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v3.23.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2023
Leases [Abstract] |
Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:
Components of Lease Cost
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 2 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 25 |
Interest on lease liabilities |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Operating lease cost |  | 1,513 |  |  | 1,414 |  |  | 4,453 |  |  | 4,345 |
Short-term lease cost |  | 306 |  |  | 320 |  |  | 935 |  |  | 953 |
Variable lease cost |  | 69 |  |  | 56 |  |  | 220 |  |  | 268 |
Total lease cost |  | $ | 1,891 |  |  | $ | 1,796 |  |  | $ | 5,616 |  |  | $ | 5,592 |
Rent expense for the three and nine months ended September 30, 2023 and 2022 was immaterial. Maturities of operating lease liabilities were as follows:
Future Minimum Lease Payments
(in thousands) |  | September 30, 2023 |  |  |  |  | December 31, 2022 |  |
2023 |  | $ | 1,432 |  |  |  |  | * |  | $ | 5,177 |  |  |  |
2024 |  | 5,115 |  |  |  |  |  |  | 4,099 |  |  |  |
2025 |  | 4,094 |  |  |  |  |  |  | 3,294 |  |  |  |
2026 |  | 2,941 |  |  |  |  |  |  | 2,728 |  |  |  |
2027 |  | 1,882 |  |  |  |  |  |  | 1,780 |  |  |  |
Thereafter |  | 1,747 |  |  |  |  |  |  | 1,743 |  |  |  |
Total minimum lease payments |  | $ | 17,211 |  |  |  |  |  |  | $ | 18,821 |  |  |  |
Less imputed interest |  | (1,140) |  |  |  |  |  |  | (1,287) |  |  |  |
Total operating lease liabilities |  | $ | 16,071 |  |  |  |  |  |  | $ | 17,534 |  |  |  |
*Period ended September 30, 2023 represents the remaining three months of 2023. |  |  |  |  |  |  |  |  |  |  |
Future Lease Commencements As of September 30, 2023, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.1 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years. Supplemental balance sheet information related to leases was as follows:
Operating Leases |
(in thousands) |  | September 30, 2023 |  |  | December 31, 2022
Other non-current assets |  | $ | 15,768 |  |  |  |  | $ | 17,249 |  |
Accrued liabilities |  | 4,877 |  |  |  |  | 4,685 |  |
Other long-term liabilities |  | 11,194 |  |  |  |  | 12,849 |  |
Total operating lease liabilities |  | $ | 16,071 |  |  |  |  | $ | 17,534 |  |
Weighted Average Remaining Lease Term |  | 4.03 years |  |  |  | 4.66 years |
Weighted Average Discount Rate |  | 3.85 | % |  |  |  | 3.30 | % |
Supplemental Cash Flow information related to leases was as follows:
|  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 3,994 |  |  | $ | 3,971 |
Leases | Leases The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:
Components of Lease Cost
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 2 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 25 |
Interest on lease liabilities |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Operating lease cost |  | 1,513 |  |  | 1,414 |  |  | 4,453 |  |  | 4,345 |
Short-term lease cost |  | 306 |  |  | 320 |  |  | 935 |  |  | 953 |
Variable lease cost |  | 69 |  |  | 56 |  |  | 220 |  |  | 268 |
Total lease cost |  | $ | 1,891 |  |  | $ | 1,796 |  |  | $ | 5,616 |  |  | $ | 5,592 |
Rent expense for the three and nine months ended September 30, 2023 and 2022 was immaterial. Maturities of operating lease liabilities were as follows:
Future Minimum Lease Payments
(in thousands) |  | September 30, 2023 |  |  |  |  | December 31, 2022 |  |
2023 |  | $ | 1,432 |  |  |  |  | * |  | $ | 5,177 |  |  |  |
2024 |  | 5,115 |  |  |  |  |  |  | 4,099 |  |  |  |
2025 |  | 4,094 |  |  |  |  |  |  | 3,294 |  |  |  |
2026 |  | 2,941 |  |  |  |  |  |  | 2,728 |  |  |  |
2027 |  | 1,882 |  |  |  |  |  |  | 1,780 |  |  |  |
Thereafter |  | 1,747 |  |  |  |  |  |  | 1,743 |  |  |  |
Total minimum lease payments |  | $ | 17,211 |  |  |  |  |  |  | $ | 18,821 |  |  |  |
Less imputed interest |  | (1,140) |  |  |  |  |  |  | (1,287) |  |  |  |
Total operating lease liabilities |  | $ | 16,071 |  |  |  |  |  |  | $ | 17,534 |  |  |  |
*Period ended September 30, 2023 represents the remaining three months of 2023. |  |  |  |  |  |  |  |  |  |  |
Future Lease Commencements As of September 30, 2023, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.1 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years. Supplemental balance sheet information related to leases was as follows:
Operating Leases |
(in thousands) |  | September 30, 2023 |  |  | December 31, 2022
Other non-current assets |  | $ | 15,768 |  |  |  |  | $ | 17,249 |  |
Accrued liabilities |  | 4,877 |  |  |  |  | 4,685 |  |
Other long-term liabilities |  | 11,194 |  |  |  |  | 12,849 |  |
Total operating lease liabilities |  | $ | 16,071 |  |  |  |  | $ | 17,534 |  |
Weighted Average Remaining Lease Term |  | 4.03 years |  |  |  | 4.66 years |
Weighted Average Discount Rate |  | 3.85 | % |  |  |  | 3.30 | % |
Supplemental Cash Flow information related to leases was as follows:
|  | Nine Months Ended September 30,
(in thousands) |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 3,994 |  |  | $ | 3,971 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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