Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2021



Our adoption of ASU 2016-02, Leases (Topic 842), and subsequent ASUs related to Topic 842, requires us to recognize substantially all leases on the balance sheet as an ROU asset and a corresponding lease liability. The new guidance also requires additional disclosures as detailed below. We adopted this standard on the effective date of January 1, 2019 and used this effective date as the date of initial application. Under this application method, we were not required to restate prior period financial information or provide Topic 842 disclosures for prior periods. We elected the ‘package of practical expedients,’ which permitted us to not reassess our prior conclusions related to lease identification, lease classification, and initial direct costs, and we did not elect the use of hindsight.


Lease ROU assets and liabilities are recognized at commencement date of the lease, based on the present value of lease payments over the lease term. The lease ROU asset also includes any lease payments made and excludes any lease incentives. When readily determinable, we use the implicit rate in determining the present value of lease payments. When leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date, including the lease term.


Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term. As of March 31, 2021 we did not have any short-term leases.


The tables below present financial information associated with our lease.


    Balance Sheet Classification   March 31, 2021     December 31, 2020  
Right-of-use assets   Other long-term assets     20,612       23,145  
Current lease liabilities   Other current liabilities     11,028       13,107  
Non-current lease liabilities   Other long-term liabilities     13,718       13,909  


As of March 31, 2021, the maturities of our lease liability are as follows:

2021   $ 15,050  
Total   $ 15,050  
Less: Imputed interest     (1,332 )
Present value of lease liabilities   $ 13,718