Leases

12 Months Ended

Dec. 31, 2020

As of December 31, 2020, the maturities of the operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (in thousands):


	Remaining Lease Payments
2021	$	7,124
2022	5,590
2023	5,461
2024	5,520
2025	3,397
Thereafter	34,230
Total remaining lease payments	61,322
Less: imputed interest	(14,059)
Total operating lease liabilities	47,263
Less: current portion	(4,967)
Long-term operating lease liabilities	$	42,296
Weighted-average remaining lease term (in years)	11.76
Weighted-average discount rate	4.4		%

The following summarizes additional supplemental data related to the operating leases (in thousands):


	For the Years Ended December 31,
	2020		2019
Operating lease costs	$	8,371	$	6,060


	For the Years Ended December 31,
	2020		2019
Right-of-use assets obtained in exchange for operating lease liabilities	$	25,461	$	21,091
Cash paid for operating leases	$	7,116	$	5,940

Lease contracts that have been executed but have not yet commenced are excluded from the tables above. As of December 31, 2020, the Company has entered into $33.8 million of contractually binding minimum lease payments for a lease executed but not yet commenced. This amount relates to the lease of the laboratory and headquarters facility in Fort Myers, Florida that is expected to commence in 2021. In addition to the minimum lease payments, the Company will pay approximately $25 million relating to the construction of the underlying assets and approximately $17 million in leasehold improvements. These amounts were placed into separate construction disbursement escrow accounts and as of December 31, 2020, $21.9 million was unpaid and remaining in restricted cash on the Consolidated Balance Sheets. Disbursements to the landlord take place from time to time to pay for the costs of the landlord’s work. The disbursements are classified as a prepaid lease asset or leasehold improvements, as appropriate, until the lease commences. Upon lease commencement, the prepaid lease asset will be included in the calculation of the right-of-use asset and the leasehold improvements will be placed in service. Construction of the infrastructure of this facility commenced in the first quarter of 2020. The Company is not expected to control the underlying assets during the construction period and therefore is not considered the owner of the underlying assets for accounting purposes.