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OPERATING LEASES
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
OPERATING LEASES OPERATING LEASES
The Company leases office space in various locations in Alabama, Pennsylvania, Maryland, Mississippi, and Washington. These leases have terms expiring from 2024 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 improvements.
Supplemental balance sheet information related to operating leases was as follows:
(In thousands)September 30,
2024		December 31,
2023
Operating lease assets:
Operating lease assets$3,451 $5,192 
Operating lease liabilities:
Other accrued liabilities1,0801,804
Operating lease liabilities, net of current portion2,520 3,074 
Total operating lease liabilities$3,600 $4,878 
Weighted average remaining lease term in years3.74.0
Weighted average discount rate4.1%4.2%
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, 2024 are as follows:
(In thousands)
2024$399 
20251,059 
20261,020 
2027708 
2028462 
Thereafter231 
Total lease payments3,879 
Less imputed interest(279)
Total$3,600 
Total lease expense for the nine months ended September 30, 2024 and 2023 was $1.4 million and $1.5 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, 2024 and 2023 was $1.4 million and $1.5 million, respectively.