Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases Leases
As of June 30, 2021, the maturities of the Company’s operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (in thousands):
Remaining Lease Payments
Remainder of 2021 $ 3,671 
2022 8,043 
2023 7,638 
2024 7,885 
2025 5,087 
Thereafter 37,142 
Total remaining lease payments 69,466 
Less: imputed interest (14,200)
Total operating lease liabilities 55,266 
Less: current portion (5,642)
Long-term operating lease liabilities $ 49,624 
Weighted-average remaining lease term (in years) 10.67
Weighted-average discount rate 4.1  %
The following summarizes additional supplemental data related to operating leases (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Operating lease costs $ 2,372  $ 2,172  $ 4,677  $ 4,277 
Six Months Ended June 30,
2021 2020
Right-of-use assets obtained in exchange for operating lease liabilities $ 12,125  $ 24,071 
Cash paid for operating leases $ 5,042  $ 3,354 

Lease contracts that have been executed but have not yet commenced are excluded from the tables above. As of June 30, 2021 the Company has entered into $33.8 million of contractually binding minimum lease payments for leases executed but not yet commenced. This amount primarily relates to the lease of the laboratory and headquarters facility in Fort Myers, Florida that is expected to commence in the third quarter of 2021. In addition to the minimum lease payments, the Company will pay approximately $25 million relating to the construction of the underlying assets and approximately $17 million in leasehold improvements. These amounts were placed into separate construction disbursement escrow accounts and as of June 30, 2021, $4.1 million was unpaid and remaining in restricted cash on the Consolidated Balance Sheets. Disbursements to the landlord take place from time to time to pay for the costs of the landlord’s work. The disbursements are classified as a prepaid lease asset or leasehold improvements, as appropriate, until the lease commences. Upon lease commencement, the prepaid lease asset will be included in the calculation of the right-of-use asset and the leasehold improvements will be placed in service. Construction of the infrastructure of this facility commenced in the first quarter of 2020. The Company is not expected to control the underlying assets during the construction period and therefore is not considered the owner of the underlying assets for accounting purposes.