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LEASES | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
LEASES | NOTE 7. LEASES Corporate headquarters In February 2021, the Company agreed to accelerate its exit from its Cambridge, Massachusetts headquarters to October 1, 2021, in exchange for a one-time payment from the Company’s landlord of $18 million. Upon modification, the Company reduced its lease liabilities by $21.1 million and accelerated depreciation of property, plant, and equipment related to the corporate headquarters. Expense
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2021 |  | 2020
Fixed lease costs |  |  |  |  | $ | 300 |  |  | $ | 4,818 |
Short-term lease costs |  |  |  |  | 459 |  |  | 455 |
Variable lease costs |  |  |  |  | 1,387 |  |  | 1,278 |
|  |  |  |  | $ | 2,146 |  |  | $ | 6,551 |
Right of use assets and lease liabilities
(in thousands) | March 31, 2021 |  | December 31, 2020
Right of use assets (1) | $ | 44,330 |  |  | $ | 67,651 |
Lease liabilities (2) | $ | 14,161 |  |  | $ | 18,541 |
Long-term lease liabilities | $ | 36,471 |  |  | $ | 59,053 |
(1) Represents the Company’s right to use the leased asset during the lease term. Included in other long-term assets. (2) Included in other current liabilities. Weighted-average remaining lease term and discount rate for the Company’s leases were:
| March 31, 2021 |  | December 31, 2020
Weighted-average remaining lease term | 5.1 years |  | 4.7 years
Weighted-average discount rate (1) | 4.7 | % |  | 5.4 | %
(1) The rates implicit in most of the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment. Maturities of lease liabilities:
(in thousands) | March 31, 2021
1 year or less | $ | 13,216 |
1-2 years | 11,538 |
2-3 years | 10,896 |
3-4 years | 7,571 |
Greater than 4 years | 14,274 |
Total lease payments | 57,495 |
Less: imputed interest (1) | (6,863) |
| $ | 50,632 |
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement, unless the discount rate is updated due to a lease reassessment event. Cash flow information
| Three Months Ended March 31,
(in thousands) | 2021 |  | 2020
Cash paid for leases | $ | 6,716 |  |  | $ | 5,520 |
Right of use assets recognized for new leases and amendments (non-cash) | $ | 714 |  |  | $ | 551 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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