Leases

9 Months Ended

Sep. 30, 2023

Operating lease cost details for the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
(In thousands)
Building rent	$	369	$	509	$	1,370	$	1,605
Automobile rentals	270		295		836		876
Total net operating lease costs	$	639	$	804	$	2,206	$	2,481

At September 30, 2023, the Company’s weighted average remaining lease term for its operating leases is 4.5 years, and the weighted average discount rate for its operating leases is 5%.

During the nine months ended September 30, 2023, there were $2.2 million of operating cash payments for lease liabilities, and $0.6 million of right-of use assets obtained in exchange for new lease liabilities.

As part of its multiyear restructuring plan (see Note 16, Restructuring and Other Related Charges), the Company vacated its Chicago office space and abandoned the underlying leases during June 2023. The Company accrued a $1.4 million early lease termination fee, which is reflected on the condensed consolidated statements of operations for the nine months ended September 30, 2023 in "Restructuring and other related charges". The underlying lease right-of-use asset and lease liability for the Chicago leased office space were written off, and a $0.3 million gain related to rent concessions and tenant improvement allowances was recorded on the condensed consolidated statements of operations for the nine months ended September 30, 2023 in "Restructuring and other related charges".

In September 2023, the Company vacated its Brussels office and terminated the lease as of September 30, 2023. The Company accrued a $0.3 million early lease termination fee, which is reflected on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 in "Restructuring and other related charges". The underlying lease right-of-use asset and lease liability for the Brussels leased office space were written off, and a $0.6 million loss related to rent concessions and tenant improvement allowances was recorded on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 in "Restructuring and other related charges".

Maturities of the Company’s operating leases as of September 30, 2023 are as follows:


	As of September 30, 2023
(In thousands)
2023	$	608
2024	2,099
2025	1,227
2026	1,136
2027	956
Later years	1,266
Less imputed interest	(742)
Total lease liabilities	$	6,550