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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Lessee, Leases | Leases The Company enters into lease agreements that are primarily used for office space. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the term of the lease. The Company occasionally assumes equipment lease agreements through business acquisitions. These leases are accounted for as finance leases. Included in a portion of the Company's current leases is an option to extend or cancel the lease term. The exercise of such an option is solely at the Company's discretion. The lease liability recorded in the unaudited Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determines at the inception date that the lease is expected to be renewed or extended. The Company, in determining the present value of lease payments, utilizes the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest are not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate was available to the Company. Lease expense is included in office and technology expenses in the unaudited Consolidated Statements of Operations. Information regarding the Company’s leases follows:
| Three Months Ended March 31,
(in thousands) | 2023 | 2022
Operating leases | $ | 672 |  | $ | 563 |
Finance leases: |  |
Amortization of lease assets | 54 |  | — |
Interest on lease liabilities | 7 |  | — |
Short-term leases (b) | 52 |  | 67 |
Lease expense | $ | 785 |  | $ | 630 |
Sub-lease income | — |  | — |
Lease cost | $ | 785 |  | $ | 630 |
(b) |  | Leases with an initial term of twelve months or less are not recorded on the unaudited Consolidated Balance Sheets.
Components of the lease liability presented on the unaudited Consolidated Balance Sheets are as follows:
(in thousands) | As of March 31, 2023 | As of December 31, 2022
Current: |  |
Operating lease liabilities | $ | 1,427 |  | $ | 1,693 |
Finance lease liabilities | 171 |  | 218 |
Non-current: |  |
Operating lease liabilities | 4,708 |  | 4,401 |
Finance lease liabilities | 520 |  | 527 |
Total lease liabilities | $ | 6,826 |  | $ | 6,839 |
The future minimum lease payments for leases that have initial or remaining noncancelable lease terms in excess of one year as of March 31, 2023, are summarized as follows:
Year Ended (in thousands) | Operating Leases | Finance Leases | Total
2023 | $ | 1,584 |  | $ | 181 |  | $ | 1,765 |
2024 | 2,090 |  | 201 |  | 2,291 |
2025 | 1,584 |  | 171 |  | 1,755 |
2026 | 958 |  | 134 |  | 1,092 |
2027 | 266 |  | 51 |  | 317 |
Thereafter | 50 |  | — |  | 50 |
Total undiscounted payments | $ | 6,532 |  | $ | 738 |  | $ | 7,270 |
Less: present value adjustment | (397) |  | (47) |  | (444) |
Lease liabilities | $ | 6,135 |  | $ | 691 |  | $ | 6,826 |
Supplemental lease information is as follows:
| As of March 31, 2023 | As of December 31, 2022
Weighted average remaining lease term (years) |  |
Operating Leases | 2.03 | 3.43
Finance Leases | 3.59 | 3.80
Weighted average discount rate |  |
Operating Leases | 3.9 | % | 3.9 | %
Finance Leases | 3.7 | % | 3.7 | %
The Company does not have any material pending operating or financing lease agreements that become effective in future periods.

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- Definition The entire disclosure for leases of the lessee, both operating leases and financing leases. Includes, but is not limited to, description of leases and maturity analysis of lease liability. + References No definition available. + Details
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Namespace Prefix: | itic_
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- References No definition available. + Details
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Period Type: | duration