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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 7. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 8, we leased the property pursuant to a master lease for a term extending through September 30, 2030, with two five-year extensions. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability, based on the present value of the lease payments over the lease term. On commencement of the lease, we recorded a right-of-use asset and operating lease liability of $8,841,000. Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right-of-use asset and related lease liability were as follows:
|  |  |  | December 31, |  |  | December 31, |
(in thousands) |  | Balance Sheet Classification |  | 2020 |  |  | 2019 |
Right-of-use asset |  | Right-of-use lease asset, net |  | $ | 8,622 |  |  | $ | — |
Operating lease liability (current) |  | Accounts payable, accrued and other liabilities |  | $ | 691 |  |  | $ | — |
Operating lease liability (non-current) |  | Long-term debt and other liabilities, net |  |  | 7,952 |  |  |  | — |
|  |  |  | $ | 8,643 |  |  | $ | — |
|  | For the Year Ended December 31, |
(in thousands |  | 2020 |  |  | 2019 |
Cash paid for operating lease liabilities |  | $ | 321 |  |  | $ | — |
Right-of-use asset obtained in exchange for operating lease obligation |  |  | 8,841 |  |  |  | — |
Operating lease expense is recognized on a straight-line basis over the lease term. We recognized $327,000 in total lease costs during 2020. Future amortization of our lease liability as of December 31, 2020 was as follows:
(in thousands) |  |  |  |
2021 |  | $ | 1,001 |
2022 |  |  | 1,001 |
2023 |  |  | 1,001 |
2024 |  |  | 1,008 |
2025 |  |  | 1,035 |
Thereafter |  |  | 5,397 |
Future lease payments, gross |  |  | 10,443 |
Less: Imputed interest |  |  | (1,800 | )
Operating lease liability |  | $ | 8,643 |

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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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