Commitments and Contingencies (Tables)
|9 Months Ended|
Sep. 30, 2019
|Commitments And Contingencies Disclosure [Abstract]|
|Schedule of Reconciliation of Maturity Analysis of Annual Undiscounted Cash Flows||
The Company determined that, for purposes of applying ASC 842, the commencement date of the 2019 Lease occurred on May 1, 2019. The Company recorded a right-of-use asset and lease liability of $15.8 million using an incremental borrowing rate of 9.3%, net of tenant allowances of $9.3 million, on the May 1, 2019 lease commencement date. The Company is amortizing the tenant allowance over the term of the 2019 Lease starting at the lease commencement date on a straight-line basis. On the Company’s condensed consolidated balance sheets, the Company classified $0.7 million of the lease liability as short-term and $18.3 million of the lease liability as long-term as of September 30, 2019.
The Company elected the practical expedient provided under ASC 842 and therefore has combined all lease and non-lease components when determining the right-of-use asset and lease liability for the 2019 Lease.
In March 2019, the Company entered into an equipment lease agreement (the “Equipment Lease”) that has a 48-month term. At the end of the term, the Company has the right to return the leased equipment, extend the lease, or buy the equipment at the then-current fair market value of the equipment. The Company accounted for the Equipment Lease as a financing lease under ASC 842 and recorded a financing lease right-of-use asset and a corresponding financing lease liability of approximately $1.0 million at the time of executing the Equipment Lease.
The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating and financing lease liabilities as of September 30, 2019 (in thousands):
|Schedule of Total Lease Cost for Operating and Financing Leases as well as Weighted Average Information for Leases||
The following table outlines the total lease cost for the Company’s operating and financing leases as well as weighted average information for these leases as of September 30, 2019 (in thousands):
Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in operating and financing lease.
No definition available.
Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef