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Leases
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
We lease certain office facilities and equipment primarily under various operating leases. Our leases have remaining contractual terms up to ten years, some of which include options to extend the leases for up to five years. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material termination options. Our operating lease costs are primarily related to facility leases for administration offices and research and development facilities, and our finance leases are immaterial.

Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments
made and adjusted for lease incentives and other items as prescribed by ASC Topic 842, Leases. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised.

In addition to base rent, certain of our operating leases require variable payments, such as insurance and common area maintenance. These variable lease costs, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term.

The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Operating and Finance Lease Assets and Liabilities (in thousands):
AssetsMarch 31, 2022December 31, 2021
Operating lease assets$15,783 $16,542 
Finance lease assets15,620 16,207 
Total lease assets$31,403 $32,749 
Liabilities
Current operating lease liabilities$1,850 $2,053 
Current finance lease liabilities52 46 
1,902 2,099 
Long-term operating lease liabilities16,758 15,494 
Long-term finance lease liabilities39 58 
Total lease liabilities$18,699 $17,651 


Maturity of Operating and Finance Lease Liabilities as of March 31, 2022 (in thousands):
Maturity DatesOperating Leases
Remaining nine months ending December 31, 2022$1,020 
20232,712 
20242,716 
20252,614 
20262,700 
20272,727 
Thereafter8,074 
Total lease payments22,563 
Less imputed interest(3,864)
Present value of lease liabilities$18,699 
Leases Leases
We lease certain office facilities and equipment primarily under various operating leases. Our leases have remaining contractual terms up to ten years, some of which include options to extend the leases for up to five years. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material termination options. Our operating lease costs are primarily related to facility leases for administration offices and research and development facilities, and our finance leases are immaterial.

Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments
made and adjusted for lease incentives and other items as prescribed by ASC Topic 842, Leases. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised.

In addition to base rent, certain of our operating leases require variable payments, such as insurance and common area maintenance. These variable lease costs, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term.

The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.

Operating and Finance Lease Assets and Liabilities (in thousands):
AssetsMarch 31, 2022December 31, 2021
Operating lease assets$15,783 $16,542 
Finance lease assets15,620 16,207 
Total lease assets$31,403 $32,749 
Liabilities
Current operating lease liabilities$1,850 $2,053 
Current finance lease liabilities52 46 
1,902 2,099 
Long-term operating lease liabilities16,758 15,494 
Long-term finance lease liabilities39 58 
Total lease liabilities$18,699 $17,651 


Maturity of Operating and Finance Lease Liabilities as of March 31, 2022 (in thousands):
Maturity DatesOperating Leases
Remaining nine months ending December 31, 2022$1,020 
20232,712 
20242,716 
20252,614 
20262,700 
20272,727 
Thereafter8,074 
Total lease payments22,563 
Less imputed interest(3,864)
Present value of lease liabilities$18,699