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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases office facilities under noncancellable operating leases that expire on various dates through 2034, some of which may include options to extend the leases for up to 12 years. The components of lease expense are presented as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (In thousands)
Operating lease costs |  |  |  |  | $ | 2,647 |  |  | $ | 2,592 |  |  |
The components of lease liabilities are presented as follows:
| March 31, 2024 |  | December 31, 2023
| (In thousands except years and percentage data)
Operating lease liabilities, current (Accrued liabilities) | $ | 5,148 |  |  | $ | 5,220 |
Operating lease liabilities, non-current (Other liabilities) | 18,781 |  |  | 18,802 |
Total operating lease liabilities | $ | 23,929 |  |  | $ | 24,002 |
Supplemental lease information: |  |  |
Weighted average remaining lease term | 5.8 years |  | 5.8 years
Weighted average discount rate | 6.9% |  | 7.0%
Supplemental cash flow and other information related to operating leases were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 1,905 |  |  | $ | 1,702 |  |  |
Non-cash investing activities: |  |  |  |  |  |  |  |  |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |  | $ | 1,695 |  |  | $ | 1,516 |  |  |
Undiscounted cash flows of operating lease liabilities as of March 31, 2024 were as follows:
| Lease Amounts
| (In thousands)
Year: |
2024 (remaining nine months) | $ | 4,964 |
2025 | 6,228 |
2026 | 4,565 |
2027 | 3,211 |
2028 | 2,621 |
Thereafter | 7,795 |
Total lease payments | 29,384 |
Less: imputed lease interest | (5,455) |
Total lease liabilities | $ | 23,929 |
Purchase Obligations The Company has contractual obligations related to component inventory that its contract manufacturers procure on its behalf in accordance with its production forecast as well as other inventory related purchase commitments. As of March 31, 2024, these purchase obligations totaled approximately $116.7 million. Litigation From time-to-time, the Company may be involved in litigation relating to claims arising out of its operations, the ultimate disposition of which could have a material adverse effect on its operations, financial condition or cash flows. The Company is not currently involved in any material legal proceedings; however, the Company may be involved in material legal proceedings in the future. Such matters are subject to uncertainty and there can be no assurance that such legal proceedings will not have a material effect on its business, results of operations, financial position or cash flows

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