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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 5. Leases The Company is a lessee under leases of manufacturing facilities, office spaces, machinery, certain office equipment and vehicles. A majority of the Company’s leases are operating leases with remaining lease terms between one month and 14 years. Finance leases are immaterial to the Company’s consolidated financial statements. The Company determines if an arrangement qualifies as a lease and what type of lease it is at inception. The Company elected the package of practical expedients permitted under the transition guidance within the new lease standard, which among other things, allowed it to continue to account for existing leases based on the historical lease classification. The Company also elected the practical expedients to combine lease and non-lease components and to exclude right of use assets and lease liabilities for leases with an initial term of 12 months or less from the balance sheet. Some of the lease agreements the Company enters into include Company options to either extend and/or early terminate the lease, the costs of which are included in the Company’s operating lease liabilities to the extent that such options are reasonably certain of being exercised. Leases with renewal options allow the Company to extend the lease term typically between 1 and 5 years per option, some of its leases have multiple options to extend. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that the Company would exercise such options. As of December 31, 2022 and 2021, operating lease right of use assets wer e $125.0 million and $101.6 million, respectively and operating lease liabilities were $138.3 million and $110.8 million, respectively. The Company signed the Sixth Amendment of Lease for our headquarters in Waltham, Massachusetts in September 2021 to expand the facility by 74,108 square feet. The facility expanded by 21,244 square feet immediately. The remaining 52,864 square feet commenced in June 2022. As a result of this and the expansion of facilities in Bridgewater, New Jersey and Clifton Park, New York, the operating right of use asset and operating lease liability balances increased by a total of $23.5 million in 2022, net of the normal amortization of existing leases. The maturities of the Company’s operating lease liabilities as of December 31, 2022 are as follows (amounts in thousands):
As of December 31, 2022 |  | Amount |
2023 |  | $ | 19,936 |
2024 |  |  | 21,651 |
2025 |  |  | 21,566 |
2026 |  |  | 21,367 |
2027 |  |  | 20,194 |
2028 and thereafter |  |  | 78,312 |
Total future minimum lease payments |  |  | 183,026 |
Less lease incentives |  |  | (14,822 | )
Less amount of lease payment representing interest |  |  | (29,858 | )
Total operating lease liabilities |  | $ | 138,346 |
Total operating lease liabilities included on the Company’s consolidated balance sheet are as follows (amounts in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Operating lease liability |  | $ | 6,957 |  |  | $ | 8,303 |
Operating lease liability, long-term |  |  | 131,389 |  |  |  | 102,492 |
Minimum operating lease payments |  | $ | 138,346 |  |  | $ | 110,795 |
Lease expense for these leases is recognized on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. For the year ended December 31, 2022 and 2021, total lease cost is comprised of the following:
|  | For the Years Ended December 31, |
Lease Cost |  | 2022 |  |  | 2021 |
|  | (Amounts in thousands) |
Operating lease cost |  | $ | 17,833 |  |  | $ | 9,838 |
Variable operating lease cost |  |  | 11,317 |  |  |  | 7,118 |
Lease cost |  | $ | 29,150 |  |  | $ | 16,956 |
The following information represents supplemental disclosure for the consolidated statements of cash flows related to operating leases (amounts in thousands):
|  | For the Years Ended December 31, |
|  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | (13,757 | ) |  | $ | (8,863 | )
Most of the leases do not provide implicit interest rates and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for the Company’s leases is determined based on lease term and currency in which the lease payments are made. The weighted average remaining lease term and the weighted average discount rate used to measure the Company’s operating lease liabilities as of December 31, 2022, were:
Weighted average remaining lease term (years) |  |  | 8.60 |
Weighted average discount rate |  |  | 4.08 | %

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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