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LEASES | 6 Months Ended | 12 Months Ended
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Jun. 30, 2021 | Dec. 31, 2020
Rocket Lab USA, Inc. |  |
LEASES |
(14) | LEASES
The Company has operating leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of one year to eighteen years, some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. There have been no material changes in the Company’s lease portfolio since December 31, 2020. |
15. | LEASES
The Company has operating leases for properties, vehicles and equipment. The Company’s leases have remaining lease terms of one year to eighteen years, some of which include options to extend the lease term for up to one year, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. In October 2019, the Company entered into an operating lease agreement to lease certain building premises in Long Beach, CA. The commencement date of the lease is April 1, 2020 and the expiration date is June 30, 2027. Under the terms of the agreement, the Company transferred $124 in security deposits and recognized prepaid rent of $124 upon execution. Payments under the lease will continue through the initial lease term of 87 months. Tenant allowance, net of construction management fee, initially recognized was $454. The Company has options to renew the lease for two five-year periods. As of December 31, 2019, the Company had a finance lease for certain equipment with an option to purchase the equipment. During the year ended December 31, 2020, the Company exercised the purchase option. Supplemental balance sheet information related to leases as of December 31, were as follows:
Liabilities |  | Presentation |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other current liabilities |  | $ | 1,670 |  |  | $ | 1,001 |
Finance lease liabilities |  | Finance lease liabilities |  |  | — |  |  |  | 2,246 |
Total lease liabilities, current |  |  |  |  | 1,670 |  |  |  | 3,247 |
Non-current: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Non-current lease liabilities |  |  | 27,299 |  |  |  | 26,025 |
Total lease liabilities |  |  |  | $ | 28,969 |  |  | $ | 29,272 |
The components of lease expense were as follows during the years ended December 31:
|  | 2020 |  |  | 2019 |
Operating lease costs |  | $ | 2,552 |  |  | $ | 2,752 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 583 |  |  | $ | 50 |
Interest on lease liabilities |  |  | 95 |  |  |  | 9 |
Total finance lease costs |  | $ | 678 |  |  | $ | 59 |
Supplemental cash flow information related to leases is as follows for the years ended December 31:
|  | 2020 |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,080 |  |  | $ | 2,301 |
Operating cash flows from finance leases |  |  | 95 |  |  |  | 9 |
Finance cash flows from finance leases |  |  | — |  |  |  | 737 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 2,410 |  |  | $ | 20,011 |
Finance leases |  |  | — |  |  |  | 2,974 |
The weighted average remaining lease term related to operating leases was 12.1 years and 11.7 years as of December 31, 2020 and 2019, respectively. The weighted average discount rate related to operating leases was 5.5% and 5.4% as of December 31, 2020 and 2019, respectively. The weighted average remaining lease term related to finance leases was 0.9 years as of December 31, 2019. The weighted average discount rate related to finance leases was 5% as of December 31, 2019. The following is a schedule of the future minimum operating lease payments by year as of December 31:
|  | Operating Leases |
2021 |  | $ | 3,076 |
2022 |  |  | 3,109 |
2023 |  |  | 3,236 |
2024 |  |  | 3,143 |
2025 |  |  | 3,145 |
Thereafter |  |  | 24,749 |
Total lease payments |  |  | 40,458 |
Less imputed interest |  |  | (11,489 | )
Total |  | $ | 28,969 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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