease arrangements primarily consist of office, warehouse, and test house leases expiring at various years through 2025. The facility leases have original lease terms of two to seven year s and contain options to extend the lease up to 5 years or terminate the lease. Options to extend are included in leased right-of-use assets and lease liabilities in the consolidated balance sheet when the Company is reasonably certain it will renew the underlying leases. Since the implicit rate of such leases is unknown and the Company is not reasonably certain to renew its leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of June 30, 2022 and December 31, 2021, the weighted average discount rate for operating leases was 3.8% and 3.6%, respectively, and the weighted average remaining lease term for operating leases was 3.2 years and 3.7 years, respectively. The Company has entered into various short-term operating leases, primarily for test houses and office equipment with initial terms of 12 months or less. These s hort-term leases are not recorded on the Company's consolidated balance sheet and the related lease expense for these short-term leases was $42,000 and $46,000,for the three months ended June 30, 2022 and 2021, respectively. Total operating lease cost was $0.2 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively and $0.5 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively. The table below presents aggregate future minimum payments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of June 30, 2022 (in thousands):
|  | Estimated future lease obligation |
2022 (remaining six months) |  | $ | 474 |
2023 |  |  | 913 |
2024 |  |  | 877 |
2025 |  |  | 687 |
Total minimum payments |  |  | 2,951 |
Less imputed interest |  |  | (178 | )
Less unrealized translation gain |  |  | 1 |
Total lease liabilities |  |  | 2,774 |
Less short-term lease liabilities |  |  | (837 | )
Long-term lease liability |  | $ | 1,937 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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