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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

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. As of December 31, 2023, the components of lease cost were as follows:

Components of Lease Cost
						Twelve Months Ended December 31,
(in thousands)						2023						2022
Finance lease cost:
Amortization of right-of-use assets						$	9					$	30
Interest on lease liabilities						1						1
Operating lease cost						6,137						5,783
Short-term lease cost						1,308						1,397
Variable lease cost						281						348
Total lease cost						$	7,736					$	7,559

As of December 31, 2023, future minimum lease payments under these non-cancelable leases are:

Future Minimum Lease Payments
(in thousands)						Operating Leases
2024						$	5,825
2025						4,842
2026						3,443
2027						1,887
2028						786
Thereafter						962
Total minimum lease payments						$	17,745
Less imputed interest						(1,143)
Total lease liabilities						$	16,602

Rental expense for operating leases was $7.7 million for 2023, $7.5 million for 2022, and $7.0 million for 2021.

Future Lease Commencements

As of December 31, 2023, we have additional operating leases that have not yet commenced in the amount of $2.4 million. These operating leases will commence in fiscal year 2024.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
						December 31,
(in thousands)						2023						2022
Other non-current assets						$	16,279					$	17,249
Accrued liabilities						5,295						4,685
Other long-term liabilities						11,307						12,849
Total operating lease liabilities						$	16,602					$	17,534
Weighted average remaining lease term						3.76 years						4.66 years
Weighted average discount rate						4.05		%				3.30		%

Supplemental cash flow information related to leases was as follows:

						Twelve Months Ended December 31,
(in thousands)						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	5,490					$	5,246

LEASES

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. As of December 31, 2023, the components of lease cost were as follows:

Components of Lease Cost
						Twelve Months Ended December 31,
(in thousands)						2023						2022
Finance lease cost:
Amortization of right-of-use assets						$	9					$	30
Interest on lease liabilities						1						1
Operating lease cost						6,137						5,783
Short-term lease cost						1,308						1,397
Variable lease cost						281						348
Total lease cost						$	7,736					$	7,559

As of December 31, 2023, future minimum lease payments under these non-cancelable leases are:

Future Minimum Lease Payments
(in thousands)						Operating Leases
2024						$	5,825
2025						4,842
2026						3,443
2027						1,887
2028						786
Thereafter						962
Total minimum lease payments						$	17,745
Less imputed interest						(1,143)
Total lease liabilities						$	16,602

Rental expense for operating leases was $7.7 million for 2023, $7.5 million for 2022, and $7.0 million for 2021.

Future Lease Commencements

As of December 31, 2023, we have additional operating leases that have not yet commenced in the amount of $2.4 million. These operating leases will commence in fiscal year 2024.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
						December 31,
(in thousands)						2023						2022
Other non-current assets						$	16,279					$	17,249
Accrued liabilities						5,295						4,685
Other long-term liabilities						11,307						12,849
Total operating lease liabilities						$	16,602					$	17,534
Weighted average remaining lease term						3.76 years						4.66 years
Weighted average discount rate						4.05		%				3.30		%

Supplemental cash flow information related to leases was as follows:

						Twelve Months Ended December 31,
(in thousands)						2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	5,490					$	5,246

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- References

No definition available.

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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

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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

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