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Leases Leases | 12 Months Ended
--- | ---
Dec. 31, 2019
Leases [Abstract] |
Leases | Leases Effective January 1, 2019, the Company adopted ASC 842 using the prospective method applied to those leases which were not completed as of December 31, 2018. The Company has leases for corporate offices, research and development facilities, warehouses, sales offices and equipment. The leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 10 years. Upon adoption, the Company recorded operating lease ROU assets and corresponding operating lease liabilities, net of deferred rent, of approximately $18.4 million, representing the present value of future lease payments under operating leases with terms of greater than twelve months. Leases with an initial expected term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. The components of lease expense and supplemental cash flow information are as follows (in thousands):
| For the years ending
| December 31,
| 2019 |  | 2018
Operating lease expense | $ | 2,609 |  |  | $ | — |
Finance lease expense: |  |  |
Amortization of right-of-use assets | 1,237 |  |  | — |
Interest on lease liabilities | 10 |  |  | — |
Total finance lease expense | 1,247 |  |  | — |
Short-term lease expense | 123 |  |  | — |
Total lease expense | $ | 3,979 |  |  | $ | — |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | 2,336 |  |  | — |
Operating cash flows from finance leases | 10 |  |  | — |
Financing cash flows from finance leases | 51 |  |  | — |
Maturities of lease liabilities are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2020 |  | 2,012 |  |  | 70 |
2021 |  | 1,962 |  |  | 70 |
2022 |  | 1,916 |  |  | 47 |
2023 |  | 1,976 |  |  | 40 |
2024 |  | 2,017 |  |  | 23 |
Thereafter |  | 23,692 |  |  | — |
Total lease payments |  | $ | 33,575 |  |  | $ | 250 |
Less: Interest |  | (16,116 | ) |  | (37 | )
Present value of lease liabilities |  | $ | 17,459 |  |  | $ | 213 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2019
Operating Leases |
Operating lease right-of-use assets | $ | 16,388 |
Current portion of lease liabilities | $ | 486 |
Long-term operating lease liabilities | 16,973 |
Total operating lease liabilities | $ | 17,459 |
Finance Leases |
Property and equipment | $ | 293 |
Accumulated depreciation | (28 | )
Property and equipment, net | $ | 265 |
Current portion of lease liabilities | $ | 55 |
Long-term finance lease liabilities | 158 |
Total finance lease liabilities | $ | 213 |
Weighted Average Remaining Lease Term |
Operating leases | 16.6 years |
Finance leases | 4.6 years |
Weighted Average Discount Rate |
Operating leases | 8.9 | %
Finance leases | 9.0 | %
Leases | Leases Effective January 1, 2019, the Company adopted ASC 842 using the prospective method applied to those leases which were not completed as of December 31, 2018. The Company has leases for corporate offices, research and development facilities, warehouses, sales offices and equipment. The leases have remaining lease terms of 1 year to 19 years, some of which include options to extend the leases for up to 10 years. Upon adoption, the Company recorded operating lease ROU assets and corresponding operating lease liabilities, net of deferred rent, of approximately $18.4 million, representing the present value of future lease payments under operating leases with terms of greater than twelve months. Leases with an initial expected term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. The components of lease expense and supplemental cash flow information are as follows (in thousands):
| For the years ending
| December 31,
| 2019 |  | 2018
Operating lease expense | $ | 2,609 |  |  | $ | — |
Finance lease expense: |  |  |
Amortization of right-of-use assets | 1,237 |  |  | — |
Interest on lease liabilities | 10 |  |  | — |
Total finance lease expense | 1,247 |  |  | — |
Short-term lease expense | 123 |  |  | — |
Total lease expense | $ | 3,979 |  |  | $ | — |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | 2,336 |  |  | — |
Operating cash flows from finance leases | 10 |  |  | — |
Financing cash flows from finance leases | 51 |  |  | — |
Maturities of lease liabilities are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2020 |  | 2,012 |  |  | 70 |
2021 |  | 1,962 |  |  | 70 |
2022 |  | 1,916 |  |  | 47 |
2023 |  | 1,976 |  |  | 40 |
2024 |  | 2,017 |  |  | 23 |
Thereafter |  | 23,692 |  |  | — |
Total lease payments |  | $ | 33,575 |  |  | $ | 250 |
Less: Interest |  | (16,116 | ) |  | (37 | )
Present value of lease liabilities |  | $ | 17,459 |  |  | $ | 213 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| December 31, 2019
Operating Leases |
Operating lease right-of-use assets | $ | 16,388 |
Current portion of lease liabilities | $ | 486 |
Long-term operating lease liabilities | 16,973 |
Total operating lease liabilities | $ | 17,459 |
Finance Leases |
Property and equipment | $ | 293 |
Accumulated depreciation | (28 | )
Property and equipment, net | $ | 265 |
Current portion of lease liabilities | $ | 55 |
Long-term finance lease liabilities | 158 |
Total finance lease liabilities | $ | 213 |
Weighted Average Remaining Lease Term |
Operating leases | 16.6 years |
Finance leases | 4.6 years |
Weighted Average Discount Rate |
Operating leases | 8.9 | %
Finance leases | 9.0 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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