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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

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

		December 31,		January 1,
(In thousands)	Classification	2019		2019 ⁽¹⁾
Assets
Right of use lease assets	Other assets	$	8,452	$	10,322
Total lease asset		$	8,452	$	10,322

Liabilities
Current lease liability	Accrued expenses	$	2,676	$	2,948
Non-current lease liability	Other non-current liabilities		5,818		7,374
Total lease liability		$	8,494	$	10,322

⁽¹⁾	^{Reflects the adoption of the new lease accounting standard on January 1, 2019.}

Components of Lease Expense included in Consolidated Statement of Income

The components of lease expense included in the Consolidated Statements of Income for the twelve months ended December 31, 2019 were as follows:

	For the Year Ended December 31,
(In thousands)	2019
Research and development expenses	$	2,417
Selling, general and administrative expenses		1,400
Cost of sales		64
Total operating lease expense	$	3,881

Schedule of Maturity of Operating Lease Liabilities

As of December 31, 2019, operating lease liabilities included on the Consolidated Balance Sheet by future maturity were as follows:

(In thousands)	Amount
2020	$	2,856
2021		2,412
2022		1,705
2023		1,160
2024		482
Thereafter		264
Total lease payments		8,879
Less: Interest		(385	)
Present value of lease liabilities	$	8,494

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 December 31, 2019

	As of December 31,
	2019
Weighted average remaining lease term (years)
Operating leases with USD functional currency		2.6
Operating leases with Euro functional currency		4.4
Weighted average discount rate
Operating leases with USD functional currency		4.02	%
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:

	As of December 31,
(In thousands)	2019
Cash paid for amounts included in the measurement of operating lease assets / liabilities
Cash used in operating activities related to operating leases	$	3,439
Right-of-use assets obtained in exchange for lease obligations	$	11,615

Components of Net Investment in Sales-Type Leases

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

	December 31,		December 31,
(In thousands)	2019		2018
Current minimum lease payments receivable⁽¹⁾	$	1,201	$	11,339
Non-current minimum lease payments receivable⁽²⁾		889		1,670
Total minimum lease payments receivable		2,090		13,009
Less: Current unearned revenue⁽¹⁾		365		631
Less: Non-current unearned revenue⁽²⁾		163		473
Net investment in sales-type leases	$	1,562	$	11,905

(1)

Included in other receivables on the Consolidated Balance Sheet.

(2)

Included in other assets on the Consolidated Balance Sheet.

Schedule of Components of Sales-type Lease Gross Profit and Interest and Dividend Income Included in 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 Consolidated Statements of Income for the twelve months ended December 31, 2019 were as follows:

(In thousands)	For the Year Ended December 31, 2019
Sales - Network Solutions	$	1,723
Cost of sales - Network Solutions		675
Gross profit	$	1,048

Interest and dividend income	$	357

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

As of December 31, 2019 future minimum lease payments to be received from sales-type leases were as follows:

(In thousands)	Amount
2020	$	1,201
2021		565
2022		232
2023		86
2024		6
Total	$	2,090