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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases, Lease Cost | Leases The Company enters into lease agreements that are primarily 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 Consolidated Balance Sheets includes lease payments related to options to extend or cancel the lease term if the Company determined at the inception date that the lease was expected to be renewed or extended. The Company, in determining the present value of lease payments, utilized the average rate over a 10-year term based upon the Moody's seasoned Aaa corporate bond yields, as explicit rates of interest were not readily determinable in the lease contracts. The Company does not carry debt; thus no incremental borrowing rate is available to the Company. Lease expense is included in office and technology expenses in the Consolidated Statements of Operations. Information regarding the Company’s leases for the years ended December 31 is as follows:
(in thousands) | 2023 |  | 2022
Operating leases | $ | 2,591 |  |  | $ | 2,518 |
Finance leases: |  |  |
Amortization of lease assets | 237 |  |  | 168 |
Interest on lease liabilities | 22 |  |  | 24 |
Short-term leases (a) | 141 |  |  | 214 |
Lease expense | $ | 2,991 |  |  | $ | 2,924 |
Sub-lease income | (14) |  |  | — |
Lease cost | $ | 2,977 |  |  | $ | 2,924 |
(a) |  | Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets.
Components of the lease liability presented in the Consolidated Balance Sheets for the years ended December 31 are as follows:
(in thousands) | 2023 |  | 2022
Current: |  |  |
Operating lease liabilities | $ | 2,201 |  |  | $ | 1,693 |
Finance lease liabilities | 170 |  |  | 218 |
Non-current: |  |  |
Operating lease liabilities | 3,792 |  |  | 4,401 |
Finance lease liabilities | 286 |  |  | 527 |
Total lease liabilities | $ | 6,449 |  |  | $ | 6,839 |
The future minimum payments for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2023, are summarized as follows:
Year Ended (in thousands) | Operating Leases | Finance Leases | Total
2024 | $ | 2,385 |  | $ | 183 |  | $ | 2,568 |
2025 | 2,045 |  | 147 |  | 2,192 |
2026 | 1,265 |  | 109 |  | 1,374 |
2027 | 366 |  | 41 |  | 407 |
2028 | 135 |  | — |  | 135 |
Thereafter | 151 |  | — |  | 151 |
Total undiscounted payments | $ | 6,347 |  | $ | 480 |  | $ | 6,827 |
Less: present value adjustment | (354) |  | (24) |  | (378) |
Lease liabilities | $ | 5,993 |  | $ | 456 |  | $ | 6,449 |
Supplemental lease information for the years ended December 31 is as follows:
| 2023 |  | 2022
Weighted average remaining lease term (years) |  |  |
Operating leases | 3.07 |  | 3.43
Finance leases | 2.93 |  | 3.80
Weighted average discount rate |  |  |
Operating leases | 3.8 | % |  | 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 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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