XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Lease | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Lease | Lease The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under Topic 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. The Company leases office facilities and equipment from unrelated parties under operating lease agreements that have initial terms ranging from 1 to 7.25 years. Some leases include one or more options to renew, generally at the Company's sole discretion, with renewal terms that can extend the lease term up to 5 years. In addition, certain leases contain termination options, where the rights to terminate are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants. The Company is a sub-lessor in an agreement with a term of 3 years. Operating lease cost is recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands):
| Six months ended June 30,
| 2024 |  | 2023
Operating lease cost | $ | 1,433 |  |  | $ | 1,596 |
Short-term lease cost | 580 |  |  | 368 |
Total lease cost | $ | 2,013 |  |  | $ | 1,964 |
For the three and six months ended June 30, 2024, sublease income was $0 and $57,000 recorded as other income. Supplemental cash flow information related to leases is as follows (in thousands):
| Six months ended June 30,
| 2024 |  | 2023
Cash paid for amounts included in measurement of lease liabilities: |  |  |
Operating cash outflows - payments on operating leases | $ | 1,511 |  |  | $ | 1,595 |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |
Operating leases | $ | — |  |  | $ | — |
Supplemental balance sheet information related to leases is as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Operating lease right-of-use assets | $ | 9,328 |  |  | $ | 10,853 |
Included in other current liabilities: |  |  |
Operating lease liabilities, current | $ | 2,407 |  |  | $ | 2,444 |
Operating lease liabilities, noncurrent | 8,113 |  |  | 9,479 |
Total operating lease liabilities | $ | 10,520 |  |  | $ | 11,923 |
Weighted-average remaining lease term - operating leases: | 4.32 |  | 4.68
Weighted-average discount rate - operating leases: | 2.7% |  | 2.7%
Future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the balance sheet as of June 30, 2024 is as follows (in thousands):
2024 (excluding the three months ended June 30, 2024) | $ | 1,362 |
2025 | 2,550 |
2026 | 2,504 |
2027 | 2,315 |
2028 | 2,047 |
Thereafter | 348 |
Total lease payments | $ | 11,126 |
Less imputed interest | (606) |
Total present value of lease liabilities | $ | 10,520 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration