Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2021
Leases [Abstract]  



The Company has entered into a number of long-term operating leases, primarily for office space and commercial property. These leases have remaining terms which range from six months to 16.5 years. One lease contains a termination option which can reduce the lease term for a period of 10 years, however the remaining lease term does not represent this early termination date as management has concluded that it is reasonably certain that the Company will not exercise this option. Another lease contains a renewal term which can extend the lease term for an additional period of three years. This renewal option is represented in the remaining lease term as management has concluded that it is reasonably certain that the Company will exercise the renewal option. In September 2020, the Company entered into a sub-lease agreement for a commercial unit that extends through September 2023. In November 2021, the Company entered into a 12-month lease for office space and has elected not to apply the measurement and recognition requirements of ASC 842 to this short-term lease as any optional renewal term is not considered reasonably certain of exercise by the Company. 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 $1,009, $991 and $1,015 of operating lease costs for right-of-use assets during the years ended December 31, 2021, 2020 and 2019, respectively. The Company recognized $335 and $118 of sublease income during the years ended December 31, 2021 and 2020, respectively. The Company was not party to any sublease agreement during the year ended December 31, 2019.


Information related to the Company’s right-of-use assets and related lease liabilities is as follows:




December 31, 2021



December 31, 2020


Cash paid for operating lease liabilities













December 31, 2021



December 31, 2020


Weighted-average remaining lease term


13.97 years



13.2 years


Weighted-average discount rate










Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the 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”):



December 31, 2021


December 31, 2020

Other assets










Other current liabilities





Other liabilities





Total lease liabilities






The Company has recorded the reduction in carrying amount of the right-of-use assets and the change in the lease liability in the Other category within the operating section of the consolidated statement of cash flows.


Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet as of December 31, 2021 for the following five fiscal years and thereafter were as follows:  


Due in 12 month period ended December 31,
























Less imputed interest



Total lease liabilities