Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

6. Leases

As discussed in Note 5, we entered into an operating lease in connection with the sale of a portion of our corporate campus. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability.

Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right of use asset and related lease liability were as follows:

		September 30,		December 31,
(in thousands)	Balance Sheet Classification	2020		2019
Right-of-use asset	Building and land, net	$	8,806	$	—
Operating lease liability (current)	Accounts payable, accrued and other liabilities	$	685	$	—
Operating lease liability (non-current)	Long-term debt and other liabilities, net		8,127		—
		$	8,812	$	—

	For the Nine Months Ended September 30,
(in thousands)	2020		2019
Cash paid for operating lease liabilities	$	56	$	—
Right-of-use asset obtained in exchange for operating lease obligation		8,841		—

Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of September 30, 2020 was as follows:

(in thousands)
2020 (remaining)	$	250
2021		1,001
2022		1,001
2023		1,001
2024		1,001
Thereafter		6,358
Future lease payments, gross		10,612
Less: Imputed interest		(1,800	)
Operating lease liability	$	8,812