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Leases

12 Months Ended

Dec. 31, 2022

Note 12. Leases

The Company has operating leases for corporate offices and certain equipment. These leases have remaining lease terms of one year to approximately twenty years, some of which include options to extend the leases for multiple renewal periods of five years to ten each. Under the terms of the facilities leases, the Company is required to pay its proportionate share of property taxes, insurance and normal maintenance costs.

In October 2022, Cryoport Systems entered into a lease agreement commencing in 2024, for an administrative, global supply chain center and research and development center in Santa Ana, California, in the aggregate rental amount of $27.7 million spanning 10 years. This lease is not included in the balance sheet right of use asset and lease liability as it commences in 2024.

The components of lease cost were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Operating lease cost	$	5,505	$	4,556	$	1,835
Finance lease cost:
Amortization of right-of-use assets		79		61		56
Interest on finance lease liabilities		12		8		10
		91		69		66
Total lease cost	$	5,596	$	4,625	$	1,901

Other information related to leases was as follows (in thousands):


Supplemental Cash Flows Information	Year Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,733	$	3,993	$	1,680
Operating cash flows from finance leases	$	82	$	65	$	77
Financing cash flows from finance leases	$	70	$	58	$	67

Right-of-use assets obtained in exchange for lease liabilities (in thousands):
Operating leases	$	12,384	$	10,175	$	10,708
Finance leases	$	259	$	—	$	230


	December 31,
	2022		2021
Weighted-Average Remaining Lease Term
Operating leases	12.4 years		5.6 years
Finance leases	3.4 years		2.1 years

Weighted-Average Discount Rate
Operating leases	9.5	%	5.1	%
Finance leases	7.8	%	5.3	%

Future minimum lease payments under non-cancellable leases that have commenced as of December 31, 2022 were as follows (in thousands):


	Operating		Finance
Years Ending December 31	Leases		Leases
2023	$	5,762	$	152
2024		5,493		91
2025		4,352		85
2026		3,918		56
2027		3,345		8
Thereafter		26,813		—
Total future minimum lease payments		49,683		392
Less imputed interest		(21,242)		(48)
Total	$	28,441	$	344


	Operating		Finance
Reported as of December 31, 2022	Leases		Leases
Current lease liabilities	$	3,720	$	128
Noncurrent lease liabilities		24,721		216
Total	$	28,441	$	344