Leases

12 Months Ended

Dec. 31, 2022

Note 7 - Leases

The Company primarily leases office buildings under operating leases which are included in Operating lease right-of-use (“ROU”) assets, Current operating lease liabilities, and Long-term operating lease liabilities on the consolidated balance sheets. The Company’s leases have remaining terms of 1 to 7 years.

Information related to the Company's total lease costs was as follows (in thousands):


	Year Ended
	December 31, 2022		December 31, 2021
Operating lease cost	$	7,747	$	8,957
Variable lease cost		1,310		689
Short-term lease cost		165		94
Total lease cost	$	9,222	$	9,740

Information related to the Company's ROU assets and related lease liabilities was as follows (in thousands):


	Year Ended
	December 31, 2022			December 31, 2021
Cash paid for operating lease liabilities	$	7,607		$	8,854
Right-of-use assets obtained in exchange for new operating lease obligations		6,591			5,717



	December 31, 2022			December 31, 2021
Weighted-average remaining lease term	3.8 years			3.6 years
Weighted-average discount rate	4.1		%	3.6		%

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancellable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2022 (in thousands):


2023	$	7,624
2024		5,915
2025		3,747
2026		2,685
2027		1,859
Thereafter		1,027
Total undiscounted future minimum lease payments		22,857
Less: Difference between undiscounted lease payments and discounted operating lease liabilities		1,675
Total operating lease liabilities	$	21,182
Current operating lease liabilities	$	6,957
Long-term operating lease liabilities		14,225
Total operating lease liabilities	$	21,182

The Company has additional operating leases of $1.7 million that have not commenced as of December 31, 2022, and as such, have not been recognized in the Company’s Consolidated Balance Sheets. These operating leases are expected to commence in 2023 with lease terms of 5 years.