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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
(a)    Leases
The Company has multiple operating leases for office space and a finance lease for equipment that expire at various dates through 2037. The Company has elected the package of practical expedients under the transition guidance of ASC Topic 842, Leases, to exclude short-term leases from the balance sheet and to combine lease and non-lease components. The Company classifies finance lease right of use assets under property and equipment, net and finance short-term and long-term lease liabilities under other accrued liabilities and other liabilities, long-term, respectively.
Upon inception of a lease, the Company determines if an arrangement is a lease, if it is classified as an operating or finance lease, if it includes options to extend or terminate the lease, and if it is reasonably certain that the Company will exercise the options. Lease cost, representing lease payments over the term of the lease and any capitalizable direct costs less any incentives received, is recognized on a straight-line basis over the lease term as lease expense.
In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. Upon execution of a new lease, the Company performs an analysis to determine its incremental borrowing rate using its current borrowing rate, adjusted for various factors including level of collateralization and lease term. As of September 30, 2024, the remaining weighted average lease term for operating and finance leases was 11 years.
During the nine months ended September 30, 2024, operating lease right of use assets increased by $2,952 due to contingency resolutions associated with office leases.
Variable and short-term lease costs for the Company's operating and finance leases were immaterial for the nine months ended September 30, 2024. Additional details of the Company’s operating and finance leases are presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Lease costs$4,527 $4,393 $13,586 $12,318 
Cash paid for leases5,048 3,229 13,521 8,789 
Maturities of operating and finance lease liabilities as of September 30, 2024 under noncancelable leases were as follows:
Year ending December 31:
Remainder of 2024$4,259 
202517,579 
202617,264 
202716,080 
202814,979 
Thereafter112,033 
Total future minimum lease payments182,194 
Less: imputed interest(61,824)
Present value of future minimum lease payments120,370 
Less: current portion of lease payments17,010 
Lease liabilities, long-term$103,360 
(b)    Legal Matters
From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome of such matters is not likely to have a material adverse effect on the Company’s financial position or results of operations or cash flows.