Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases

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. There are no economic penalties for the Company to extend the lease, and it is not reasonably certain that the Company will exercise the extension options. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. The operating leases do not contain material residual value guarantees or material restrictive covenants.

 

Rent expense, including short-term lease cost, was $960 and $1,007 for the three months ended September 30, 2022 and 2021, respectively, and $2,889 and $3,099 for the nine months ended September 30, 2022 and 2021, respectively.

 

Information related to the Company's right-of-use assets and related operating lease liabilities were as follows:

 

 

 

Nine months ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

Cash paid for operating lease liabilities

 

$

2,970

 

 

$

2,273

 

Operating lease cost

 

 

2,878

 

 

 

2,842

 

Non-cash right-of-use assets obtained in exchange for new operating lease obligations

 

 

225

 

 

 

19,417

 

Weighted average remaining lease term

 

2.4 years

 

 

3.0 years

 

Weighted average discount rate

 

 

2.9

%

 

 

3.0

%

 

Maturities of lease liabilities due in the 12-month period ending September 30,

 

 

 

 

 

2023

 

$

3,972

 

 

 

2024

 

 

3,991

 

 

 

2025

 

 

2,736

 

 

 

2026

 

 

2,700

 

 

 

2027

 

 

2,735

 

 

 

Thereafter

 

 

10,047

 

 

 

 

 

 

26,181

 

 

 

Less imputed interest

 

 

(2,033

)

 

 

Total lease liabilities

 

$

24,148

 

 

 

 

 

 

 

 

 

Operating lease liability - current

 

$

3,486

 

 

 

Operating lease liability - noncurrent

 

$

20,662

 

 

 

Total lease liabilities

 

$

24,148