v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.
During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million.
The components of lease cost were as follows (in thousands):
Three Months Ended March 31,
20242023
Operating lease cost$2,019 $1,834 
Finance lease cost47 47 
Total lease cost$2,066 $1,881 
As of March 31, 2024, a weighted average discount rate of 3.15% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024.
As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2024$5,924 $109 $6,033 
20256,348 149 6,497 
20266,557 153 6,710 
20275,211 158 5,369 
20281,813 40 1,853 
Total minimum lease payments25,853 609 26,462 
Less: imputed interest(1,399)(26)(1,425)
Total present value of lease liabilities$24,454 $583 $25,037 
Leases Leases
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of the amortization expense for the right-of-use assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term. Short-term and variable lease costs are not material to the Company’s condensed consolidated financial statements.
During the three months ended March 31, 2024, operating right-of-use assets obtained in exchange for new lease obligations was $4.0 million.
The components of lease cost were as follows (in thousands):
Three Months Ended March 31,
20242023
Operating lease cost$2,019 $1,834 
Finance lease cost47 47 
Total lease cost$2,066 $1,881 
As of March 31, 2024, a weighted average discount rate of 3.15% and 2.24% has been applied to the remaining operating and finance lease payments, respectively, to calculate the lease liabilities included within the condensed consolidated balance sheets. The weighted average remaining lease term of operating and finance leases is 3.7 and 4.0 years, respectively, as of March 31, 2024.
As of March 31, 2024, the maturities of lease liabilities under operating and finance leases were as follows (in thousands):
Operating LeasesFinance LeasesTotal
Remainder of 2024$5,924 $109 $6,033 
20256,348 149 6,497 
20266,557 153 6,710 
20275,211 158 5,369 
20281,813 40 1,853 
Total minimum lease payments25,853 609 26,462 
Less: imputed interest(1,399)(26)(1,425)
Total present value of lease liabilities$24,454 $583 $25,037