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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 8. Leases In connection with the sale of a portion of our corporate campus as further discussed in Note 9 to the consolidated financial statements, 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 $8.8 million. 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 |  | 2022 |  |  | 2021 |
Right-of-use asset |  | Right-of-use lease asset, net |  | $ | 7,093 |  |  | $ | 7,871 |
Operating lease liability (current) |  | Accounts payable, accrued and other liabilities |  | $ | 745 |  |  | $ | 718 |
Operating lease liability (non-current) |  | Long-term lease liability |  |  | 6,489 |  |  |  | 7,234 |
|  |  |  | $ | 7,234 |  |  | $ | 7,952 |
|  | For the Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Cash paid for operating lease liabilities |  | $ | 1,001 |  |  | $ | 1,001 |
Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of December 31, 2022 is expected to be as follows:
(in thousands) |  |  |
2023 |  |  | 1,001 |
2024 |  |  | 1,008 |
2025 |  |  | 1,035 |
2026 |  |  | 1,064 |
2027 |  |  | 1,093 |
Thereafter |  |  | 3,160 |
Future lease payments, gross |  |  | 8,361 |
Less: Imputed interest |  |  | (1,127 | )
Operating lease liability |  | $ | 7,234 |

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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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