The Company leases office space under operating leases that expire at various dates through 2037. The Company has elected the package of practical expedients under the transition guidance of ASC Topic 842, Leases, to exclude short-term leases from the balance sheet and to combine lease and non-lease components.

Upon inception of a lease, the Company determines if an arrangement is a lease, if it includes options to extend or terminate the lease, and if it is reasonably certain that the Company will exercise the options. Lease cost, representing lease payments over the term of the lease and any capitalizable direct costs less any incentives received, is recognized on a straight-line basis over the lease term as lease expense.

In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. Upon execution of a new lease, the Company performs an analysis to determine its incremental borrowing rate using its current borrowing rate, adjusted for various factors including level of collateralization and lease term. As of December 31, 2021, the remaining weighted average lease term was 15 years.

During the year ended December 31, 2021, the accounting commencement began for two new leases, which increased the right-of-use (“ROU”) assets and lease liabilities by $71,054. ROU assets and lease liabilities were equal as no lease costs or incentives were associated with acquiring the leases.

On November 1, 2021, the Company entered into an office lease agreement for 16,727 square feet of office space located at One Main Street, Cambridge, Massachusetts. Under the terms of the agreement, the Company will pay base rent of approximately $135 per month with a 3% annual rental escalation. The Company estimates that the lease commencement date will occur during the three months ending June 30, 2022 and continue to the end of the lease, which is 10 years after commencement.

On November 30, 2021, the Company entered into an office lease agreement for 19,753 square feet of office space located at Salarpuria Sattva, Knowledge City, Hyderabad, India. Under the terms of the agreement, the Company will pay base rent of approximately $20 per month from commencement to handover date and $29 per month from handover date to termination of the lease. The Company estimates that the lease handover and commencement dates will occur during the three months ending March 31, 2022 and continue to the end of the lease in June 2023.

Variable and short-term lease costs were immaterial for the year ended December 31, 2021. Additional details of the Company’s operating leases are presented in the following table:

	Year Ended December 31,
	2021		2020		2019
Operating lease costs	$	7,627	$	5,895	$	5,181
Cash paid for operating leases		4,561		6,050		5,108

Maturities of operating lease liabilities as of December 31, 2021 under noncancelable operating leases were as follows:

Year ending December 31:
2022	$	2,087
2023		8,809
2024		9,632
2025		9,241
2026		8,758
Thereafter		93,656
Total future minimum lease payments		132,183
Less: imputed interest		(52,314	)
Present value of future minimum lease payments		79,869
Less: current portion of operating leases payments		(2,042	)
Lease liabilities, long-term	$	77,827

From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome of such matters is not likely to have a material adverse effect on the Company’s financial position or results of operations or cash flows.