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LEASES | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
LEASES | LEASES The Company leases all of its facilities, including its EXPAREL and iovera° manufacturing facility in San Diego, California. These leases have remaining terms up to 8.2 years, some of which provide renewal options at the then-current market value. The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services for the use of their manufacturing facility in Swindon, England for the production of EXPAREL and ZILRETTA. A portion of the associated monthly base fees has been allocated to the lease components 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 |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Fixed lease costs |  | $ | 3,542 |  |  | $ | 2,922 |  |  | $ | 7,069 |  |  | $ | 5,843 |
Variable lease costs |  | 508 |  |  | 424 |  |  | 980 |  |  | 902 |
Total |  | $ | 4,050 |  |  | $ | 3,346 |  |  | $ | 8,049 |  |  | $ | 6,745 |
Supplemental cash flow information related to operating leases is as follows (in thousands):
|  | Six Months Ended
|  | June 30,
|  | 2022 |  | 2021
Cash paid for operating lease liabilities, net of lease incentive |  | $ | 6,637 |  |  | $ | 7,177 |
ROU assets recorded in exchange for lease obligations |  | $ | — |  |  | $ | — |
The Company has elected to net the amortization of the ROU 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:
|  | June 30,
|  | 2022 |  | 2021
Weighted average remaining lease term |  | 7.33 years |  | 8.71 years
Weighted average discount rate |  | 6.95 | % |  | 6.89 | %
Maturities of the Company’s operating lease liabilities are as follows (in thousands):
Year |  | Aggregate Minimum Payments Due
2022 (remaining six months) |  | $ | 6,509 |
2023 |  | 13,304 |
2024 |  | 13,435 |
2025 |  | 12,575 |
2026 |  | 12,310 |
Thereafter |  | 39,422 |
Total future lease payments |  | 97,555 |
Less: imputed interest |  | (21,846) |
Total operating lease liabilities |  | $ | 75,709 |
As of June 30, 2022, the Company has entered into one lease agreement not included above as the Company has not yet taken possession of the property. When the lease commences, the future lease obligations will be as follows (in thousands):
Year |  | Aggregate Minimum Payments Due
2022 (remaining six months) |  | $ | 81 |
2023 |  | 492 |
2024 |  | 494 |
2025 |  | 503 |
2026 |  | 505 |
Thereafter |  | 443 |
Total future lease payments |  | $ | 2,518 |
Subsequent to June 30, 2022, the Company entered into a sublease for the former Flexion research and development laboratory in Woburn, Massachusetts in July 2022 which resulted in a $0.4 million ROU asset to be reclassified to a fixed asset.

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- References No definition available. + Details
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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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