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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Note 10 Leases The Company rents facilities, equipment and vehicles under operating leases, some of which contain renewal options. Upon inception of a rent agreement, the Company determines whether the arrangement contains a lease based on the unique conditions present. Leases that have a term over a year are recognized on the balance sheet as right-of-use assets and lease liabilities. Right-of-use assets are included in Other assets on the Company's Consolidated Condensed Balance Sheets. Lease liabilities are included in Other current liabilities and Other long-term liabilities on the Company's Consolidated Condensed Balance Sheets. Information regarding the Company's right-of-use assets and the corresponding lease liabilities are as follows:
|  | June 30, 2023 |  |  | December 31, 2022 |
(In thousands) |  |  |  |  |  |
Right-of-use assets |  | $ | 6,492 |  |  | $ | 6,533 |
Lease liabilities |  |  | 6,727 |  |  |  | 6,792 |
The Company's operating lease agreements have lease and non-lease components that require payments for common area maintenance, property taxes and insurance. The Company has elected to account for both lease and non-lease components as one lease component. The fixed and in-substance fixed consideration in the Company's rent agreements constitute operating lease expense that is included in the capitalized right-of-use assets and lease liabilities. The variable and short-term lease expense payments are not included in the present value of the right-of use-assets and lease liabilities on the Consolidated Condensed Balance Sheets. The Company's rent expense is as follows:
| Three months ended |  |  | Six months ended |
| June 30, |  |  | June 30, |
| 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |
Operating lease expense | $ | 867 |  |  | $ | 836 |  |  | $ | 1,700 |  |  | $ | 1,698 |
Variable and short-term lease expense |  | 31 |  |  |  | 57 |  |  |  | 76 |  |  |  | 103 |
Rent expense | $ | 898 |  |  | $ | 893 |  |  | $ | 1,776 |  |  | $ | 1,801 |
The Company records right-of-use assets and lease liabilities based upon the present value of lease payments over the expected lease term. The Company's lease agreements typically do not have implicit interest rates that are readily determinable. As a result, the Company utilizes an incremental borrowing rate that would be incurred to borrow on a collateralized basis over a similar term in a comparable economic environment. As of June 30, 2023 and December 31, 2022, the weighted average remaining lease term on the Company's lea ses was 5.2 years. As of June 30, 2023 and December 31, 2022, the weighted average discount rate was 5.0%. The future min imum lease payments to be paid under operating leases are as follows:
|  | June 30, 2023 |
(In thousands) |  |  |
2023 (remaining six months) |  | $ | 1,249 |
2024 |  |  | 2,515 |
2025 |  |  | 1,929 |
2026 |  |  | 811 |
2027 |  |  | 202 |
Thereafter |  |  | 1,024 |
Total future lease payments |  |  | 7,730 |
Present value adjustment |  |  | (1,003 | )
Present value of future lease payments |  | $ | 6,727 |

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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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