Leases |
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Leases | Leases We lease various operating spaces in the United States, Asia and Europe under non-cancellable operating lease arrangements that expire on various dates through July 2027. These arrangements require us to pay certain operating expenses, such as taxes, repairs and insurance, and contain renewal and escalation clauses. The table below presents the Company’s right-of-use assets and lease liabilities as of September 30, 2019 (in thousands):
The aggregate future lease payments for operating leases as of September 30, 2019 were as follows (in thousands):
The components of lease costs were as follows (in thousands):
Average lease terms and discount rates for the Company’s operating leases were as follows (in thousands):
Supplemental cash flow information for the Company’s operating leases (in thousands):
New Corporate Office Lease On May 2, 2019 (the “Effective Date”), the Company entered into a sublease agreement (the “Sublease”) with Marvell Semiconductor, Inc. (“Sublandlord”) for corporate office space located at 2300 Orchard Parkway, San Jose, California, 95131 (the “Premises”). The Company intends to use the Premises as a corporate office space and for research and development purposes. The term of the Sublease is seven years and eight months from the earlier of (i) December 1, 2019 or (ii) the date the Company commences business operations at the Premises. The Sublease provides for monthly base rent of approximately $262,000 per month for the first year with annual increases thereafter. The total base rent through the end of the term of the Sublease is approximately $26.4 million. In addition to base rent, the Company will also be responsible for operating and other expenses. The Company anticipates gaining access and the right of use of the lease facility in the fourth quarter of 2019 and will account for the sublease arrangement under ASC 842. Lease Commitments as of December 31, 2018 As previously disclosed in the Company’s 2018 Annual Report and under the previous lease accounting standard, ASC 840, Leases, the aggregate future minimum lease payments for operating leases as of December 31, 2018 were as follows (in thousands):
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