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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 8 – Leases We have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. As of December 31, 2023, our operating leases had remaining lease terms of two months to 116 months, some of which included options to extend the leases for up to one year, and some of which included options to terminate the leases within three months. Supplemental balance sheet information related to operating leases is as follows:
|  |  |  | December 31, |  |  | December 31, |
(In thousands) |  | Classification |  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Other non-current assets |  | $ | 37,474 |  |  | $ | 30,340 |
Total lease asset |  |  |  | $ | 37,474 |  |  | $ | 30,340 |
Liabilities |  |  |  |  |  |  |  |
Current operating lease liability |  | Accrued expenses and other liabilities |  | $ | 7,720 |  |  | $ | 7,596 |
Non-current lease obligations |  | Non-current lease obligations |  |  | 31,420 |  |  |  | 22,807 |
Total lease liability |  |  |  | $ | 39,140 |  |  | $ | 30,403 |
Lease expense related to short-term leases was less than $0.1 million for the twelve months ended December 31, 2023, 2022 and 2021, and is included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Loss. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.7 million, $0.6 million and $0.5 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively. The components of lease expense included in the Consolidated Statements of Loss were as follows:
|  | For the Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of revenue |  | $ | 163 |  |  | $ | 110 |  |  | $ | 51 |
Research and development expenses |  |  | 990 |  |  |  | 942 |  |  |  | 1,071 |
Selling, general and administrative expenses |  |  | 9,708 |  |  |  | 3,961 |  |  |  | 883 |
Total operating lease expense |  | $ | 10,861 |  |  | $ | 5,013 |  |  | $ | 2,005 |
As of December 31, 2023, operating lease liabilities included on the Consolidated Balance Sheet by future maturity were as follows:
(In thousands) |  | Amount |
2024 |  |  | 9,639 |
2025 |  |  | 8,423 |
2026 |  |  | 6,608 |
2027 |  |  | 4,923 |
2028 |  |  | 4,723 |
Thereafter |  |  | 13,210 |
Total lease payments |  |  | 47,526 |
Less: Interest |  |  | (8,386 | )
Present value of lease liabilities |  | $ | 39,140 |
Future operating lease payments include $3.3 million related to options to extend lease terms that are reasonably certain of being exercised. There are no legally binding leases that have not yet commenced. An incremental borrowing rate is used based on information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is determined on a portfolio basis by grouping leases with similar terms, as well as grouping leases based on a U.S. dollar or euro functional currency. The following table provides information about our weighted average lease terms and weighted average discount rates:
|  | As of December 31, |
Weighted average remaining lease term (years) |  | 2023 |  |  | 2022 |
Operating leases with USD functional currency |  |  | 8.1 |  |  |  | 7.9 |
Operating leases with EUR functional currency |  |  | 5.8 |  |  |  | 4.2 |
Weighted average discount rate |  |  |  |  |  |
Operating leases with USD functional currency |  |  | 3.70 | % |  |  | 3.77 | %
Operating leases with EUR functional currency |  |  | 3.92 | % |  |  | 3.70 | %

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- Definition The entire disclosure of lessor's sales-type 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
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