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Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases |
5. | Leases
The Company’s lease assets and related lease liabilities were as follows (in thousands):
| Balance Sheet Line Item |  | March 31, 2021 |  |  | December 31, 2020 |
Assets |  |  |  |  |  |  |  |  |
Finance: |  |  |  |  |  |  |  |  |
Right-of-use assets - cost |  |  | $ | 50,796 |  |  | $ | 50,477 |
Accumulated amortization |  |  |  | (23,485 | ) |  |  | (20,871 | )
Finance lease right-of-use assets, net | Finance lease right-of-use assets |  |  | 27,311 |  |  |  | 29,606 |
Operating: |  |  |  |  |  |  |  |  |
Right-of-use assets - cost |  |  |  | 7,340 |  |  |  | 3,934 |
Accumulated amortization |  |  |  | (2,264 | ) |  |  | (1,891 | )
Operating lease right-of-use assets, net | Other assets |  |  | 5,076 |  |  |  | 2,043 |
Total lease assets |  |  | $ | 32,387 |  |  | $ | 31,649 |
Liabilities |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Finance lease liabilities | Finance lease liabilities, current |  | $ | 12,480 |  |  | $ | 12,330 |
Operating lease liabilities | Accrued and other current liabilities |  |  | 1,724 |  |  |  | 1,188 |
Non-current: |  |  |  |  |  |  |  |  |
Finance lease liabilities | Finance lease liabilities, non-current |  |  | 22,193 |  |  |  | 25,391 |
Operating lease liabilities | Other long-term liabilities |  |  | 3,354 |  |  |  | 853 |
Total lease liabilities |  |  | $ | 39,751 |  |  | $ | 39,762 |
During the three months ended March 31, 2021, after FibroGen Beijing’s previous long-term lease agreement expired, the Company entered into a new lease agreement with the landlord for the same pilot plant located in Beijing Yizhuang Biomedical Park of BDA. The new lease term is five year, scheduled to expire in 2026, and is treated as an operating lease. Accordingly, the Company recorded $3.4 million in the operating right-of-use assets and total operating lease liabilities, respectively. The lease contract provides for fixed quarterly rent payments, and require the Company to pay operating and maintenance costs. The components of lease expense were as follows (in thousands):
|  |  | Three Months Ended March 31, |
| Statement of Operations Line Item |  | 2021 |  |  | 2020 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | Cost of goods sold; Research and development; Selling, general and administrative expenses |  | $ | 2,616 |  |  | $ | 2,594 |
Interest on lease liabilities | Interest expense |  |  | 385 |  |  |  | 515 |
Operating lease cost | Cost of goods sold; Research and development; Selling, general and administrative expenses |  |  | 418 |  |  |  | 309 |
Sublease income | Selling, general and administrative expenses |  |  | (300 | ) |  |  | (292 | )
Total lease cost |  |  | $ | 3,119 |  |  | $ | 3,126 |
Supplemental cash flow information related to leases were as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 475 |  |  | $ | 149 |
Operating cash flows from finance leases |  |  | 385 |  |  |  | 517 |
Financing cash flows from finance leases |  |  | 3,299 |  |  |  | 2,814 |
Right-of-use assets obtained in exchange for new lease liabilities: |  |  |  |  |  |  |  |
Finance leases |  |  | 322 |  |  |  | 9 |
Operating leases |  | $ | 3,462 |  |  | $ | — |
Lease term and discount rate were as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Finance leases |  |  | 2.6 |  |  |  | 2.9 |
Operating leases |  |  | 4.0 |  |  |  | 1.8 |
Weighted-average discount rate: |  |  |  |  |  |  |  |
Finance leases |  |  | 4.39 | % |  |  | 4.39 | %
Operating leases |  |  | 4.75 | % |  |  | 4.74 | %
Maturities of lease liabilities as of March 31, 2021 are as follows (in thousands):
Year Ending December 31, |  | Finance Leases |  |  | Operating Leases |
2021 (remaining nine month period) |  | $ | 10,237 |  |  | $ | 1,425 |
2022 |  |  | 13,898 |  |  |  | 1,602 |
2023 |  |  | 12,535 |  |  |  | 909 |
2024 |  |  | — |  |  |  | 768 |
2025 |  |  | — |  |  |  | 766 |
Beyond 2025 |  |  | — |  |  |  | 65 |
Total future lease payments |  |  | 36,670 |  |  |  | 5,535 |
Less: Interest |  |  | (1,997 | ) |  |  | (457 | )
Present value of lease liabilities |  | $ | 34,673 |  |  | $ | 5,078 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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