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Leases (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases is as follows:

		September 30,		January 1,
(In thousands)	Classification	2019		2019 ⁽¹⁾
Assets
Operating lease asset	Other assets	$	18,529	$	10,322
Total lease assets		$	18,529	$	10,322

Liabilities
Current operating lease liability	Accrued expenses	$	3,063	$	2,948
Non-current operating lease liability	Other non-current liabilities		15,659		7,374
Total lease liability		$	18,722	$	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 nine months ended September 30, 2019 were as follows:

(in thousands)	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Selling, general and administrative expenses	$	352	$	1,050
Research and development expenses		847		1,731
Cost of sales		16		49
Total operating lease expense	$	1,215	$	2,830

Schedule of Maturity of Operating Lease Liabilities

As of September 30, 2019, operating lease liabilities included on the Condensed Consolidated Balance Sheet by future maturity were as follows:

(In thousands)	Amount
Remainder of 2019	$	1,044
2020		3,417
2021		3,071
2022		2,672
2023		2,350
Thereafter		8,258
Total lease payments		20,812
Less: Interest		(2,090	)
Present value of lease liabilities	$	18,722

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, were 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 Terms and Weighted Average Discount Rates

The following table provides information about our weighted average lease terms and weighted average discount rates as of September 30, 2019:

	September 30, 2019
Weighted average remaining lease term (years)
Operating leases with USD functional currency		8.4
Operating leases with Euro functional currency		4.6
Weighted average discount rate
Operating leases with USD functional currency		3.22	%
Operating leases with Euro functional currency		1.84	%

Schedule of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases is as follows:

	Nine Months Ended
(In thousands)	September 30, 2019
Cash paid for amounts included in the measurement of operating lease assets / liabilities
Cash used in operating activities related to operating leases	$	(775	)

Right-of-use assets obtained in exchange for lease obligations	$	21,418

Components of Net Investment in Sales-Type Leases

As of September 30, 2019 and December 31, 2018, the components of the net investment in sales-type leases were as follows:

	September 30,		December 31,
(In thousands)	2019		2018
Current minimum lease payments receivable⁽¹⁾	$	3,643	$	11,339
Non-current minimum lease payments receivable⁽²⁾		1,073		1,670
Total minimum lease payments receivable		4,716		13,009
Less: Current unearned revenue		445		631
Less: Non-current unearned revenue		210		473
Net investment in sales-type leases	$	4,061	$	11,905

(1)

Included in other receivables on the Condensed Consolidated Balance Sheet.

(2)

Included in other assets on the Condensed Consolidated Balance Sheet.

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 nine months ended September 30, 2019, were as follows:

	Three Months Ended		Nine Months Ended
(In thousands)	September 30, 2019		September 30, 2019
Sales - Network Solutions	$	47	$	1,668
Cost of sales - Network Solutions		25		660
Gross profit	$	22	$	1,008

Interest and dividend income	$	92	$	278

Schedule of Future Minimum Lease Payments to be Received from Sales-Type Leases

As of September 30, 2019, future minimum lease payments to be received from sales-type leases were as follows:

(In thousands)	Amount
Remainder of 2019	$	2,700
2020		1,162
2021		542
2022		225
2023		83
Thereafter		4
Total	$	4,716