Commitments and Contingencies
|3 Months Ended|
Mar. 31, 2021
|Commitments and Contingencies.|
|Commitments and Contingencies||
11. Commitments and Contingencies
Accrued expenses as of March 31, 2021 and December 31, 2020 were as follows:
The Company and its subsidiaries have entered into operating lease agreements for certain of its office space, and data centers. The offices are located in the United States, Israel, Belgium, Finland, France and Singapore. The data centers are premises used to house computing and networking equipment. The data center leases are located within the United States, Netherlands, Germany and Singapore.
For the three months ended March 31, 2021 and March 31, 2020 office rent expense was $0.9 million and $1.4 million respectively. For the three months ended March 31, 2021 and March 31, 2020 data center rent expense was $0.5 million and $0.3 million respectively.
Future minimum lease obligations are as follows:
As of March 31, 2021, the Company has seven lease agreements for certain equipment which provide for the transfer of ownership at the end of the lease term or are for underlying assets that will have an insignificant fair value at the end of the lease term. The Company has classified these agreements as capital leases and recognized the corresponding assets and liabilities within the Condensed Consolidated Balance Sheet.
The following is a schedule of future minimum lease payments under these agreements (including interest) as of March 31, 2021.
From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. The Company records liabilities for contingencies including legal costs when it is probable that a liability has been incurred and when the amount can be reasonably estimated. Legal costs are expensed as incurred. Although the outcome of the various legal proceedings and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material effect on the Company’s business, financial condition, results of operations or cash flows.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef