Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	2	$	6	$	7	$	25
Interest on lease liabilities	1		—		1		1
Operating lease cost	1,513		1,414		4,453		4,345
Short-term lease cost	306		320		935		953
Variable lease cost	69		56		220		268
Total lease cost	$	1,891	$	1,796	$	5,616	$	5,592

Rent expense for the three and nine months ended September 30, 2023 and 2022 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	September 30, 2023			December 31, 2022
2023	$	1,432	*		$	5,177
2024	5,115				4,099
2025	4,094				3,294
2026	2,941				2,728
2027	1,882				1,780
Thereafter	1,747				1,743
Total minimum lease payments	$	17,211			$	18,821
Less imputed interest	(1,140)				(1,287)
Total operating lease liabilities	$	16,071			$	17,534
*Period ended September 30, 2023 represents the remaining three months of 2023.

Future Lease Commencements

As of September 30, 2023, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.1 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	September 30, 2023			December 31, 2022
Other non-current assets	$	15,768			$	17,249
Accrued liabilities	4,877				4,685
Other long-term liabilities	11,194				12,849
Total operating lease liabilities	$	16,071			$	17,534
Weighted Average Remaining Lease Term	4.03 years				4.66 years
Weighted Average Discount Rate	3.85		%		3.30		%

Supplemental Cash Flow information related to leases was as follows:

	Nine Months Ended September 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,994	$	3,971

Leases

Leases

The Company leases office space and equipment under various operating and finance leases, which generally are expected to be renewed or replaced by other leases. The finance leases currently held are considered immaterial. The components of lease cost were as follows:

Components of Lease Cost
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	2	$	6	$	7	$	25
Interest on lease liabilities	1		—		1		1
Operating lease cost	1,513		1,414		4,453		4,345
Short-term lease cost	306		320		935		953
Variable lease cost	69		56		220		268
Total lease cost	$	1,891	$	1,796	$	5,616	$	5,592

Rent expense for the three and nine months ended September 30, 2023 and 2022 was immaterial.

Maturities of operating lease liabilities were as follows:

Future Minimum Lease Payments
(in thousands)	September 30, 2023			December 31, 2022
2023	$	1,432	*		$	5,177
2024	5,115				4,099
2025	4,094				3,294
2026	2,941				2,728
2027	1,882				1,780
Thereafter	1,747				1,743
Total minimum lease payments	$	17,211			$	18,821
Less imputed interest	(1,140)				(1,287)
Total operating lease liabilities	$	16,071			$	17,534
*Period ended September 30, 2023 represents the remaining three months of 2023.

Future Lease Commencements

As of September 30, 2023, there are additional operating leases, primarily for buildings, that have not yet commenced in the amount of $4.1 million. These operating leases will commence in fiscal year 2024 with lease terms of 2 to 3 years.

Supplemental balance sheet information related to leases was as follows:

Operating Leases
(in thousands)	September 30, 2023			December 31, 2022
Other non-current assets	$	15,768			$	17,249
Accrued liabilities	4,877				4,685
Other long-term liabilities	11,194				12,849
Total operating lease liabilities	$	16,071			$	17,534
Weighted Average Remaining Lease Term	4.03 years				4.66 years
Weighted Average Discount Rate	3.85		%		3.30		%

Supplemental Cash Flow information related to leases was as follows:

	Nine Months Ended September 30,
(in thousands)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,994	$	3,971