Leases

12 Months Ended

Dec. 31, 2023

Note 7 - Leases

The Company primarily leases office buildings under operating leases which are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Long-term operating lease liabilities on the consolidated balance sheets. The Company’s leases have remaining terms of 1 to 7 years.

Information related to the Company's total lease costs was as follows (in thousands):


	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	7,894	$	7,747
Variable lease cost		1,229		1,310
Short-term lease cost		208		165
Total lease cost	$	9,331	$	9,222

Information related to the Company's ROU assets and related lease liabilities was as follows (in thousands):


	Year Ended
	December 31, 2023			December 31, 2022
Cash paid for operating lease liabilities	$	7,933		$	7,607
Right-of-use assets obtained in exchange for new operating lease obligations		7,270			6,591



	December 31, 2023			December 31, 2022
Weighted-average remaining lease term	3.8 years			3.8 years
Weighted-average discount rate	4.7		%	4.1		%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancellable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2023 (in thousands):


2024	$	7,411
2025		5,580
2026		4,313
2027		3,259
2028		2,213
Thereafter		449
Total undiscounted future minimum lease payments		23,225
Less: Difference between undiscounted lease payments and discounted operating lease liabilities		2,012
Total operating lease liabilities	$	21,213
Current operating lease liabilities	$	6,623
Long-term operating lease liabilities		14,590
Total operating lease liabilities	$	21,213

The Company has additional operating leases of $1.0 million that have not commenced as of December 31, 2023, and as such, have not been recognized in the Company’s Consolidated Balance Sheets. These operating leases are expected to commence in 2024 with lease terms of 7 years.