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OPERATING LEASES | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
OPERATING LEASES | OPERATING LEASES The Company leases office space in various locations in Alabama, Pennsylvania, Minnesota, Maryland, Mississippi, and Washington. These leases have terms expiring from 2023 through 2029 but do contain optional extension terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. On April 30, 2023, the company terminated its lease agreement for approximately 12,500 square feet of office space in Plymouth, Minnesota. Pursuant to a Termination of Lease Agreement dated April 18, 2023, the Company paid $1.1 million to the landlord as consideration for the early termination. In connection with the lease termination, the Company derecognized the assets and liabilities associated with the operating lease and recorded a $0.1 million loss on the disposal of leasehold improvement. Supplemental balance sheet information related to operating leases was as follows:
(In thousands) | September 30, 2023 |  | December 31, 2022 |  |
Operating lease assets |  |  |  |  |
Operating lease assets | $ | 5,138 |  |  | $ | 7,567 |  |  |
Operating lease liabilities |  |  |  |  |
Other accrued liabilities | 1,880 |  | 2,063 |  |
Operating lease liabilities, net of current portion | 3,421 |  |  | 5,651 |  |  |
Total operating lease liabilities | $ | 5,301 |  |  | $ | 7,714 |  |  |
Weighted average remaining lease term in years | 4.2 |  | 5 |  |
Weighted average discount rate | 4.2% |  | 4.4% |  |
Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We used the incremental borrowing rate on January 1, 2019, for operating leases that commenced prior to that date. The future minimum lease payments payable under these operating leases subsequent to September 30, 2023 are as follows:
(In thousands) |
2023 | $ | 476 |
2024 | 1,804 |
2025 | 1,063 |
2026 | 1,025 |
2027 | 706 |
Thereafter | 693 |
Total lease payments | 5,767 |
Less imputed interest | (466) |
Total | $ | 5,301 |
Total lease expense for the nine months ended September 30, 2023 and 2022 was $1.5 million and $1.6 million, respectively. Total cash paid for amounts included in the measurement of lease liabilities within operating cash flows from operating leases for the nine months ended September 30, 2023 and 2022 was $1.5 million and $1.6 million, respectively.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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