|12 Months Ended|
Dec. 31, 2022
The Group leases several assets which consist of buildings and IT equipment. The Group recognizes right-of-use assets and lease liabilities for its building leases only, as the leases for IT equipment meet the exemption requirements as short-term
leases and leases expensed in accordance of our capitalization threshold described in Note 2. Therefore, the disclosures below for the Group’s right-of-use assets relate only to buildings. Options to extend or terminate the lease are assessed and included in the lease liability if they are reasonably certain of being exercised.
Operating lease costs are included in selling, general and administrative expenses in the Consolidated Statement of Operations and Other Comprehensive Loss. The Company elected to combine lease and non-lease components as a single lease component and not include short-term leases, defined as leases with an initial term of twelve months or less, in its Consolidated Balance Sheets. The Company’s short-term leases are immaterial. The Company’s operating lease costs were $6.8 million for the year ended December 31, 2022 (2021: $3.6 million, 2020: $1.7 million).
The Company entered into operating leases that resulted in $11.5 million of right-of-use assets in exchange for operating lease obligations for the year ended December 31, 2022 (2021: $7.7 million).
The company had an impairment of $4.2 million during the year ended December 31, 2022 related to our restructuring activities in 2022. Refer to Note 7 for details.
The table below summarizes the Company’s lease cash flows and other supplemental information related to its operating leases:
The table below presents the future minimum lease payments under the noncancelable operating leases as of December 31, 2022:
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef