|6 Months Ended
Jun. 30, 2021
The Company has entered into a number of operating leases, primarily for office space and commercial property. These leases have terms which range from six months to 17 years, and generally include an option to terminate or renew. The termination option can reduce the lease term for a period of 10 years, however the remaining lease term does not represent the early termination date as management have concluded that it is reasonably certain that the Company will not exercise this option. The renewal term can extend the lease term for an additional period of three years. This renewal option is represented in the remaining lease term as management have concluded that it is reasonably certain that the Company will exercise this renewal option. The renewal option on another lease was derecognized in the quarter as it is no longer reasonably certain that the option will be exercised, resulting in a reduction in the remaining term from seven to two years. In September 2020, the Company entered into a sublease agreement for commercial property. Certain leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement. Certain agreements contain both lease and non-lease components. The Company has elected to separately account for these components in determining the lease liabilities and right-of-use assets. The Company’s lease agreements generally do not provide an implicit borrowing rate; therefore, an internal incremental borrowing rate was determined based on information available at lease commencement date for the purposes of determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for all leases that commenced prior to that date. All operating lease expenses are recognized on a straight-line basis over the lease term. The Company recognized $288 and $568 of operating lease costs for right-of-use assets during the three and six months ended June 30, 2021, respectively and $253 and $505 of operating lease costs for right-of-use assets during the three and six months ended June 30, 2020, respectively. The Company recognized $83 and $164 of sublease income during the three and six months ended June 30, 2021, respectively. The Company was not party to any sublease agreement during the six months ended June 30, 2020.
Information related to the Company’s right-of-use assets and related lease liabilities is as follows:
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the condensed consolidated balance sheet as follows, representing the Company’s right to use the underlying asset for the lease term (“Other assets”) and the Company’s obligation to make lease payments (“Other current liabilities” and “Other liabilities”):
Future lease payments included in the measurement of lease liabilities on the condensed consolidated balance sheet as of June 30, 2021 for the following five fiscal years and thereafter were as follows: