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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases Operating lease cost details for the three and nine months ended September 30, 2024 and 2023 are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Building rent | $ | 331 |  |  | $ | 369 |  |  | $ | 847 |  |  | $ | 1,370 |
Automobile rentals | 337 |  |  | 270 |  |  | 1,014 |  |  | 836 |
Total net operating lease costs | $ | 668 |  |  | $ | 639 |  |  | $ | 1,861 |  |  | $ | 2,206 |
At September 30, 2024, the Company’s weighted average remaining lease term for its operating leases is 5.5 years, and the weighted average discount rate for its operating leases is 6%. During the nine months ended September 30, 2024, there were $1.9 million of operating cash payments for lease liabilities and $2.8 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 and commenced in the second quarter of 2024. As part of its multi-year 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 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 statement of operations for the nine months ended September 30, 2023 in "Restructuring and other related charges". In August 2024, the Company finalized its early termination agreement with the landlord to terminate and release any further obligations for either party. 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, 2024 are as follows:
(In thousands) | As of September 30, 2024
2024 | $ | 960 |
2025 | 2,112 |
2026 | 2,124 |
2027 | 1,867 |
2028 | 1,757 |
Later years | 2,330 |
Less imputed interest | (1,581) |
Total lease liabilities | $ | 9,569 |

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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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