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Right-of-use Asset and Lease Liability | 12 Months Ended
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Dec. 31, 2020
Right-of-use Asset and Lease Liability |
Right-of-use Asset and Lease Liability | 6. Right-of-use Asset and Lease Liability The Company has entered into operating leases for office and warehouse facilities, which have terms at lease commencement that range from 3 years to 11 years. The Company determines if an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets and lease expense for these leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date of the lease based on the present value of the lease payments over the lease term. As our leases do not provide a readily determinable implicit rate, we use an incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. The operating lease asset also includes any lease payments made and excludes lease incentives. Operating lease expense is recognized on a straight-line basis over the lease term and included in selling, general and administrative expenses. Information related to the Company’s right-of-use assets and related lease liabilities were as follows:
|  | Year ended
|  | December 31,
|  |  | 2020 |  |  | 2019
Cash paid for operating lease liabilities |  | $ | 503 |  | $ | 460
Right-of-use assets obtained in exchange for new operating lease obligations (1) |  | $ | 537 |  | $ | 2,163
Weighted-average remaining lease term |  |  | 6.1 years |  |  | 7.2 years
Weighted-average discount rate |  |  | 3.5% |  |  | 3.4%
| (1) |  | During the year ended December 31, 2020, includes $0.5 million recognized through acquisitions. During the year ended December 31, 2019, represents operating leases existing on January 1, 2019 and recognized as part of the Company’s adoption of ASU 2016-02.
Maturities of lease liabilities as of December 31, 2020 were as follows:
2021 |  | $ | 562
2022 |  |  | 500
2023 |  |  | 535
2024 |  |  | 545
2025 |  |  | 555
Thereafter |  |  | 674
|  |  | 3,371
Less: imputed interest |  |  | (714)
Total lease liabilities |  | $ | 2,657
Lease liabilities, current portion |  |  | 490
Lease liabilities, net of current portion |  |  | 2,167
Total lease liabilities |  | $ | 2,657

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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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