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LEASES | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
LEASES | LEASES During the fiscal year ended December 31, 2022, the Company entered into new or modified lease agreements which were assessed under Topic 842 to be operating leases. The new or modified lease agreements resulted in the balance sheet recognition of $0.9 million in “Operating lease right-of use assets,” $0.7 million in “Operating lease liabilities, long-term,” and $0.2 million in “Operating lease liabilities, current.” The components of lease expense are as follows:
| Year ended December 31, |  |  |  |  |
(in thousands) | 2022 |  | 2021 |  |  |  |  |
Operating lease cost | $ | 7,636 |  |  | $ | 7,550 |  |  |  |  |  |
Variable lease cost | 1,780 |  |  | 1,986 |  |  |  |  |  |
Total lease cost | $ | 9,416 |  |  | $ | 9,536 |  |  |  |  |  |
Supplemental cash flow information related to leases are as follows:
| Year ended December 31,
(in thousands) | 2022 |  | 2021 |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 7,528 |  |  | $ | 7,644 |  |  |  |  |  |
ROU assets obtained in exchange for operating lease obligations | $ | 862 |  |  | $ | 8,837 |  |  |  |  |  |
Other information related to leases are as follows:
| Year ended December 31,
| 2022 |  | 2021 |  |  |  |  |
Operating leases |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years) | 6.2 |  | 6.8 |  |  |  |  |
Weighted-average discount rate | 6.3 | % |  | 6.3 | % |  |  |  |  |
Future minimum lease payments under non-cancelable operating leases as of December 31, 2022 are as follows (in thousands):
Years ending December 31, |
2023 | $ | 7,106 |
2024 | 7,066 |
2025 | 5,884 |
2026 | 4,847 |
2027 | 3,770 |
Thereafter | 8,877 |
Total future minimum lease payments | $ | 37,550 |
Less: imputed interest | (6,667) |
Total lease liability balance | $ | 30,883 |

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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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