5. Leases
The Company has entered into operating leases primarily for commercial buildings. These leases have terms which range from 3 years to 11 years, some of which include options to extend the leases for up to 5 years. Rent expense, including short-term lease cost, was $972 and $971 for the three months ended March 31, 2023 and 2022, respectively.
Information related to the Company's right-of-use assets and related operating lease liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash paid for operating lease liabilities |
|
$ |
994 |
|
|
$ |
1,008 |
|
Operating lease cost |
|
|
957 |
|
|
|
975 |
|
Non-cash right-of-use assets obtained in exchange for new operating lease obligations |
|
|
264 |
|
|
|
— |
|
Weighted average remaining lease term |
|
2.1 years |
|
|
2.7 years |
|
Weighted average discount rate |
|
|
3.0 |
% |
|
|
2.9 |
% |
|
|
|
|
|
|
|
Maturities of lease liabilities due in the 12-month period ending March 31, |
|
|
|
|
|
2024 |
|
$ |
4,002 |
|
|
|
2025 |
|
|
3,464 |
|
|
|
2026 |
|
|
2,787 |
|
|
|
2027 |
|
|
2,803 |
|
|
|
2028 |
|
|
2,842 |
|
|
|
Thereafter |
|
|
8,675 |
|
|
|
|
|
|
24,573 |
|
|
|
Less imputed interest |
|
|
(1,824 |
) |
|
|
Total lease liabilities |
|
$ |
22,749 |
|
|
|
|
|
|
|
|
|
Operating lease liability - current |
|
$ |
3,570 |
|
|
|
Operating lease liability - noncurrent |
|
$ |
19,179 |
|
|
|
Total lease liabilities |
|
$ |
22,749 |
|
|
|
|