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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases is as follows:
|  |  |  | June 30, |  |  | January 1, |
(In thousands) |  | Classification |  | 2019 |  |  | 2019 (1) |
Assets |  |  |  |  |  |  |  |  |  |
Operating lease asset |  | Other assets |  | $ | 8,838 |  |  | $ | 10,322 |
Total lease assets |  |  |  | $ | 8,838 |  |  | $ | 10,322 |
Liabilities |  |  |  |  |  |  |  |  |  |
Current operating lease liability |  | Accrued expenses |  | $ | 2,514 |  |  | $ | 2,948 |
Non-current operating lease liability |  | Other non-current liabilities |  |  | 6,349 |  |  |  | 7,374 |
Total lease liability |  |  |  | $ | 8,863 |  |  | $ | 10,322 |
| (1) | Reflects the adoption of the new lease accounting standard on January 1, 2019.
Components of Lease Expense included in Condensed Consolidated Statement of Income | The components of lease expense included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019 are as follows:
(In thousands) |  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
Selling, general and administrative expenses |  | $ | 349 |  |  | $ | 698 |
Research and development expenses |  |  | 430 |  |  |  | 884 |
Cost of sales |  |  | 17 |  |  |  | 33 |
Total operating lease expense |  | $ | 796 |  |  | $ | 1,615 |
Schedule of Maturity of Operating Lease Liabilities | As of June 30, 2019, operating lease liabilities included on the Condensed Consolidated Balance Sheet by future maturity are as follows:
(In thousands) |  | Amount |
Remainder of 2019 |  | $ | 1,583 |
2020 |  |  | 2,203 |
2021 |  |  | 2,047 |
2022 |  |  | 1,560 |
2023 |  |  | 1,173 |
Thereafter |  |  | 756 |
Total lease payments |  |  | 9,322 |
Less: Interest |  |  | (459 | )
Present value of lease liabilities |  | $ | 8,863 |
Future Minimum Rental Payments under Non-Cancelable Operating Leases, Including Renewals Determined to be Reasonably Assured, with Original Maturities of Greater than 12 Months | As of December 31, 2018, future minimum rental payments under non-cancelable operating leases, including renewals determined to be reasonably assured as of December 31, 2018, with original maturities of greater than 12 months, are as follows:
(In thousands) |  | Amount (1) |
2019 |  | $ | 3,873 |
2020 |  |  | 3,580 |
2021 |  |  | 2,771 |
2022 |  |  | 2,053 |
2023 |  |  | 1,317 |
Thereafter |  |  | 762 |
Total |  | $ | 14,356 |
| (1) | Certain renewal options were subsequently determined to not be reasonably assured of renewal upon the Company’s adoption of the new lease accounting standard on January 1, 2019.
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate | Our leases do not provide an implicit borrowing rate and therefore we use an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019, for operating leases that commenced on or prior to that date. The incremental borrowing rate was determined on a portfolio basis by grouping leases with similar terms as well as grouping leases based on a U.S. dollar or Euro functional currency. The actual rate is then determined based on a credit spread over LIBOR as well as the Bloomberg Curve Matrix for the U.S. Communications section.
|  | As of June 30, 2019 |
Weighted average remaining lease term (years) |  |  |  |
Operating leases with USD functional currency |  |  | 2.9 |
Operating leases with Euro functional currency |  |  | 4.8 |
Weighted average discount rate |  |  |  |
Operating leases with USD functional currency |  |  | 4.61 | %
Operating leases with Euro functional currency |  |  | 1.85 | %
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases was as follows:
(In thousands) |  | As of June 30, 2019 |
Cash paid for amounts included in the measurement of operating lease liabilities / assets |  |  |  |
Cash used in operating activities related to operating leases |  | $ | (797 | )
Right-of-use assets obtained in exchange for lease obligations |  | $ | 10,396 |
Components of Net Investment in Sales-Type Leases | As of June 30, 2019 and December 31, 2018, the components of the net investment in sales-type leases were as follows:
|  | June 30, |  |  | December 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Current minimum lease payments receivable (included in other receivables) |  | $ | 6,360 |  |  | $ | 11,339 |
Non-current minimum lease payments receivable (included in other assets) |  |  | 1,286 |  |  |  | 1,670 |
Total minimum lease payments receivable |  |  | 7,646 |  |  |  | 13,009 |
Less: Current unearned revenue |  |  | 495 |  |  |  | 631 |
Less: Non-current unearned revenue |  |  | 269 |  |  |  | 473 |
Net investment in sales-type leases |  | $ | 6,882 |  |  | $ | 11,905 |
Schedule of Components of Sales-type Lease Gross Profit and Interest and Dividend Income Included in Condensed Consolidated Statements of Income | The components of sales-type lease gross profit recognized at the lease commencement date and interest and dividend income, included in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2019, are as follows:
(In thousands) |  | Classification |  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
Sales type leases |  | Sales - Network Solutions |  | $ | 109 |  |  | $ | 1,621 |
Sales type leases |  | Cost of sales - Network Solutions |  |  | 44 |  |  |  | 635 |
Sales type leases |  | Gross profit |  | $ | 65 |  |  | $ | 986 |
Sales type leases |  | Interest and dividend income |  | $ | 99 |  |  | $ | 186 |
Schedule of Future Minimum Lease Payments to be Received from Sales-Type Leases | As of June 30, 2019, future minimum lease payments to be received from sales-type leases are as follows:
(In thousands) |  | Amount |
Remainder of 2019 |  | $ | 5,705 |
2020 |  |  | 1,112 |
2021 |  |  | 525 |
2022 |  |  | 220 |
2023 |  |  | 81 |
Thereafter |  |  | 3 |
Total |  | $ | 7,646 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919391-209981 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
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