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Leases

7 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

6. Leases

The Company leases certain office spaces and vehicles. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include renewal options, which can extend the lease term into the future. The Company determines the lease term by assuming options that are reasonably certain of being renewed will be exercised. Certain of the Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset and lease liabilities are recorded on the Consolidated Balance Sheet. Operating lease expense was $0.7 million, for the period from inception (May 19, 2021) to December 31, 2021.

The following table presents the maturity of our operating lease liabilities as of December 31, 2021:

		December 31, 2021
		(In thousands)
Future lease payments by year:
2022		$	1,090
2023			961
2024			835
2025			530
2026			551
Thereafter			5,110
Total			9,077
Less: present value discount			(1,900	)
Present value of lease liabilities		$	7,177
Weighted-average remaining lease term (in years):
Operating leases			11.49
Weighted-average discount rate:
Operating leases			3.9	%

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- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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