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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
LEASES | LEASES The Company leases all of its facilities, including its EXPAREL manufacturing facility in San Diego, California and its iovera° manufacturing facility in Fremont, California. These leases have remaining terms up to 8.9 years, some of which provide renewal options at the then-current market value. The Company also has an embedded lease with Thermo Fisher Scientific Pharma Services for the use of their manufacturing facility in Swindon, England. A portion of the associated monthly base fees have been allocated to the lease component based on a relative fair value basis. The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes. Total operating lease costs are as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Fixed lease costs |  | $ | 2,919 |  |  | $ | 3,099 |  |  | $ | 8,762 |  |  | $ | 7,085 |
Variable lease costs |  | 416 |  |  | 611 |  |  | 1,318 |  |  | 1,661 |
Total |  | $ | 3,335 |  |  | $ | 3,710 |  |  | $ | 10,080 |  |  | $ | 8,746 |
Supplemental cash flow information related to operating leases is as follows (in thousands):
|  | Nine Months Ended
|  | September 30,
|  | 2021 |  | 2020
Cash paid for operating lease liabilities, net of lease incentive |  | $ | 9,868 |  |  | $ | 11,251 |
Right-of-use assets recorded in exchange for lease obligations |  | $ | 212 |  |  | $ | 42,101 |
The Company has elected to net the amortization of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statement of cash flows. The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease. The weighted average remaining lease term and the weighted average discount rate are summarized as follows:
|  | September 30,
|  | 2021 |  | 2020
Weighted average remaining lease term |  | 8.46 years |  | 9.39 years
Weighted average discount rate |  | 6.88 | % |  | 6.88 | %
Maturities of the Company’s operating lease liabilities are as follows (in thousands):
Year |  | Aggregate Minimum Payments Due
2021 (remaining three months) |  | $ | 2,659 |
2022 |  | 10,645 |
2023 |  | 10,697 |
2024 |  | 10,980 |
2025 |  | 11,271 |
2026 and thereafter |  | 50,802 |
Total lease payments |  | 97,054 |
Less: imputed interest |  | (24,391) |
Total operating lease liabilities |  | $ | 72,663 |

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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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