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Leased Assets
 12 Months Ended
Dec. 31, 2023
Leased Assets [Abstract]  
Leased Assets
7.Leased Assets

 

The Company leases certain of its real estate and equipment. The Company has evaluated all its leases and determined that all are operating leases under the definitions of the guidance of ASU 2016-02. The Company’s lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants.

 

The Company uses the effective interest method to record right-of-use assets equal to the present value of the contractual liability for future lease payments. The table below presents the right-of-use assets and related lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2023:

 

   Balance Sheet Line
Item		  December 31,
2023		   December 31,
2022		 
              
Right-of-use assets  Other assets  $2,781   $3,681 
              
Operating lease liabilities             
              
Current portion  Trade accounts payable and accrued expenses  $611   $642 
              
Noncurrent portion  Lease liabilities   2,170    3,039 
              
Total operating lease liabilities     $2,781   $3,681 

 

The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight line basis over the life of the lease.

 

The Company’s leases generally do not provide an implicit interest rate, and therefore the Company calculates an incremental borrowing rate to determine the present value of its operating lease liabilities. The following table reconciles the undiscounted future minimum lease payments to the total operating lease liabilities recognized on the condensed consolidated balance sheet as of December 31, 2023:

 

2024  $808 
2025   702 
2026   705 
2027   229 
2028   160 
Thereafter   960 
Total undiscounted future minimum lease payments   3,564 
Less: Difference between undiscounted lease payments & the present value of future lease payments   (783)
Total operating lease liabilities  $2,781 

 

Certain of the Company’s lease agreements contain renewal options at the Company’s discretion. The Company does not recognize right-of-use assets or lease liabilities for leases of one year or less or for renewal periods unless it is reasonably certain that the Company will exercise the renewal option at the inception of the lease or when a triggering event occurs. The Company’s weighted average remaining lease term for operating leases as of December 31, 2023 is 7.9 years.