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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | Leases Operating lease cost details for the three months ended March 31, 2024 and 2023 are as follows:
| Three Months Ended March 31, |  |
(In thousands) | 2024 |  | 2023 |  |  |  |
Building rent | $ | 312 |  |  | $ | 523 |  |  |  |  |
Automobile rentals | 347 |  |  | 250 |  |  |  |  |
Total net operating lease costs | $ | 659 |  |  | $ | 773 |  |  |  |  |
At March 31, 2024, the Company’s weighted average remaining lease term for its operating leases is 5.2 years, and the weighted average discount rate for its operating leases is 5%. During the three months ended March 31, 2024, there were $0.7 million of operating cash payments for lease liabilities and $0.5 million of right-of use assets obtained in exchange for new lease liabilities. In October 2023, the Company signed a lease agreement to lease new office space in Brussels. The lease agreement consisted of a nine-year lease that is expected to commence in the second quarter of 2024. The Company will record a right of use asset and liability at the commencement date, which is expected to result in total lease term payments of $1.3 million. Maturities of the Company’s operating leases as of March 31, 2024 are as follows:
(In thousands) | As of March 31, 2024
2024 | $ | 1,792 |
2025 | 1,687 |
2026 | 1,594 |
2027 | 1,411 |
2028 | 1,304 |
Later years | 1,347 |
Less imputed interest | (1,221) |
Accrued lease termination fees | 714 |
Total lease liabilities | $ | 8,628 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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