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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases Effective January 1, 2021, the Company adopted ASC 842 Leases (“ASC 842”) using the modified retrospective approach. The Company elected the use of the package of practical expedients permitted under the transition guidance which allows the Company not to reassess whether a contract contains a lease, carry forward the historical lease classification and not reassess initial direct lease costs. The Company also elected to apply the short-term measurement and recognition exemption in which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases. Adoption of this standard resulted in recording of net operating lease ROU assets and corresponding operating lease liabilities of $13.2 million and $13.5 million, respectively. The standard did not materially affect the consolidated statements of income and had no impact on the consolidated statements of cash flows. The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):
|  |  | December 31, |  |
| Location on the Consolidated Balance Sheets |  | 2022 |  | 2021 |  |
ROU Assets | Other assets |  | $ | 17,770 |  |  | $ | 11,245 |  |  |
Lease liabilities, current portion | Other current liabilities |  | $ | 6,509 |  |  | $ | 5,909 |  |  |
Lease liabilities, long-term portion | Other long-term liabilities |  | 13,897 |  |  | 5,359 |  |  |
Total lease liabilities |  |  | $ | 20,406 |  |  | $ | 11,268 |  |  |
The components of lease cost related to the Company’s operating leases were as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Operating lease expense | $ | 7,701 |  |  | $ | 6,635 |
Variable lease expense | 1,089 |  |  | 106 |
Short-term lease expense | 327 |  |  | — |
Total lease expense | $ | 9,117 |  |  | $ | 6,741 |
Future minimum operating lease payments as of December 31, 2022, are as follows (in thousands):
| Operating Leases
2023 | $ | 6,966 |
2024 | 5,598 |
2025 | 4,399 |
2026 | 1,606 |
2027 | 1,453 |
Thereafter | 2,908 |
Total lease payments | 22,930 |
Less: Imputed lease interest | (2,524) |
Total lease liabilities | $ | 20,406 |
Other information pertaining to operating leases consists of the following:
| Year Ended December 31,
| 2022 |  | 2021
Weighted average remaining lease-term | 4.2 years |  | 3.8 years
Weighted average discount rate | 5.4 | % |  | 5.0 | %
Supplemental cash flow and other information related to operating leases are as follows (in thousands):
| Year Ended December 31, |  |
| 2022 |  | 2021 |  |
Operating cash flows from operating leases | $ | 5,380 |  |  | $ | 6,644 |  |  |
Non cash investing activities: |  |  |  |  |
Lease liabilities arising from obtaining right-of-use assets | $ | 12,558 |  |  | $ | 17,363 |  |  |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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