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Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Cost Recognized in Consolidated Statement of Operations and Other Information

Lease cost recognized in the Company’s Consolidated Statements of Operations and other information is summarized as follows (in thousands):

 

 

 

Years ended December 31,

 

 

 

2019

 

 

2020

 

Operating lease cost

 

$

1,703

 

 

$

1,700

 

Short-term operating lease cost (1)

 

 

118

 

 

 

46

 

Total operating lease cost

 

 

1,821

 

 

 

1,746

 

Other information:

 

 

 

 

 

 

 

 

Weighted-average remaining lease term -

   operating leases

 

5.2 years

 

 

2.8 years

 

Weighted-average discount rate -

   operating leases (2)

 

 

5.0

%

 

 

4.8

%

 

(1)

The Company elected the practical expedient permitted in ASC Topic 842. As such, its short-term operating lease in Wichita, Kansas is not recognized as a liability on the Company’s balance sheet as of December 31, 2019. The Company recognizes short-term operating lease costs on a straight-line basis.

 

(2)

The discount rate used to compute the present value of total lease liabilities as of December 31, 2019 and 2020 and was based on the Company's estimated incremental borrowing rate of similar secured borrowings available to the Company as of the commencement date of lease or implementation date of ASC 842 on January 1, 2019.   

 

 

  
Schedule of Operating Lease Liabilities

As of December 31, 2020, the Company’s operating lease liabilities were as follows (in thousands):

 

 

Total

 

Gross future operating lease payments

 

$

5,328

 

Less: imputed interest

 

 

(365

)

Present value of total operating lease liabilities

 

 

4,963

 

Less: current portion of operating lease liabilities

 

 

(1,827

)

Total long-term operating lease liabilities

 

$

3,136