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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Leases In the first quarter of 2022, we adopted ASC 842, Leases using the modified retrospective approach that requires us to determine our lease balances as of the date of adoption. Prior periods continue to be reported under accounting standards in effect for those periods. The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability and an equal amount is capitalized as a right of use asset on the Company’s balance sheet. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. We have long-term operating leases generally for offices. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The components of lease expense are as follows:
|  |  | Year Ended December 31, 2022 |
|  |  | (in thousands) |
Lease Cost |  |  |  |
Operating lease cost |  |  | $ | 1,992 |  |
Total net lease cost |  |  | $ | 1,992 |  |
The following table presents the consolidated balance sheet information related to leases as of December 31, 2022.
| As of December 31, 2022 |  | Balance Sheet Classification
| (in thousands) |  |
Leases |  |  |
Assets |  |  |
Operating lease assets | $ | 6,325 |  |  | Other noncurrent assets
Total assets | $ | 6,325 |  |  |
Liabilities |  |  |
Operating lease liability | $ | 1,666 |  |  | Accounts payable and accrued expenses
Operating lease noncurrent liability | 5,213 |  |  | Other noncurrent liabilities
Total liabilities | $ | 6,879 |  |  |
|  | As of December 31, 2022
Long-Term and Discount Rate |  |
Weighted-average remaining lease term: |  |
Operating Lease |  | 4.3 years
Weighted-average discount rate: |  |
Operating Lease |  | 5 | %
The following table presents a schedule of future minimum lease payments required under all operating lease agreements as of December 31, 2022.
|  | As of December 31, 2022
|  | Operating Leases |  |
|  | (in thousands)
2023 |  | $ | 1,963 |  |  |
2024 |  | 1,650 |  |  |
2025 |  | 1,542 |  |  |
2026 |  | 1,549 |  |  |
2027 |  | 935 |  |  |
Total lease payments |  | 7,639 |  |  |
Less imputed interest |  | (760) |  |  |
Total lease obligations |  | 6,879 |  |  |
Less current obligations |  | (1,666) |  |  |
Long-term lease obligations |  | $ | 5,213 |  |  |
Supplemental consolidated statement of cash flow information related to leases is as follows:
|  | Year Ended December 31, 2022
|  | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities |  |
Operating cash flows from operating leases |  | $ | 2,128 |
ROU assets obtained in exchange for operating lease liabilities |  | $ | 7,956 |

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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