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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | We have operating and finance leases for our corporate offices and other service agreements. Our leases have remaining lease terms of less than one to five years, some of which include options to extend. In connection with the leases, we recognized operating lease right of use assets of $0.3 million and $0.6 million and an aggregate lease liability of $6.0 million and $12.9 million in our condensed consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. On July 13, 2020, the Company announced its decision to transition to an employee-centric model under which employees will work remotely rather than in traditional offices. In connection with this decision, the Company abandoned 14 leases in its global portfolio of office leases during 2020. As a result, the Company recognized accelerated amortization to fully reduce the carrying value of the associated right of use assets between the decision date and the cease use date. During the second quarter of 2021, the Company decided to reoccupy some of its leased space to provide its employees with the option of working in an office space environment if they choose to do so. There were no changes to the accounting for the lease liabilities associated with the leased office spaces. During the three months ended June 30, 2021, we had a $3.3 million gain resulting from the settlement of leases. As of June 30, 2021, due to a dispute with one of the leases in Israel, the Company was required to pledge cash as collateral security to be maintained at an Israeli bank. The collateral security would remain in control of the bank, to be available in order to satisfy outstanding obligations under the lease contracts. Accordingly, the Company had cash at an Israeli bank of approximately $1.3 million at June 30, 2021, which is recorded as restricted cash in Prepaid expenses and other current assets in the condensed consolidated balance sheets. We continue to actively assess our global lease portfolio. However, any additional de-recognition of right of use assets and incurrence of various one-time expenses in connection with early termination of additional leases are not expected to be material to our financial condition or results of operations. Supplemental cash flow information related to leases for the periods listed are as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows for operating leases | $ | 856 |  |  | $ | 2,131 |  |  | $ | 1,243 |  |  | $ | 4,117 |
Operating cash flows for finance leases | 85 |  |  | — |  |  | 179 |  |  | — |
Financing cash flows for finance leases | 869 |  |  | — |  |  | 1,728 |  |  | — |
The components of lease costs for the quarters ended June 30, 2021 and 2020 are as follows:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Finance lease cost |  |  |  |  |  |  |
Amortization of right of use assets | $ | 900 |  |  | $ | — |  |  | $ | 1,788 |  |  | $ | — |
Interest | 85 |  |  | — |  |  | 179 |  |  | — |
Operating lease cost | 1,624 |  |  | 5,367 |  |  | 3,481 |  |  | 6,764 |
Total lease cost | $ | 2,609 |  |  | $ | 5,367 |  |  | $ | 5,448 |  |  | $ | 6,764 |
| June 30, 2021 |  | June 30, 2020
Weighted Average Remaining Lease Term: |  |  |
Operating leases | 3.0 years |  | 3.4 years
Finance leases | 2.3 years |  | — |
Weighted Average Discount Rate: |  |  |
Operating leases | 7 | % |  | 7 | %
Finance leases | 4 | % |  | — | %
Supplemental balance sheet information related to leases was as follows:
| Classification on the Consolidated Balance Sheet |  | June 30, 2021 |  | December 31, 2020
|  |  | (In thousands)
Assets |  |  |  |  |
Operating right of use assets | Operating lease right of use assets |  | $ | 307 |  |  | $ | 614 |
Finance right of use assets | Property and equipment, net |  | 8,263 |  |  | 10,045 |
Liabilities |  |  |  |  |
Current liabilities: |  |  |  |  |
Operating lease liability | Operating lease liability |  | $ | 2,711 |  |  | $ | 5,718 |
Finance lease liability | Accrued expenses and other current liabilities |  | 3,563 |  |  | 3,488 |
Non-current liabilities: |  |  |  |  |
Operating lease liability | Operating lease liability, net of current portion |  | 3,250 |  |  | 7,180 |
Finance lease liability | Other liabilities |  | 4,307 |  |  | 6,176 |
Future minimum lease payments under non-cancellable operating and finance leases (with an initial or remaining lease terms in excess of one year) are as follows:
| June 30, 2021
| Operating Leases |  | Finance Leases
| (In thousands)
2021 (remaining six months for June 30, 2021) | $ | 1,740 |  |  | $ | 1,907 |
2022 | 2,619 |  |  | 3,813 |
2023 | 884 |  |  | 2,500 |
2024 | 534 |  |  | — |
2025 | 639 |  |  | — |
Thereafter | 266 |  |  | — |
Total minimum lease payments | 6,682 |  |  | 8,220 |
Less: present value adjustment | (721) |  |  | (350) |
Present value of lease liabilities | $ | 5,961 |  |  | $ | 7,870 |
The timing and amounts of future minimum lease payments under non-cancellable operating leases in the above table may be subject to change as a result of the restructuring. For more information, see Note 13 – Restructuring.

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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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